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@teachtech808 This is outrageous. We need to change how we think of education in America. We should not be nickel and diming borrowers and their parents with fees upon fees to seek an education that ultimately helps our future generations, communities and society. 😡

@theSBPC @AissaRCanchola I really wish something would happen on this front. I’ve already repaid more than I borrowed and still owe more than I originally borrowed. When is enough enough? The variable interest rates and sneaky tactics starting with Sallie Mae -> Navient -> MOHELA make things worse.

Americans owe $134 BILLION in private student loans—a debt larger than payday loans or past-due medical bills. Yet, unlike mortgages or credit cards, this market operates in the dark, leaving borrowers unprotected and abuses unknown. Transparency is overdue. ✨@AissaRCanchola

@StrikeDebt F these motherfers. My Navient loans are being transferred to MOHELA this month. Everything about this enrages me.

New: The scandal-plagued student loan servicer MOHELA is breaking the law. Again. Just as costly student debt payments resumed, MOHELA quietly updated its terms of service that every borrower with an account is being forced to agree to. But the service agreements break the law.

@citizen_khan @t_woodbury1 @Navient I went back and forth with Navient on how they misapplied my payments and the $ impact to my principal and interest (in their favor ofc) and they *literally* said it didn’t matter how payments were applied and no action would be taken from them.

@t_woodbury1 @Navient This is wild you b/c are paying principle and interest. Not sure why the blanches increase $35 each month, unless @Navient purposefully applies the payments in a way to increase the balance.

[HELP NEEDED] these are real #s of the predatory lending trap that @Navient has imposed on students. I borrowed $42k, paid $67k, and owe $74k!!! Is this legal? Has anyone resolved this? Are there legal/regulatory solutions? Do debt lawyers fix this? Please help!!

@citizen_khan @t_woodbury1 @Navient It’s a few things but mainly a combo of the specific way Navient applies payments and daily interest accrual. Navient several times applied my second additional payments (supposed to be principal only pmts) to interest even AFTER I paid my full payment to them.

@adamfare1996 wtf.

@swcatspolit @SenWarren @ewarren The DTI calculations will still include it as long as it is a debt owed. Not all debts show on a credit report, doesn’t mean they aren’t debts owed. It’s the DTI with student loan debt that is harming folks.

How about a bill for this? @SenWarren @ewarren

@daliejimenez @theSBPC Ooh thank you. Will check out.

For the first time in 𝑜𝑣𝑒𝑟 𝑎 𝑑𝑒𝑐𝑎𝑑𝑒 @senatebanking is convening a hearing 𝐬𝐨𝐥𝐞𝐥𝐲 focused on private student loans. And our very own @AissaRCanchola & @UC_SLLI's @daliejimenez will be testifying!⭐ Tune in at 2:30PM ET: protectborrowers.org/advisory_senat… & follow below🧵:

@theSBPC @daliejimenez Would be interesting to look at the private student loans originating prior to BAPCPA 2005 that were later included in a bankruptcy filing but weren’t discharged with filing debts due to this Act.

"This was the boogeyman that was not based on facts at all." @daliejimenez nails it in explaining how big banks & private lenders convinced Congress to take away bankruptcy rights from private student loan borrowers, all while they took the windfall and moved on.

@theSBPC @millennial_debt @SenateBanking @AissaRCanchola @UC_SLLI @daliejimenez The transparency and protections that purportedly exist in the private student lending marketing today did not always exist. The Wild Wild West of private student loans…yeah that was the early 2000s.

@theSBPC @millennial_debt @SenateBanking @AissaRCanchola @UC_SLLI @daliejimenez Happy to catch the hearing today. Something to be held in mind/discussed is longstanding issues for private student loans that originated 20-25 years ago (eg before 2008, before 2005 bankruptcy was stripped, and before Sallie Mae privatized) AND ALSO issues from recent years.

@theSBPC @SenateBanking I hope that the usual players are discussed, like Sallie Mae> Navient.

Industry would like you to think that private student loan borrower outcomes are “positive.” But this claim fails to capture the experiences of actual borrowers. That's why tmrw's @senatebanking hearing on private student loans is so key—tune in @ 2:30PM: banking.senate.gov/hearings/back-…

@StrikeDebt What about Navient private student loan borrowers (currently being moved to MOHELA) Sallie Mae -> Navient exact same playbook for decades but less protections and options for borrowers and less eyes on them. Private borrowers need justice as well.

News: Navient is barred from servicing federal student loans ever again—and they have to pay $100M back to borrowers. What should happen next? Biden should be proactive and fire MOHELA, the failed servicer running the same playbook Navient did years ago. cbsnews.com/news/navient-b…

@ddayen Great article! Being a Sallie Mae - Navient - next to MOHELA private loan debtor for decades, seeing the lack of action on private student loans is frustrating. Navient and the like aren’t any better in the private realm, they just have less eyes on them. I hope for change soon.

It's great that CFPB banned Navient from servicing student loans. But Navient hasn't serviced student loans for 3 years. This is the problem with an enforcement approach that doesn't hit the structural issue: private student loan servicers shouldn't exist. prospect.org/education/2024…

@theSBPC @CFPB @Navient Now do their private loans. Sallie Mae > Navient > MOHELA…tell me how this time for these loans it’s “different?” It’s not. Same predatory illegal practices but never more than a slap on the wrist for their private loans

One 𝑚𝑖𝑙𝑙𝑖𝑜𝑛 student loan borrowers are now debt free because of the evidence uncovered by @CFPB. See you never, @Navient 👋 protectborrowers.org/navient-corpor…

@theSBPC @CFPB Why can’t we do more for Navient’s (prior Sallie Mae) private loans? Same things happening there and Navient ignores, deflects, and determines they will take zero action and gets away w it. Navient isn’t any better on the private side they just don’t have any eyes on them there

Among evidence @CFPB filed in court was an internal Navient document that described its strategy: "Our battle cry remains ‘forbear them, forbear them, make them relinquish the ball" To that we say: Ban Navient, ban Navient, make them pay $100 million.✅ politico.com/news/2024/09/1…

@millennial_debt @CFPB @Navient @theSBPC Great but we need to see action for Navient’s private loans as well - it’s the same things but zero help or protections.

[BREAKING] @CFPB BANS @NAVIENT FROM THE FEDERAL STUDENT LOAN SERVICING INDUSTRY This is the end of one of the longest-running government enforcement actions against a major financial firm in U.S. history. More to come @theSBPC. consumerfinance.gov/about-us/newsr…

@chopracfpb @CFPB @Navient What about Navient’s private loans? They are doing the same things there and refusing to fix.

Today, @CFPB is ordering @Navient to pay $120 million in refunds and penalties for its wide-ranging student loan servicing failures. More importantly, Navient, formerly known as Sallie Mae, will be banned from ever directly servicing federal student loans. consumerfinance.gov/about-us/newsr…

@theSBPC Hope ALL = federal and private bc servicers act in bad faith on both sides.

It’s time for justice for all student loan borrowers harmed by a predatory student loan servicing company.

@schuld_eth @PicturesFoIder Prank yourself into a lawsuit. Ridiculous. Who is this guy? That poor worker.

This isn’t even a prank bro is just straight up evil

@StrikeDebt 💯

Let’s do this nationally