Why Elizabeth Warren wants to fire the company servicing your student loans
As calls increase for President Joe Biden to cancel $50,000 in student debt per person, lawmakers are also keeping an eye on student loan servicers, which process loan payments and collections. The problem is they've been accused of failing to provide borrowers with all the necessary information.
The big player in student loans is Navient, which is not only the biggest student loan servicer in the US but also the processor of a large portion of federally backed student loans, and after the Democrats won control of the Senate in January, Navient is facing a new chair of the Senate Subcommittee on Economic Policy in the form of Elizabeth Warren.
Warren has had Navient and other student loan servicers in her sights for well over a decade. All the way back in 2006, when she was still a Harvard Law professor, Warren was interviewed on "60 Minutes" and cited Sallie Mae, as Navient was formerly known, for its abuses of the student-loan system. The next year, Warren wrote a Democracy Journal column arguing for the creation of a Financial Product Safety Commission that would include protection from deceptively marketed student loans.
In her first hearing as subcommittee chair, on April 13, Warren invited Navient CEO John Remondi to testify, alongside 10 other witnesses.
https://www.msn.com/en-us/money/careersandeducation/why-elizabeth-warren-wants-to-fire-the-company-servicing-your-student-loans/ar-BB1g4QH4
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