September 14, 2018
GM Law Firm, senior partner Chantel Grant, and GM Law Firm’s local TX counsel had a major victory, and won a $23,000 Navient trial for their client. The State of Pennsylvania has also recently announced that they will be filing a class action lawsuit against the student loan servicing company.
This new development is likely to have a tremendous impact on the student loan service provider. Just this Tuesday, the company’s stock holding plummeted to a 13.48% low, an unprecedented career low since dominating the industry. The recent controversies and their indictment over amassing billions of dollars from duped borrowers are likely to hit the company hard as every State is slowly turning the tables on them.
Unraveling the Schemes of Navient Corp
In an act to save itself from suffering tremendous loss, the company is trying to downplay court cases filed against them. They stated earlier this year, before the final Texas court decision was released, that they will face head-on such unfounded allegations. This proves there is sufficient evidence of how fraudulent and scheming their loan programs were.
In a statement released by Pennsylvania Atty. General Josh Shapiro, he says that the more financing businesses like Navient put their own interests ahead of customers, the more cautious and circumspect Pennsylvania will be to protect the younger generations. He also reiterated that Navient Corp. will be held accountable for their grave business misconduct.
StrongEvidence Against Navient
Attorney General Shapiro’s statement came in after Fusion Investigative Unit released a documentary relating the million dollar business and how the student loan industry has become a death trap for the young. Entitled The Naked Truth: Debt Trap, the film showed how college loans felt more like a lifetime burden than a help.
The feature documentary interviewed a former Navient employee, Lynn Sabulski where she retold how they were pressured by the company to sway callers into getting a short-term fixed loan which they called forbearance. Contradictory to what they would highlight to callers, the loan had as severe and lasting financial effect. She also mentioned how they were coerced into driving sales or be forced out of the job.
Navient also released an official statement through their spokesperson Patricia Christel. She says that the recent allegations brought by Pennsylvania are, “completely unfounded and the case was filed without any review from Pennsylvania residents’ customer accounts.” She also reiterated how strongly they will continue to defend their records in court.”
Chantel Grant and GM Law Firm’s win also puts a rest to allegations brought by ambulance chasing attorneys who are claiming that filed charges against Navient are lacking in substance and is a mere propaganda to instill high hopes among complainants.
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