On October 20 of last year, the Department of Education announced that Navient, a giant student-loan servicer, was turning its business over to Maximus, a government services company. [Ed: They will be providing services as Aidvantage.] DOE spokesperson Richard Cordray said this about the switchover: “We are confident this decision is in the best interest …
Forty state attorneys general sued Navient Corporation for deceptive lending practices in its student loan business. Navient settled the lawsuits last week for $1.85 billion. The loan giant admitted no wrongdoing, saying the claims against it were “unfounded.” The participating states will split $145 million, and Navient will forgive 66,000 private student loans. In addition, …
There has been a lot of stories that have appeared about the Navient student loan settlement agreement that will forgive student loans but let’s look at what it actually says. The hype has been $1.7 billion in student loans will be forgiven but as always, the devil is in the details. The Attorney General settlement …
People are so confused by the announcement of the giant Navient student loan $1.7 billion settlement. See my post on the announcement, here. Here is the reality, even the Aidvantage website is punting on what this actually means. The website says people need to go to NavientAGSettlement.com for information. I know you are looking for …
It was announced today that many, but not all states that participated in a lawsuit against Navient in 2017. At the time Navient called the suit, “completely unfounded” but the announcements today reflect the opposite. Details of Settlement We have both a lot of information and a lot of unanswered questions about how all of …
Aidvantage is the new name of Maximus Education that is taking over servicing millions of student loans after Navient said it wanted out. I dropped into the Aidvantage website this morning to see if there are any updates and I was disappointed to see the advice given. We are not off to a great start. …
Last year, in response to the COVID pandemic, the Department of Education pressed the pause button on the federal student-loan program. In March 2020, DOE allowed 30 million student borrowers to stop making payments on their student loans with no penalty and no accumulation of interest. DOE also stopped collection actions during this moratorium and …
Aidvantage is the fictitious name of the registered company Maximus Education LLC. It was recently announced Aidvantage would take over the servicing and maintenance of federal student loan accounts currently managed by Navient. Navient currently says, “This winter, Aidvantage will begin servicing your student loans owned by the Department of Education (ED) instead of Navient.” …
Navient has announced federal student loans they service, well not all of them, will be transferred to a company named Aidvantage that is part of Maximus Education, LLC. Aidvantage Student Loans Navient says, “Aidvantage is the federal loan servicing unit of Maximus Education, LLC, a company that has one mission – to help you manage …