A Guide to Navient Student Loan Borrowers
The students can use the Navient method to repay the loans. One out four students is paying their loans through Navient. If you are using this method of loan payment there are things that you need to factor in. The CFPB has filed a lawsuit against the Navient in 2017. Navient has failed its clients, and that’s why the CFPB has filed a case against it. The Illinois and the Washington Attorneys filed a case against them. Navient responded by refusing the charges, but many of its customers are demanding for answers, and they have the right to be answered. The students can get more information about their loan servicing from the Student Aid Servicing. Sometimes you should confirm whether there is any inaccurate information in regard to your loan and if your loan details are up to date. There are allegations that Navient has reported the disabled student accounts as defaulters. Student borrowers receive their 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.
The cross checking of the details will help you to report any irregularities in your account. They will help you in sorting out your account or in sorting out any problem that might have occurred in your account. Some of the organizations’ that can be able to help you with your case are the Navient, the CFPB and also the U.S Department. you don’t have to limit yourself in just filing your case in only one place you can file in all the three agencies. It is also important for the student to understand and be informed about the student loan forgiveness. For a student to be qualified for the loan forgiveness there is a certain procedure to be followed. Ways in which the student can be able to serve so that they can be eligible for the loan forgiveness is by Working in military as volunteers and as medicine practitioners in selected communities. This ensures that the students achieve the main goal which is achieving their educational objectives. Students can pay their loan in smaller installments.
When you have this knowledge you are prepared on what you want to expect from the loan servicers. As a student you have many options on how you can repay your loan, it can either be income based, revised pay as you earn, pay as you earn and income-contingent repayment. 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.