Despite once being an equivalent company, Navient and Sallie Mae are now completely separate organizations. Navient students loan forgiveness isn’t an equivalent as Sallie Mae loan forgiveness.
Because of their history with Sallie Mae, however, Navient services a mixture of personal and federal student loans. You’ll want to understand which type you’ve got . It makes an enormous difference in terms of which forgiveness programs you qualify for.
To find out what quite student loans you’ve got with Navient, you’ll contact them directly or conduct a “Financial Review” on the National Student Loan information system (NSLDS).
If you’ve got federal student loans, those loans are going to be eligible for all of the federal forgiveness programs like Public Service Loan Forgiveness. But private student loans won’t be. Private student loans could also be eligible for forgiveness through state or profession-specific student loan forgiveness programs. For a full list of programs, inspect the last word Guide to Student Loan Forgiveness.
If you’ve got private student loans and don’t qualify for any of the above programs — or maybe if you are doing — you’ll want to think about refinancing your Navient student loans. By refinancing, you’ll kill two birds with one stone. It’s your chance to kick Navient to the curb, and you’ll economize on student loan interest, too. So, while refinancing isn’t student loan forgiveness, it might be your best Navient student loan strategy.
If you’re brooding about refinancing your Navient student loans, Student Loan Planner can assist you find an excellent deal. By taking smaller payouts than our competitors for our referral links, we’re ready to offer our readers a number of the very best cash bonuses available online.
Navient lawsuits are a big deal proving that we are finally on the right path to solving the student loans crisis along with the Consumer Financial Protection Bureau, the Teacher’s Federation, and some States Attorney Generals. They are all standing up for ordinary people of the US and trying to fight the student loan servicing company that does not care about the students.
They are pursuing this to make sure that all harmed students can get loan forgiveness. Navient lawsuits show that the tide of the ocean is turning against large companies who have been robbing ordinary citizens of America for years. Therefore, decisive steps towards solving the student loan crisis should be celebrated because this problem is finally getting the attention it deserves.
All the current and prior students who have taken student loans from Navient, whether they finished the repayment program or not should keep following the news about Navient lawsuits because there is a chance that the Navient loan forgiveness program will offer massive payouts in case the Navient lawsuits prove to be successful.
Student Loan debt crisis worsened after, allegedly, Navient thought that they could secure guaranteed repayment for their loans if they work as a lender, debt collection agency, and loan servicer for any debts that are in default. As a result, they got their hands on all three of the roles in controlling the whole cycle of student debt.
Allegedly, they were more interested in the loans that went into default so they could charge far more interest rates – as much as 15-25% compared to the loans that were still in repayment offering only five to seven percent.
It was claimed that they were interested in giving loans to borrowers who had low credit scores and without the ability to repay the amount. Navient gave student loans to anybody who was willing to take them and ended up having over 12,000,000 customers across the United States and more than 300 BILLION dollars in private and federal student loans.
The strategy worked very well for Navient; they reported a profit of over 250 million in 2017 – the same year they were hit with four massive lawsuits against them. It is not hard to imagine what they could accomplish if there were no Navient lawsuits.
CFPB Lawsuit and Private and Federal Student Loans
The lawsuit brought by the CFPB does cover both Private and Federal student loans so that the lawsuits will help everybody regardless of the type of loans. The essential accusation from the Consumer Financial Protection Bureau’s lawsuit is establishing barriers to repayment by giving students misleading information, incorrectly processing the payments, and failing to react when the students disagreed.The Illinois lawsuit accuses Navient of misleading student loan collection practices. Allegedly, Navient gave the borrowers false information about their options so they cannot get out of the default.
There is the Federal Student Loan Rehabilitation Program which was made to help students who fell behind on payments to help them get back on track and carry on repaying their loans without additional interests. There are certain cases where a student cannot repay her loan. The reason might be an injury, unemployment, or other financial difficulties.
It was claimed that Navient always tried to make sure that students never get out of the default by giving them deceptive information. The Federal Student Loan Rehabilitation Program was already very confusing, and allegedly, Navient took advantage of it and made it harder for its borrowers.
https://studentloansresolved.com/2019/03/18/2019-guide-navient-loan-forgiveness/