A Guide to Navient Student Loan Borrowers
This is a method in which the students pay their loans. The method is being used by at least one out of every four students. If you are using this method of loan payment there are things that you need to factor in. A press release was released in 2017 by the Consumer Financial Protection Bureau which was a lawsuit against the Navient. Navient has failed its clients, and that’s why the CFPB has filed a case against it. A lawsuit was also filed against the Navient by both the Illinois and the Washington States Attorney Generals. The Navient didn’t accept the claims. 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. The student Aid website will show you whether you have been listed as a loan defaulter. The U.S government gives the students the loans. 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. They are going to give you the most required help. Either the CFPB or the U.S department of education and the Navient can be able to sort out your case. You can also file a complaint with all of the entities because it is allowed and you can do the future generations a favor by changing the way the system is being run and save them from shady practices. There is the policy of student loan forgiveness where the federal government cancels all or part of the educational loan but under certain circumstances or conditions. There are certain conditions and factors that have to be followed for you to be eligible for the loan forgiveness. Students can work as volunteers in military organizations and also as medical practitioners in very selected communities. Students can achieve their goals. 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. Students can pay their loan as an income-contingent, Revised pay as you earn or the income-based method. More than one way can be applied by the students to pay their loans but there is a need for the student to have an understanding about all of them before they choose the ones to use to repay the loans.