Did you hear? Not only are we taking out student loans, we are also getting scammed on these loans! I am writing in light of the recent news that the Consumer Financial Protection Bureau has filed a lawsuit against Navient, the largest student loan provider in the nation, for allegedly wronging its borrowers in every step of the loan process. Why is this a big deal? Well, if this is news to you, do a quick Twitter search and you’ll see how many Americans are being affected. This is a huge issue because this means students like you and me have fallen victim to a greedy corporation. Students that are about to take out loans, have loans or have debt to pay off are being wronged in every step of the student loan process.
According to the CFPB, Navient has been scamming its consumers as far back as 2010. Along with students being targeted in this wrongdoing, the CFPB also allege that Navient has been scamming disabled veterans as well, which takes a serious lack of ethics. Big financial institutions are not looking out for you or me, the consumers. As a student here at Ohio State, I see the frustration classmates and friends have on a daily basis when it comes to student loans. Loans are bad enough as it is, but now we have to worry about these loan companies scamming us, too? Companies like Navient are greedily preying on customers who are working hard to make a better life for themselves by completing their education.
So, what can we, as students, do so hopefully we don’t see another loan scam against us like this in the future? Luckily, there is a federal agency whose sole purpose is to look out for the consumers and our economic liberties. The Consumer Financial Protection Bureau was formed to prevent another recession, and has returned millions of dollars to consumers since its creation, but right now it’s under attack. Under the Trump administration, the CFPB could be facing budget cuts, loss of power and the firing of its director, former Ohio Attorney General Richard Cordray. We need the CFPB to look out for us. Big financial institutions are not looking out for us, and this is where the CFPB plays a vital role for you and me. Without this consumer watchdog, we are just shark bait.
I would highly encourage checking in to see if Navient is in control of your student loans or not. On top of that, let friends, family, professors and politicians in Washington know that we need the Consumer Financial Protection Bureau. I know I want the CFPB looking out for me. Do you?
Third-year in marketing