Student Loans, Navient and IQ Tax

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Mar 13, 2017 00:01
Today I read an article in "Bloomberg Markets " about US student loans. It was very interesting and impressive. We don’t have such a thing in China, or perhaps we do, but on a much smaller scale. The college tuition in China is typically very low.

This article said that the US Consumer Financial Protection Bureau sued Navient for “cheating” its customers. Borrowers with federal loans are eligible for help, but the servicer is just too “lazy” to do the extra work and simply say, “Just postpone those payments.”

Those who can’t afford repayments can apply for an income-based plan, but Navient doesn’t bother to mention this information in its e-mail reminders. For years, Navient hasn't even provided its borrowers clear messages about deadlines! The message is always hidden in a corner where it's easily overlooked.

Navient’s consulting is also very misleading. Customer service representatives who are able to rush borrowers off the phone in less than 6 minutes are paid more. On the phone, Navient’s employees constantly mention the “postponed payment” plans, but don’t bother to mention any alternative.

Putting off repayments is the easiest and the most lucrative way for Navient to operate. However, the borrowers’ interests will accrue even when they could otherwise pay much less if they adopted an income-based plan…

Ugh.. Navient is so deceptive and calculating. In China, we also have many deceptions to cope with. If we are not wise and cautious enough, we have to pay “IQ taxes” (a Chinese idiom).

[Revised]
学生贷款、Navient 和智商税

今天我在《Bloomberg Markets》 杂志上看到一篇关于美国学生贷款的文章。很有意思,给我留下很深刻的印象。中国学生贷款没有那么普遍,规模也很小。中国大学的学费通常也不贵。

文章称,美国Consumer Financial Protection Bureau 起诉Navient公司,因其涉嫌欺骗贷款人。贷款人的贷款如果是联邦性质的,是可以获得政府帮助的,但是Navient实在是太"懒"了,不想费力额外做事,就直接跟客户说:“还不起吗?那就推迟还款吧。”

其实,那些还不起贷款的人是可以申请和工资匹配的还款计划的,但Navient在邮件里面懒得提及。这些年来,Navient甚至都没有清楚地告知客户还款日,相关信息都在一些不起眼的角落。

Navient的咨询服务也非常误导人。客户服务代表如果能在6分钟内打完电话就能加薪。在电话里头,Navient的工作人员经常提起“推迟还款”选项,不怎么提及其它选项。

对Navient而言,推迟还款这一方案是最容易操作的,也是最赚钱的。但是,对贷款人而言,就要多付很多利息,如果选择工资匹配还款计划的话,就能少花很多冤枉钱。

靠!Navient好狡猾好算计。在中国,我们每天也要面对各种骗术。如果人们不提高警惕,保持清醒的头脑,那难免就要交智商税咯。

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