A Guide to Navient Student Loan Borrowers
This is a method in which the students pay their loans. One out four students is paying their loans through Navient. The students using this mode of payment should know the following. The CFPB has filed a lawsuit against the Navient in 2017. The case filed against the Navient is that they have failed its clients. The attorney generals in the states of Illinois and Washington has filed cases against the Navient as well complaining in the way that they handle their clients. The customers of Navient wanted some answers that could only be answered by Navient even though they did not accept the claims made against them that they were mishandling its clients. For the student to be able to check whether Navient is the student loan servicer check with the Federal Student Aid website. Check whether you as the student you are disabled and whether there is any inaccurate information with your credit report. There are allegations that Navient has reported the disabled student accounts as defaulters. This is not the case as the borrowers always receive loan relief from the U.S. government. If such an error occurs it can substantially damage your credit score, so it is wise that you get your yearly credit report, and countercheck that all your listed information is correct.
If all is not ok file complain about the Navient or the government agencies. It is important to air your complaint so that you can be helped. Either the CFPB or the U.S department of education and the Navient can be able to sort out your case. you don’t have to limit yourself in just filing your case in only one place you can file in all the three agencies. The student can also benefit from the loan forgiveness which is a practice whereby a student serves the public, and in return his or her school loan is waved. For a student to be qualified for the loan forgiveness there is a certain procedure to be followed. Students can work as volunteers in military organizations and also as medical practitioners in very selected communities. This ensures that the students achieve the main goal which is achieving their educational objectives. The loan forgiveness option can also allow the students to pay in smaller installments, and an example is in 2009 the government initiated a new program which was designed to lower the monthly installments that the students were paying for their loans.
Be informed as a student about your loan. There are many ways in which the students can repay their loans which include the income based, revised pay as you earn and the income-contingent. You can use more than one program to repay your student loan but before you decide which ones you need to understand all of them.