In 2023, about nine (9) million individual Federal Family Education Loan Program (FFELP) loans are outstanding, totaling nearly $200 billion. Before 2010, most student loans were made under FFELP, but the William D. Ford Direct Loan Program replaced FFELP on July 1, 2010. Unlike Direct loans, FFELP loans are owned by private companies—like Navient and Nelnet. Some of these companies have bundled their FFELP loan portfolios into different packages, and sold the payment streams from the bundled loan as publicly-traded securities. Some of these companies retain a "residual interest" on these loans (the right to payments above and beyond the income stream anticipated by the original promissory notes). This residual interest means the FFELP owners can profit from late fees or additional capitalized interest on their loan portfolio. Preston Law Offices is investigating claims against Navient and other FFELP loan servicers. Read more to learn whether you may qualify to participate in a class action lawsuit, then contact us today. We will evaluate whether you are eligible to participate in a class and explain your options. If you borrowed money and believe your rights have been violated, Preston Law Offices can help. We will evaluate whether you are eligible to participate in a class, explain your options, and work to force student loan servicers to change their illegal and harmful practices. Since 2009, Preston Law Offices has represented individuals and small businesses in a broad range of class actions, focusing on borrower rights, privacy, and unfair trade practices. Courts have appointed Preston Law Offices as lead class counsel, and Preston Law Offices has obtained recoveries for hundreds of thousands of class members. To learn more, contact us today. We will evaluate your situation to determine whether you have a case.

COVID Student Loans

Did You Make Student Loan Payments to Navient During COVID? The Federal Family Education Loan Program (FFELP) ended in 2010, when it was replaced by the William D. Ford Federal Direct Loan Program. (Students who entered college in 2010 would be the l… Read More

Navient Natural Disaster Forbearance

FFELP Borrowers in California Who Received a Natural Disaster Forbearance Preston Law Offices is investigating whether Navient and other servicers complied with federal and California law while servicing student loans under the Federal Family Educati… Read More