Wednesday, May 14, 2014

Sharing an article May 14 2014

“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."”

Speaks for itself

Dr Flavius A B Akerele III

The ETeam

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