Things NavientStudent Loan Borrowers Need to Know
This is a method in which the students pay their 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. 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. The Illinois and the Washington Attorneys filed a case against them. The Navient didn’t accept the claims. The students can get more information about their loan servicing from the Student Aid Servicing. Check whether you as the student you are disabled and whether there is any inaccurate information with your credit report. Check whether you have been reported as a defaulter. The U.S government gives the students the loans. Your credit score can be damaged if you are listed as a defaulter and if you don’t counter check your account well to see if everything is ok.
After doing your counterchecks, you can file complain if all the information is not correct, to the Navient and also 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. There are certain conditions and factors that have to be followed for you to be eligible for the loan forgiveness. 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. Students can achieve their goals. Students can pay their loan in smaller installments.
The students should be well educated about the educational loans. Students can pay their loan as an income-contingent, Revised pay as you earn or the income-based method. 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.