Student loan provider to repay $60 million to military vets - a victory?

SPC Jan Allbright, M.Sc., R.S. — Fri, 29 May 2015 10:18:11 -0400

The refunds will range from checks of $10 to more than $100,000. The average veteran will receive about $770 back from Navient, the DOJ noted.

This is the first time the federal government has sued a student loan company for charging military veterans too much interest.

http://thehill.com/regulation/defense/243380-student-loan-provider-to-repay-60-million-to-military-vets

Student loan provider to repay $60 million to military vets

The Department of Justice has secured $60 million in refunds for military veterans who were illegally charged too much interest on their student loans.

Response by 1SG Private RallyPoint Member made May 29 at 2015 10:20 AM

1SG Private RallyPoint Member — Fri, 29 May 2015 10:20:43 -0400

This is aswome to see it will help thousands out.

Response by LTC Private RallyPoint Member made May 29 at 2015 10:21 AM

LTC Private RallyPoint Member — Fri, 29 May 2015 10:21:02 -0400

Something's better than nothing. At least they are trying to take care of our Veterans!

Response by BG David Fleming III made May 29 at 2015 10:52 AM

BG David Fleming III — Fri, 29 May 2015 10:52:10 -0400

The Fed will probably find a way to tax most of it!

Response by MSG Brad Sand made May 29 at 2015 12:48 PM

MSG Brad Sand — Fri, 29 May 2015 12:48:11 -0400

I will wait to actually see my $10..before taxes I'm sure?

Response by SGT Jody Trapp made May 29 at 2015 1:20 PM

SGT Jody Trapp — Fri, 29 May 2015 13:20:02 -0400

This is great. I think veterans should be exempt from paying student loans all together.

Response by CPT Jack Durish made May 29 at 2015 1:47 PM

CPT Jack Durish — Fri, 29 May 2015 13:47:31 -0400

As PO2 William Allen Crowder observed in his post, "Student loans are a form of indentured servitude". I'll add that they are even more insidious than that...

The easy availability of "cheap money" for tuition has done more to raise the cost of education than any other factor. Schools now vie for students by adding amenities that add little to the quality of education. To pay for these amenities, they raise tuition as well as the costs of room and board. So what? Students can simply borrow more to pay for them. It's a vicious cycle that appears to have no end.

It's not just a problem for veterans, but veterans are being thrown into it in ever increasing numbers. As the government chooses to release service men and women, even those who apply to reenlist, they are thrown into a declining job market (don't believe the propaganda being fed daily about declining unemployment. Employment is declining even faster, especially with raises in minimum wages). Many are escaping temporarily by going to school. They languish there earning credits in classes that do not add to their skills so that upon graduation, they not only don't have a job but also don't have the skills needed to either get one or build their own business.

That's why they end up as indentured servants...

Response by CPT Ahmed Faried made May 30 at 2015 12:43 AM

CPT Ahmed Faried — Sat, 30 May 2015 00:43:27 -0400

I received $160 from these vultures. I had to deal with them while deployed. It involved a state Senator and finally a US Senator from my State. I plan on a somewhat lengthy time on this planet. But in a hypothetical world where I decide to go out in a blaze of glory. Navient (formerly SallieMae) would be on my shortlist. I kid of course...

Response by CPL Eric Escasio made Apr 3 at 2017 3:39 PM

CPL Eric Escasio — Mon, 03 Apr 2017 15:39:18 -0400

Thank you for sharing this article.