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SACRAMENTO, tumblr blog Calif. (AP) — California's attorney general announced Thursday he is suing the nation's largest student loan processor, tumblr blog alleging it is harming consumers by failing to properly service the debts. Attorney General Xavier Becerra said the state will sue Navient Corp. this week, tumblr blog tumblr blog contending the Delaware-based company financially harmed thousands of Californians. He said the tumblr blog firm systematically and tumblr blog illegally failed to properly service federal student loans by steering borrowers to more expensive repayment plans, tumblr blog failing to tell them how to switch to income-driven repayment plans or tumblr blog how those with disabilities could end their debts tumblr blog and tumblr blog misrepresenting tumblr blog how it tumblr blog handled payments.

"No one should have their American dream shattered because some loan servicing company is cheating these future leaders of a chance to move ahead," Becerra said, tumblr blog a Democrat running in the tumblr blog November election. tumblr blog Navient president and tumblr blog CEO Jack Remondi called tumblr blog the allegations unfounded and tumblr blog the lawsuit "another attempt to blame a single servicer for the failures of the higher education system and the federal student loan program to deliver desired outcomes." "The need to blame someone has driven these lawsuits," Remondi said in a statement tumblr blog citing the company's tumblr blog low default rates and tumblr blog high enrollment in alternative repayment programs.

About 4.6 tumblr blog million Americans were in default on their student loans as of December, tumblr blog according to the Department of Education. That's more than double what it was four years ago, tumblr blog and tumblr blog more than tumblr blog 10 percent of the 42. tumblr blog 8 million Americans who tumblr blog currently have a student loan backed by the department. Of the roughly 12 million borrowers serviced by Navient, tumblr blog Becerra said about 1.5 million live in California. Becerra said Navient tumblr blog also assigned thousands of delinquent loans to its subsidiaries, tumblr blog Pioneer and tumblr blog General Revenue Corp.

, tumblr blog and tumblr blog alleged those subsidiaries tumblr blog misled borrowers about their options. The state may seek debt relief, tumblr blog repayment of overpayments, tumblr blog forgiveness of loans and tumblr blog tumblr blog other remedies, tumblr blog Becerra said. Publicly traded Navient was formerly part of Sallie Mae, tumblr blog which began as a government entity that serviced federal education loans. Navient became a separate company in 2014. The U.S. tumblr blog tumblr blog Consumer Financial Protection Bureau and tumblr blog attorneys general in Illinois and tumblr blog Washington sued Navient early last year alleging tumblr blog similar violations.

Pennsylvania's attorney general sued the firm in October over tumblr blog its riskier subprime student loans. Last month, tumblr blog the Trump administration announced it was closing tumblr blog tumblr blog the consumer bureau's student tumblr blog lending office, tumblr blog potentially tumblr blog limiting tumblr blog its tumblr blog investigation of abuses by companies in the $1.5 trillion student loan market. The federal office also investigated and tumblr blog sued for-profit education company Corinthian tumblr blog Colleges. On Wednesday, tumblr blog a federal magistrate in San Francisco dismissed a separate Becerra lawsuit alleging the Trump administration illegally backed away from an Obama-era promise to quickly forgive the loans tumblr blog of tumblr blog tumblr blog Corinthian students.

The magistrate gave the state 30 days to tumblr blog tumblr blog show tumblr blog it has the right to sue tumblr blog the tumblr blog U.S. Department of Education.
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