It’s the first such move involving a for-profit chain that’s still in business.
Late payment charges, hotel resort fees and other tacked-on expenses collectively add billions to what Americans pay for goods and services.
The Small Business Administration skipped a basic fraud check and sent billions to recipients barred from receiving federal funds, the agency’s inspector general reported.
Navient is the second major federal student loan servicer to ask to get out of the business. FedLoan said in July that it wanted out.