how to get rid of navient private student loans

Last Updated on June 30, 2022 by Paschal Alvina

Navient is a private student loan lender that has been accused of targeting students with disabilities and misleading them about their eligibility for federal loans. In this article, we will discuss how to get rid of navient private student loans, do i qualify for the navient lawsuit, navient settlement states, is navient a private student loan and will navient settle private student loans.

Navient Will Cancel $1.7 Billion Worth of Student Loan Debt | Money

If you are one of the many people who have taken out a Navient private student loan, you may be wondering if there is anything you can do to get rid of it and stop the automatic payments that keep coming in every month. Read on to know more on how to get rid of navient private student loans, do i qualify for the navient lawsuit, navient settlement states, is navient a private student loan and will navient settle private student loans.

how to get rid of navient private student loans

We begin with how to get rid of navient private student loans, then, do i qualify for the navient lawsuit, navient settlement states, is navient a private student loan and will navient settle private student loans.

Navient was once a subsidiary of Sallie Mae, the second-largest student loan provider. However, in 2014, Navient split off from Sallie Mae and became its own company—and it’s been making headlines ever since.

If you’ve had your Navient loan for more than three years, you may be eligible for Public Service Loan Forgiveness. Unfortunately, if your loans are in default, you will not be able to apply for this forgiveness program.

If you want to get rid of your private student loans from Navient and other lenders like them, there’s no easy way out. But there are some steps you can take to help mitigate the damage they could cause you later on down the road:

Begin paying off your debt early by setting aside money each month in an emergency fund or retirement account (but don’t use these funds). You’ll want enough cash on hand so that when unexpected expenses arise and money gets tight, you won’t feel guilty about using it towards paying off your loans instead of putting food on the table or paying rent/mortgage.

If you’re like most people, you probably have a number of different debts to pay off. And if you’re like most people, you probably don’t have a ton of money left over after paying your bills each month.

But there’s another way to pay off your debt—and it doesn’t involve adding to it by putting money on a credit card or taking out an additional loan. Instead, try this: set aside some cash each month in an emergency fund or retirement account (but don’t use these funds). You’ll want enough cash on hand so that when unexpected expenses arise and money gets tight, you won’t feel guilty about using it towards paying off your loans instead of putting food on the table or paying rent/mortgage.

do i qualify for the navient lawsuit

Next, we review do i qualify for the navient lawsuit, navient settlement states, is navient a private student loan and will navient settle private student loans.

Here are the eligibility criteria:

You must have borrowed a private student loan from Navient or its predecessor, Sallie Mae, between 2002 and 2014 while attending certain for-profit schools like the Art Institute, ITT Technical Institute, and others. You can see a full list of schools at navientagsettlement.com.

You must also have been enrolled or attended one of these schools at some point between July 1, 2009 and May 31, 2018.

If you meet those two criteria, you could receive $50 to $250 per loan if Navient misstated your monthly payment amount or interest rate–or even an additional payment if it failed to disclose certain information about your loans before you borrowed them.

navient settlement states

Now, we find out navient settlement states, is navient a private student loan and will navient settle private student loans.

If you are one of the people who has been affected by Navient’s actions, you may be eligible for a refund.

The restitution-participating states are: AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, IL, IN, KY, LA, MA, MD, ME MN MO NC NE NJ NM NV NY OH OR PA TN VA WA WI.

Cancellation of Certain Private Loans.

If you have a private loan with Navient and live in any of these states listed above and your loan was transferred to Sallie Mae between January 1st 2013 and March 31st 2015; then you are eligible to receive up to $500 based on how many years ago your loan was transferred to Sallie Mae.

The amount of time that has passed since your loan was transferred from Navient will determine how much money you can get back: If it was less than 2 years ago then you can receive up to $300; if it was between 2 & 5 years ago then you can receive up to $500; if it was between 5 & 7 years ago then you can receive up to $600.

is navient a private student loan

Navient is a private company that deals with private student loans, as well as federal ones.

The company was created in 2014 when Sallie Mae was split into two companies: Navient and SLM Corporation (SLMC). Although Congress originally created Sallie Mae to support the federal student loan program, it was eventually privatized.

Navient is one of three companies that service federal loans on behalf of the Department of Education, but it doesn’t offer any private student loans directly to consumers. Instead, it provides help for borrowers who have trouble repaying their federal loans or need help with other issues related to those loans—like consolidation or forgiveness programs.

will navient settle private student loans

Navient can only settle private student loans, not federal loans. For this reason, it’s important first to establish whether your loan is federal or private before discussing settlement.

Federal student loans are issued by the US Department of Education and administered by FedLoan Servicing, Great Lakes Educational Loan Services (Great Lakes), or Nelnet Servicing. Federal student loans generally have fixed interest rates that don’t change for the life of the loan and offer a variety of repayment options including income-based repayment and public service loan forgiveness.

Florida Will Receive $199 Million in the Navient Settlement - News.law

Private student loans are issued by banks and other financial institutions. Private student loans generally have variable interest rates that change over time, as well as fixed interest rates; some may also offer repayment options such as graduated repayment plans that allow you to make smaller payments at first with monthly payments increasing over time.

Navient Loans is a loan servicer, who is charged with collecting your loan payments. If you have a private student loan and you’re having trouble making payments contact Navient to see if they can offer you payment plans that suit your financial situation. For example, Pay as You Earn might be available to you if you qualify and this could help lower your monthly payments if you are unemployed or have lost your job. There is no cost and enrolling should help a lot of people from falling into default on their private student loans.