On October 20 of last year, the Department of Education announced that Navient, a giant student-loan servicer, was turning its business over to Maximus, a government services company. [Ed: They will be providing services as Aidvantage.] DOE spokesperson Richard Cordray said this about the switchover: “We are confident this decision is in the best interest … Read more
Forty state attorneys general sued Navient Corporation for deceptive lending practices in its student loan business. Navient settled the lawsuits last week for $1.85 billion. The loan giant admitted no wrongdoing, saying the claims against it were “unfounded.” The participating states will split $145 million, and Navient will forgive 66,000 private student loans. In addition, … Read more
Aidvantage is the new name of Maximus Education that is taking over servicing millions of student loans after Navient said it wanted out. I dropped into the Aidvantage website this morning to see if there are any updates and I was disappointed to see the advice given. We are not off to a great start. … Read more
Last year, in response to the COVID pandemic, the Department of Education pressed the pause button on the federal student-loan program. In March 2020, DOE allowed 30 million student borrowers to stop making payments on their student loans with no penalty and no accumulation of interest. DOE also stopped collection actions during this moratorium and … Read more
Aidvantage is the fictitious name of the registered company Maximus Education LLC. It was recently announced Aidvantage would take over the servicing and maintenance of federal student loan accounts currently managed by Navient. Navient currently says, “This winter, Aidvantage will begin servicing your student loans owned by the Department of Education (ED) instead of Navient.” … Read more
Navient has announced federal student loans they service, well not all of them, will be transferred to a company named Aidvantage that is part of Maximus Education, LLC. Navient says, “Aidvantage is the federal loan servicing unit of Maximus Education, LLC, a company that has one mission – to help you manage the repayment of … Read more