Things NavientStudent Loan Borrowers Need to Know
The students can use the Navient method to repay the loans. There are students who prefer this method to repay their loans. The students using this mode of payment should know the following. 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. Check from the Student Aid Website for any inaccurate information concerning your loan. Check whether you have been reported as a defaulter. Student borrowers receive their loan relief from the U.S government. 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.
If all is not ok file complain about the Navient or the government agencies. They will help you in sorting out your account or in sorting out any problem that might have occurred in your account. You can file a case with either the Navient, the U.S. Department of Education and also the Consumer Financial Protection Bureau can be able to help you. All the three departments can be able to listen to your case because you are not limited such that you can only file your complain in only one department you can report to all the three, that is the Navient, the CFPB, and the U.S Department. 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. 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. The school loan forgiveness allows the student to achieve their educational 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. There are many ways in which the students can repay their loans which include the income based, revised pay as you earn and the income-contingent. There is an option of the student using more than one way to repay the loan, but they should have the knowledge about all the ways.