Elizabeth Warren calls Navient 'scammers' after student loan giant celebrates making the Fortune 500

[Omaha Steve]

Donate to Warren for POTUS with our DU ActBlue link here: https://secure.actblue.com/donate/duforwarren



By Jillian Berman
Published: May 17, 2019 2:35 p.m. ET


The company is facing multiple lawsuits from the CFPB and states attorneys general

Student loan giant Navient NAVI, -0.66% celebrated a corporate milestone on social media this week and it didn’t take long for the internet to clap back.

Navient announced via Twitter TWTR, -2.09% on Thursday that the company had made the Fortune 500 list, an annual ranking by the magazine of the most valuable companies. For some, like Sen. Elizabeth Warren, a Democrat of Massachusetts and 2020 presidential candidate, it didn’t seem like an achievement the company should be celebrating.

“I didn’t know they had a special section for scammers,” Warren, whose been a prominent critic of the student loan industry for years, tweeted, in part.

Pennsylvania Attorney General Josh Shapiro, who is suing Navient over claims the company misled borrowers, offered a similar sentiment, calling the company’s tweet “Shameful.” The replies to Warren’s tweet also included borrowers complaining about their experience with the company.

FULL story: https://www.marketwatch.com/story/elizabeth-warren-calls-navient-scammers-after-student-loan-giant-celebrates-making-the-fortune-500-2019-05-17


Presidential candidate Sen. Elizabeth Warren, a Democrat from Massachusetts, criticized student loan giant Navient after the company celebrated making the Fortune 500 on Twitter. (Photo by Spencer Platt/Getty Images)

[dalton99a]

1. Scammers and leeches.

[appalachiablue]

2. Hey, Elizabeth went up 1 pt. since last night to 11% approval.

Yay and about time.

As always, she's on it re Navient.

[dalton99a]

5. +1. Student debt is a serious issue.

[pangaia]

4. NAVIENT ! I thought it might be a drug company.

Ya know--
"Side effects include bankruptcy, loss of self esteem, hunger, no transportation, dirty underwear, cold nights in a sleeping bag under a bridge, starvation........ask your doctor if Navient is right for you.'

[KPN]

8. Lol! Love it ... and stealing it.

[pangaia]

12. be my guest

[Celerity]

6. From 2006 to 2019, average federal student loan interest rates were: 4.81% for undergraduates. 6.38%

for graduate students. 7.44% for parents and graduate students taking out PLUS loans.

https://www.credible.com/blog/refinance-student-loans/what-are-average-student-loan-interest-rates/



100,000 USD at 7.44% paid back over 25 years (the Federal Extended loan period) yields

TOTAL PAYMENTS $220,530
TOTAL INTEREST $120,530

If you have a total of 5 years forbearance mixed in (where interest still accrues)

TOTAL PAYMENTS $250,240
TOTAL INTEREST $150,240



200,000 USD (can easily get there is a student goes for a masters and/or PhD)

TOTAL PAYMENTS $441,053
TOTAL INTEREST $241,053

with 5 years of forbearance

TOTAL PAYMENTS $500,481
TOTAL INTEREST $300,481

As of 2018, a total of 44.2 million borrowers now owe a total of over $1.5 trillion in student debt. According to Forbes Magazine, the total amount owed has more than doubled in 10 years (up 250%) from $600 Billion to $1.5 Trillion (my note, it is now over 1.6 trillion), and with the addition of new borrowers the rate of delinquency greater than 90 days, or default, has doubled to over 11% nationwide, according to the Federal Reserve.

scammers indeed

[KPN]

9. Meanwhile, my home mortgage was 3.65% and two auto loans in the period 2008-present of

.99% and 1.49%.

But those are more important than being well educated.

[whathehell]

7. ..A great example of why I support her!

[KPN]

10. Yup. Not there yet, but just sent her a small donation and getting there.

[whathehell]

13. Good start!

[KPN]

11. Elizabeth is a hard-knuckled fighter for the average American, smart as a whip, and a plain speaker

with a powerful ability to get things across. Glad to see she's rising in the polls.