Navient Student Loan Complaints: Have you ever been contacted by a company called Navient solution? If yes, then I’m sure it must be on the matter of your student loan. Now you wondering: What is Navient, and why do they know about my student loans? So here’s a closer look at Navient.
The chances that the contacted you is because Navient is your student loan servicer. The U.S. Department of Education has assigned your account to the company to handle billing as you repay your student loans.
What Is Navient?
Navient is a student loan servicer, one of nine the Education Department contracts with to manage student loans. Navient used to be part of Sallie Mae, but the companies formally split into two separate businesses in 2014.
It serves almost 6.5 million borrowers and manages a portfolio of about $227 billion federal student loans, making it the third-largest of the federal loan servicers. Navient also provides servicing on a portfolio of private student loans.
The list of student loans serviced by Navient includes;
Direct subsidized loans
Direct unsubsidized loans
Parent PLUS loans
Grad PLUS loans
Federal Family Education Loan Program (FFELP)
How Did I Get Navient?
If you’re wondering how you got Navient as your student loan servicer, here’s how the process works.
First, you request and get approved for a student loan. The Education Department then allocates funds for your loan and sends them to your college, which in turn disburses the money to you.
Once you get the first portion of your student loan, the Education Department hands the management of the loan over to a servicer. You don’t get a choice because it automatically assigns the servicer. The servicer will then notify you.
Check the National Student Loan Data System, the database of all federal student aid information, to verify which student loan servicer(s) you have. This will list all student loans you take out while in school. To do this, visit NSLDS.ed.gov, click on “Financial Aid Review,” and then enter your Federal Student Aid ID.
How to Contact Navient
Creating an online account with Navient can keep you informed about account balances, interest charges, and repayment details. Once you’re out of school and repaying your loans, notify the company if you’re having trouble keeping up with payments. Navient can switch your repayment plan, consolidate your loans, or help you apply for deferment or forbearance.
Here’s how to contact Navient:
Call 800-722-1300 between 8 a.m. to 9 p.m. Eastern Time Monday through Thursday and 8 a.m. and 8 p.m. Eastern Time Friday
Log in to your online Navient account and use the “Email Us” tool
Mail payments to Navient – U.S. Department of Education Loan Servicing, P.O. Box 4450, Portland, OR 97208-4450
Mail general correspondence to Navient – U.S. Department of Education Loan Servicing, P.O. Box 9635, Wilkes-Barre, PA 18773-9635
Over the past several years, Navient has been involved in several lawsuits. Claims have been made that Navient isn’t acting in the best interest of its customers.
Lawsuits have been brought against Navient by the Consumer Finance Protection Bureau (CFPB) as well as by several states. Navient is also in a legal battle with a group of teachers, backed by the American Federation of Teachers, one of the largest teachers’ unions.
Navient is accused of deceitful practices such as incorrectly applying borrower payments, deceiving borrowers on requirements for various programs, sending false reports to credit bureaus, and more.
There also have complained about the matter of;
1. Customer Service
Many Navient borrowers complain about not being able to reach anyone from the company for help. Automated messages are often the norm.
When borrowers do get in touch with a real person, often, the borrower is more educated on the details of student loans than the Navient representative. It’s frustrating not to get the answers you need.
Going along with customer service is a communication from Navient. Some borrowers find that Navient isn’t forthcoming with information that would be helpful to their situation. Misinformation is also common when dealing with Navient.
It’s important to be your own advocate when it comes to your student loans. Take time to do research and not leave it in the hands of a loan servicer like Navient. They should be someone you can turn to for help, but often this isn’t the case.
1. How do I switch to a new student loan servicer?
Unfortunately, borrowers are assigned a loan servicer when loans are first dispersed, and there’s no easy way to switch servicers if you aren’t happy. There is a workaround, though. You can choose your loan servicer if you consolidate your student loan into a Direct Consolidation Loan.
2. Are Navient loans eligible for forgiveness?
If you have federal student loans, they are eligible for student loan forgiveness through the Public Service Loan Forgiveness program or one of the income-driven loan repayment programs. However, forgiveness isn’t automatic; you’ll need to meet each program’s requirements.
3. Can Navient loans be consolidated?
Yes. You can consolidate your federal student loans (including those that Navient services) into one loan that’s easier to repay.
4. Can Navient raise interest rates?
If you have private loans that are serviced by Navient, then yes. They can raise the interest rates on your private student loans, if they are adjustable-rate loans. Otherwise, all federal student loans — including those serviced by Navient — are fixed-rate, and won’t change.
5. Can Navient loans be refinanced?
Yes. You can refinance your federal student loans serviced by Navient with a private student loan company. Make sure you think about it long and hard before you do though because you’re essentially switching out federal student loans for private student loans.
6. What happens if I stop paying my Navient student loan?
If you stop paying your student loans, most likely, they will end up in default. When this happens, you can face many penalties, including having your wages garnished, tax refund withheld, no more access to federal programs or new loans, and ending up in court.
I’m very much sure that after seeing all of this about Navient, you probably looking for a way out. So this is most times possible if you loan is being transferred by the Department of Education.
You’ll be notified if this happens and you’ll manage payments with the new servicer. All servicers deliver the same options and programs, but customer service may differ from one to another. Otherwise, you are likely to remain with Navient unless you act to switch servicers.
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