On Wednesday, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Navient, the largest student loan servicer in the country.

If you have a student loan, there is a good chance that it may be serviced by Navient. Navient, which spun off from Sallie Mae, has more than 12 million customers and services more than $300 billion of government and private student loans.

Here is what you need to know and the action that you can take:

Navient Lawsuit: What Are The Allegations?

In its lawsuit and press release , the CFPB alleges that, among other allegations, Navient “systematically and illegally [failed] borrowers at every stage of repayment,” including: created obstacles to repayment by providing bad information; processed payments incorrectly; failed to act when borrowers complained; illegally cheated many struggling borrowers out of their rights to lower payments, which caused them to overpay for their student loans; deceived private student loan borrowers about requirements to release their co-signer from the loan; and harmed the credit of disabled borrowers, including severely injured veterans

The CFPB also alleges that Navient improperly directed borrowers into forbearance when these borrowers otherwise might have qualified for income-driven repayment plans, and did not adequately keep borrowers in income-driven plans informed of deadlines to maintain their eligibility under such plans.

“For years, Navient failed consumers who counted on the company to help give them a fair chance to pay back their student loans,” said CFPB Director Richard Cordray in a statement. “At every stage of repayment, Navient chose to shortcut and deceive consumers to save on operating costs. Too many borrowers paid more for their loans because Navient illegally cheated them and today’s action seeks to hold them accountable.”

In a statement , Navient denied all allegations and said the lawsuit was politically motivated.

What Is A Student Loan Servicer?

Think of a student loan servicer as providing both customer service and repayment support during the life of your student loan.

Student loan servicers play an intermediate role between a borrower and a lender. They process monthly student loan payments, manage borrower accounts and answer borrower questions.

If you borrow a student loan, your lender may not be the entity that manages your student loan after it is disbursed. While some companies act as both a lender and servicer, often times a separate company will service your loan.

A loan servicer will also work with you for free on student loan repayment plans and student loan consolidation.

It is possible – and more common today – that your lender (either the federal government or a private lender) transfers your student loan to one or more servicers while your loan is in repayment.

You don’t need to worry if you receive a notice that your student loan has been transferred to another servicer. It is not a reflection of you or student loan. If this happens, you should contact your new student loan servicer and update your bill pay information if you use autopay (which you should). Also, if your student loan is transferred to a new student loan servicer, there are no changes to your loan terms.

Related article: Obama’s Parting Gift to the Company Formerly Known as Sallie Mae: A Big Fat Lawsuit