Follow the Soapbox
 
ROL/SPN- by Leigh Charles- 03/09/2015
One of the largest student loan servicing and debt collection companies is actually in debt too. If you’re a company that holds student debt, though, not paying what you owe is apparently not a big deal. Navient (formerly a division of Sallie Mae) – the same company that harasses borrowers when they default on their loans – owes the Department of Education $22.3 million. There is no one trying to collect this money, which is now more than five years overdue!

After years of not repaying this debt, Navient spun off from Sallie Mae and agreed to be responsible and indemnify all claims, actions, damages, losses or expenses previously held by Sallie Mae. But to date, the Dept. of Education has not collected on the $22.3 million. The truth is, Navient should actually owe the federal government a lot more than the $22.3 million. In 2009, the interest rates on student loans was 5.6% for subsidized loans and 6.8% for unsubsidized loans, with a 1.5% origination fee. Taking all that into account the Dept. of Education would rake in an extra $9 million, and that is only if Navient made all of their payments on time over 10 years.


Many debtors see their interest rate go above 25% once they’re in default. And up to 40% of the principle can be added in as a fee or penalty for default. This unpaid debt would quickly become very expensive for Navient, the same way it does for so many individual borrowers.

But of course, Navient doesn’t receive the same “unforgiving” default treatment from the Dept. of Education that the 40 million regular student debtors receive who are struggling to pay back their loans, while facing the chronic jobs crisis of the past seven years. This nightmare is today a constant reality for the 7 million students who are in default on their federal student loans.

The Navient situation is yet another example of the Dept. of Education’s complicit role in the student debt crisis. It makes it clear that the department is serving not those who are trying to get a college education but, like the rest of the U.S. government, is serving the – “too-big- to-fail” financial institutions on Wall Street.




 


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