Loans ‘Designed to Fail’: States Say Navient Preyed on pupils

Loans ‘Designed to Fail’: States Say Navient Preyed on pupils

Ashley Hardin dreamed of being a professional photographer — glamorous shoots, possibly some exotic travel. Therefore in 2006, she signed up for the Brooks Institute of Photography and borrowed a lot more than $150,000 to cover what the school called a path into a business clamoring for the graduates.

“Brooks had been promoted as the most photography that is prestigious from the western Coast,” Ms. Hardin stated. “i desired to understand through the most readily useful of the finest.”

Ms. Hardin would not understand that she had applied for high-risk personal loans in search of a low-paying profession. But her loan provider, SLM Corporation, better called Sallie Mae, knew all that, federal federal federal government lawyers say — and made the loans anyhow.

In current months, the education loan giant Navient, that was spun removed from Sallie Mae in 2014 and retained the majority of associated with the company’s loan portfolio, has arrived under fire for aggressive and sloppy loan collection techniques, which resulted in a group of federal government legal actions filed in January. Continue reading “Loans ‘Designed to Fail’: States Say Navient Preyed on pupils”