“Sallie Mae to Pay
Millions to Settle Claims It Overcharged Military Borrowers”
“Sallie Mae has
agreed to pay almost $100-million to settle claims that the student-loan giant
failed to provide members of the military with an interest-rate reduction and
imposed unfair late fees on other borrowers.”
“In a pair of
settlement agreements with the Department of Justice and the Federal Deposit
Insurance Corporation, Sallie Mae, which split into two companies on April 30,
pledged to pay $90-million in restitution and refunds to borrowers, along with
almost $7-million in civil monetary penalties and fines.”
“In a written
statement issued on Tuesday, Jack Remondi, chief executive of Navient, the
newly formed loan servicer and collection agency, offered "sincere
apologies" to members of the armed services affected by the company’s
"processing errors." He added that the company had made changes in
its procedures and training programs "to prevent these mistakes from
happening again."”
Read it all
here: http://chronicle.com/article/Sallie-Mae-to-Pay-Millions-to/146543/?cid=at&utm_source=at&utm_medium=en
Speaks for itself
Dr Flavius A
B Akerele III
The ETeam
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