Navient – for many, a student loan becomes indispensable for pursuing higher studies. While searching for the alternatives of procuring a student loan, you must have come across the names of student loan servicers. Incidentally, many people do not know the role of these loan servicers. In simple words, a loan servicer acts as a middleman between the lender and the borrower. At the present day, it has become imperative to avail yourself of the services of a good loan servicer. Apart from helping you to secure the loan, they also track the loan payments and collect all the student loan bills in order to guide you. Navient is one such loan servicer company which has been in the limelight recently for all the right reasons.
An overview of the Navient Corporation
Generally, most of us tend to go for experienced service providers, be it in any field. In this context, Navient Corporation is a new name in the loan servicer arena. However, in a short period, the company has already helped millions of customers to secure loans. The corporation deals with all kinds of fedloan and is also into fedloan servicing. The primary motto of navient is to determine the proper ways to establish the financial success of their clients. Often, the lack of adequate support and resources lead our loans to be in a mess. Navient can fulfil this vacuum effectively. They work with a lot of passion and innovate newer ways of achieving their goals. Currently, Navient Corporation offers asset management and all kinds of business processing solutions in various fields that include healthcare, education and government clients. If for some reason you are not happy with your loan servicer and have some complaints against them, you are free to submit a claim to the Consumer Financial Protection Bureau.
Navient helps you to know about your loans
It is entirely possible, as a student you were not aware of the various types of student loans. You were desperately looking for the best options to finance your studies, and ultimately you got one. At navient, you will be able to understand which type of loan you owe at the present day. For instance, the student loan can come from the federal government or other sources such as credit unions, banks, and financial institutions. For all types of student loans, interest has to be paid while making the repayment.
The online account on Navient
When you have accurate information about your loans, it becomes easier for you to make the payments. When you sign up at navient, you will be able to identify the best options which will not put pressure on your budget. So, it will become easier for you to schedule the repayments. You can read more about the various utilities you are eligible for once you visit the navient “loan customers” section on the home page of the navient website. There are separate sections such as the “schools” and “professional services” where you can get relevant details about the Navient services.
Navient Student Loan Login
Once you have register on navient and you shall already have the navient login details like User Id and Password. Follow below official login page to log onto navient student loans page
Key points that make Navient the best loan servicer
We keep on reiterating that Navient fedloans may be a new company, but it has a vast experience in dealing with loan related aspects. According to a statement of the Corporation, the customers of navient “default at a rate of 30% better than the national average”. The loan servicer navient offers a plethora of financial tools on their official homepage which undoubtedly helps those who are seeking loans or have already got one. Here, we take a look at some of the most vital sections present at the navient website.
Protect Yourself From Fraud: This is a unique section, nowhere to be found in any other loan servicer’s website. For those who are aware, a lot of students have fallen prey to the so-called student debt relief scams. Of late, many companies have emerged, and they promise to lower the debt and can take appropriate steps, which will make the students eligible for getting student loan forgiveness. These claims on most occasions are too good to be true. Therefore, in this section navient educates the students which will help them against getting scammed.
Renew Income-Driven Repayment Plans: Of course, many individuals have enrolled in such income-driven repayment plans already. There is no need of reapplying every year, but the enrollment needs to carry on. Therefore, the registered person has to approach the Department of Education along with all the necessary documents. Navient in this section tells you how you should go about the job.
Unable to repay: No one can foresee problems. In this situation, many borrowers due to extreme financial strangleholds find it hard to repay the loan. Navient offers you a guideline on how you can overcome the problem. You can work out a suitable option by talking with the concerned authorities. Together, you can arrange a preferable date which is going to suit you for paying.
Breaking down the payments: Most borrowers are in the dark as they do not know how the fees affect their loans. Navient explains the details clearly by breaking down the payment structure for your easy understanding.
Bunch of tips: Navient also has a separate section which offers invaluable tips on money management, how you can save better, a working budget worksheet and lastly a financial goal worksheet.
All the above sections are easily accessible from the official website of the Navient Corporation.
Navient Corporation services
Navient Corporation offers a wide range of services, and they are as follows:
Department of Education Loan Servicing: You will not find many loan servicing companies which are operating as loan servicers for the U.S. Department of Education. The main motto of navient is to help the customers to pay off their education loans timely so that they can get a good credit score. For the sake of the borrowers, navient helps them with several financial tools and a robust customer care service. Now, the borrowers can repay their loans successfully, and as expected, the rate of defaulters has come down significantly.
