Safirstein Metcalf LLP Announces that A Class Action Has Been Filed Against Navient Corporation (NAVI)

NEW YORK, Oct. 10, 2017 -- Safirstein Metcalf announces that a class action lawsuit was filed against Navient Corporation (NASDAQ:NAVI).  This action has been filed on behalf of all persons who held a FFELP loan with Navient Solutions, a subsidiary of Navient Corporation, formerly known as Sallie Mae Inc., from the years 2010 to the present and also on behalf of customers and/or victims of Defendant Studebt, also known as Student Debt Relief Group, also known as Student Loan Relief Counselors.

Safirstein Metcalf is investigating potential claims on behalf of investors in Navient Corporation.  If you purchased Navient securities and would like information, please contact Safirstein Metcalf LLP 1-800-221-0015, or email [email protected].

Navient Solutions is the largest student loan servicer in the United States, servicing over $300 billion of student loans. Navient holds the nation's largest portfolio of education loans insured or federally guaranteed under the Federal Family Education Loan Program ("FFELP"). As of December 31, 2016, that portfolio totaled $87.7 billion in FFELP Loans.

FFELP loans are Navient's biggest source of revenue. As a creation of federal statute, FFELP loans are highly regulated, and thus lenders of FFELP loans are prevented from increasing profits by increasing interest rates or imposing fees other than those allowed by law and regulation. Navient faced a potential significant loss of revenue if many of its FFELP loans were abruptly consolidated with the Department of Education.

The complaint alleges that Navient knew that many of their borrowers would follow misleading advice they received from Navient Solutions. Navient Solutions' strategy to mislead and confuse borrowers about their repayment and consolidation options was developed at the direction of Defendant Navient.

A number of other lawsuits have been filed against Navient in the last 18 months.  The Consumer Financial Protection Bureau and Attorney Generals from Illinois and Washington, and most recently Pennsylvania have sued Navient and its top executives for allegedly engaging in a massive, company-wide scheme to steer its student loan borrowers away from affordable repayment plans and into more lucrative forbearance arrangements.

About Safirstein Metcalf LLP

Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection.  All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.

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