The Navient student loans are available to students, parents or relatives of students and all creditworthy persons.
They are provided either via federal government funds or through private funding.
However, they are different types of student loans, and it’s important you know and understand the terms of each loan option you are choosing.
Also, an individual may have more than one student loan option. There’s a guide on the Navient website where you can review each loan type (click here to visit the webpage).
Navient’s Student Loans Deal
The federal student loan programs provided by the Navient platform are;
The federal direct loans which are available to all eligible undergraduate and also to graduate students to cover all higher educational expenses.
However, the categories of
There is also Direct PLUS loans for graduate students and direct consolidation loans. These are all funded by the federal government with flexible repayment plans.
Also, to check out all the available loan types on the Navient student loan platform click on the link to take you there.
The Navient student loan platform helps you stay updated throughout your loan process.
You get quarterly interest statements, payment schedule info, monthly billing statement, online account management and also prompt customer services.
To access all the benefits of the platform, you need to have a registered account. Registering on the platform is easy, you just need to provide some personal and financial info.
They are circumstances that can lead to loan forgiveness including;
If a borrower gets employed by a government agency or a non-profit organization and repays the loans based on the income from the job, the forgiveness clause will kick in after 10 years of repayment and employment.
A Brief history of Navient and its Business Operations
The Navient Corporation is a U.S based financial institution whose sole business operation is servicing and collection of student’s loans.
Navient was formed in 2014 as a result of the split of Sallie Mae making it a full-time education loan management business.
Navient is estimated to have over 12 million customers, managing nearly $300 billion.
The company holds the largest portfolio of private education loans in America and trades on the NASDAQ stock exchange. It also has the largest portfolio of education loan insurance under the Federal Family Education Loan Program (FFELP).
The Navient Corporation comprises of mainly three (3) business operations providing asset management and then the business processing solutions to various sectors of the economy like education, healthcare and different levels of government.
Navient’s private student loan
The U.S Department of Education selected them in 2009 to service school federal loans on its behalf.
Navient Corporation has since carried on with the task helping its customers to pay off their education loans and also build up a strong credit. The company achieves this by providing financial literacy tools and educating their customers through a robust customer service program.
Navient’s private student loan also offers a great financial planning tool for its customers with easily adaptive features.
It is one of the largest portfolios of private student loans in America.
So far, the company’s business processing solution is one of the largest within the country helping its customers in recovering billions via multiple contracts with government agencies and other educational institutions.
Top Business Affiliates of Navient
Navient has five (5) companies who help in the business processing sector namely;
- Gilla LLC which deals mainly on revenue enhancement services for credit unions, toll authorities, etc.
- General Revenue Corporation which deals with collecting loans for government and educational institutions.
- Then, Pioneer Credit Recovery deals with asset recovery for various institutions and government agencies.
- Xtend Healthcare deals with revenue cycle management (RCM) and also enhancing financial performances for healthcare providers via advanced technology solutions.
- And finally, Student Assistance Corporation deals student loan delinquency to help customers avoid defaulting on their student loan by choosing the best payment option for them.
In a recently filed lawsuit by the Consumer Financial Protection Bureau (CFPB), they allege that the Navient Corporation has systematically fails its borrowers by;
- Creating obstacles for loan repayment by not providing vital info to borrowers
- Failing to take preemptive action on borrowers’ complaints
- Then, incorrectly processing payments
- Misleading borrowers towards overpayment of the student loans
- Harmed the credit viability of the disabled class of borrowers including veterans
- And also, Misleading borrowers on requirements to release co-signers from private student loans
However, Navient has denied the allegations saying it was politically motivated.
To discover your student loan servicer, contact your lender. If you are on a federal student loan, you can visit the federal student aid website to find your loan servicer by clicking the link.
Then, if you are having issues with the payment, you can contact the company via telephone or by email all available on their website.