Private Student Loan Servicing: By acting as an intermediary between the lender and the student borrower Navient has helped in securing loans for the needy students quite successfully. Private student loans and fedloan are different, but at times the private student loans become the ultimate choice The Corporation works with these private lenders in securing the much-anticipated loan. Finally, it reaches the hands of the person who is desperately seeking the amount.
Business processing solution: Navient also offers the best business practice solutions. It also works as a collection agent. The tutorials present at Navient Corporation webpage will introduce people on how they can make their payments. In this short period since it came into existence, Navient has already recovered billions of dollars from taxpayers. Moreover, navient works with several government offices and educational institutions for better prospects. Navient works in tandem with the other processing companies to simplify the loan prospects further. The other companies include Pioneer Credit Recovery Inc, Gila LLC, Student Assistance Corporation, General Revenue Corporation and Xtend health care,
Navient exclusive services for the students
Navient students loans helps the students to pick the best student loan or to switch the repayment plans. Navient will introduce the 10-year standard student loan repayment plan wherever possible… Now, a student can make the payment in 120 fixed payments. Furthermore, Navient will work hard to know if the student can be eligible for the income-driven repayment plans. The income-driven repayment can help the student as the percentage of payment will depend on the income of the student.
At one point in time, some students may find a good job and are ready to shell out more money to repay their debts. Navient will help you by customising your loan payments. You no longer have to think about which debt you want to pay off preliminarily, navient will sort out everything for you.
Sometimes, students find it hard to repay their loan bills. In such situations, Navient acts as the saviour. The corporation will help you in applying for deferment or forbearance. This application is going to postpone the obligation of repaying temporarily.
Many are eligible for student loan forgiveness. However, they do not know about it. Navient will sort this out for you. If you happen to work in a specific field for an extended period and are eligible for loan forgiveness, navient will let you know about it.
Navient Help and Information
When you select Navient as your loan servicer, they will do whatever it takes to help you in paying off your student loan. The corporation will regularly be in touch with the student in the entire repayment period. Navient provides the following help and information for the students.
Quarterly Interest Statement: Navient is going to intimate students who are in school during their grace period about the outstanding payments and the date by which they should pay.
Payment schedule and disclosure statement: Navient will let you know about the payment date well in advance. Additionally, navient is going to provide the details of your payment schedule and the total amount you need to pay.
Monthly billing statement: The billing statement is going to help you understand the principal balance and the total amount due for payment when you are in the repayment phase.
Communication with the borrowers: Understandably, there can be many questions about the loan. The representatives of Navient are always ready to take your calls and offer the best solutions. At the same time, they will also correctly process your payments.
As a student borrower, you can avail yourself of all the facilities mentioned above. You only need to perform a navient sign in for the first time. Next, you can use the navient login option to keep track of your loan and schedule the repayment options. Before you sign in or login to your Navient account, you can take up the “Money under 35” quiz. You will know a lot about your financial habits. After completing the questionnaire, you will surely be in a better position to manage your finances.
Navient – Student Loan Forgiveness
There are such a large number of various understudy credit pardoning programs accessible it tends to be difficult to realize where to begin. Furthermore, for some, it truly relies upon your circumstance and what your money related (and vocation) objectives are. A few states are notwithstanding helping obligation saddled alumni pay off their advances. Pardoning likewise relies upon the credit absolution program you apply to. At times, you may even fit the bill for up to 100% advance pardoning or navient student loan forgiveness.
Reimbursement Plan Based Student Loan Forgiveness
These understudy credit pardoning plans are fixing to your understudy advance reimbursement plan. In case you’re on one of these passing reimbursement designs, you’ll be qualified for understudy credit absolution toward the finish of your reimbursement term. It’s imperative to take note of that these pay driven reimbursement plan choices due have a few criteria that must be met to be qualified. On the off chance that you have no residual parity toward the finish of the advance term, you get no understudy credit pardoning.
It’s additionally essential to take note of that the understudy advance pardoning on these plans is viewed as assessable pay. Study expenses and understudy credit absolution here. Through IBR, your understudy advance installments are topped at 10% to 15% of your optional salary. In the wake of making reliable installments under IBR for 20 or 25 years (terms rely upon when you obtained), any outstanding credit parity will be excused. Under current assessment law, credits that are pardoned under this program can be saddled as salary. Remember this while seeking after this program. That way, you’re not amazed by a possibly vast duty bill.
Pay As You Earn (PAYE) : Forgiveness
Pay As You Earn (PAYE) is like Income-Based Repayment in that is anything but a run of the mill pardoning plan. In any case, you could be qualified for absolution after a specific time frame.
The PAYE program tops your regularly scheduled installment at 10% of your optional salary. After borrowers make installments for a long time, any residual parity winds up qualified for pardoning. Similarly as with IBR, your excused equalization may be treated as assessable salary.
The Income Contingent Repayment Plan (ICR)
ICR is somewhat not quite the same as IBR or PAYE. There are no underlying salary necessities for ICR, and any qualified purchaser may make installments under this arrangement. Under this arrangement, your installments will be the lesser of the accompanying:
- 20% of your optional salary
- What you would pay on a reimbursement plan with a settled installment through the span of 12 years, balanced by your pay
With the ICR plan, your advances will be pardoned toward the finish of 25 years.
Public Service Loan Forgiveness (PSLF)
Public Service Loan Forgiveness Program will allow understudy advance absolution on qualifying credits following 120 installments (10 years).
The extraordinary thing about open administration is that the definition is wide. Qualifying work is any work with an administrative, state, or nearby government office, element, or association or a not-revenue driven association that has been assigned as expense excluded by the Internal Revenue Service (IRS) under Section 501(c)(3) of the Internal Revenue Code (IRC). The sort or nature of work with the association does not make a difference for PSLF purposes.
The Teacher Loan Forgiveness program (TLF)
The Teacher Loan Forgiveness program (TLF) is a type of understudy credit pardoning that is isolated from the Direct Loan or Obama Student Loan Forgiveness program. This program grants teachers with a main decrease of their government credits. It was intended to urge understudies to enter the training field and to motivation educators to keep instructing.
The Teacher Loan Forgiveness program is a standout amongst the most helpful understudy credit absolution choices.
For one, qualifying educators get a duty excluded key decrease of either $5,000 or $17,500 on their government credits. This drops their general credit balance, making month to month advance installments littler and consequently increasingly reasonable. For a few instructors, this kills their government understudy credit balance through and through.
National Institutes of Health (NIH) Loan Forgiveness
The five NIH extramural Loan Repayment Programs (LRPs) incorporate the Clinical Research LRP, Pediatric Research LRP, Contraception and Infertility Research LRP, Health Disparities Research LRP, and Clinical Research LRP for Individuals from Disadvantaged Backgrounds
As an end-result of credit reimbursements, LRP awardees are legitimately bound to an administration commitment to direct qualifying examination upheld by a local not-for-profit or U.S. government (Federal, state, or nearby) substance for 50 percent of their time (no less than 20 hours out of every week dependent on a 40-hour week) for a long time. NIH makes quarterly advance reimbursements simultaneous with the awardees’ fulfillment of their administration commitment.
About the Navient Corporation
Navient Corporation is a financial services company. The company was previously known as Sallie Mae, Inc. The company got its new name in the year 2014. The decision of separating into two companies came after the company made definite plans to dedicate itself to education loan management and a consumer banking business separately. Before Navient got the new name, it was already into loan servicing. Back in the year 2009, Sallie Mae started the student loan servicing operations on behalf of the Department of Education. At present, navient is managing more than $300 billion in student loans and is servicing over 12 million customers. Till date, Navient employs approximately 6,000 employees at different offices. This is a remarkable achievement considering the corporation is very new in this field.
Overall, Navient offers a clear picture of your current loan situation. You will not find a better loan servicer company than Navient right now. We believe, after reading the information above about the various ways Navient can help, you will be more confident in managing your student loans.
Contact or Support Details
You can contact Navient in multiple ways. Moreover, the Corporation has simplified the procedure for establishing a connection with them. Primarily, you should have a distinct idea of the type of loan you have and accordingly you can use the contact information which is as follows.
For Federal family education loan programs and health education assistance loans, you can call 888-272-5543 between Monday – Thursday 8 am – 9 pm ET and Friday 8 am – 8 pm ET.
Borrowers can contact navient at:
You can visit the Navient headquarters to understand how you can get help in managing your loans. Here is the address:
123 Justison Street, Suite 300
Wilmington, DE 19801 P.O. Box 9533
Wilkes-Barre, PA 18773-9533
Consigners can contact at:
P.O. Box 9555
Wilkes-Barre, PA 18773-9555.
For those who want answers to their specific queries or are looking to submit documents can contact at:
P.O. Box 9500
Wilkes-Barre, PA 18773-9500
For other options like private loans, military benefit terms and schools, you will find all the relevant details present in the official website of the Navient Corporation.