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Navient Forgiveness | Deferment and Forbearance

3 two female students standingWhat is Navient Loan? – Sallie Mac Re-incarnated

Navient is a widely traded U.S. corporation based in Wilmington, Delaware, which is a student loan company, rather a student loan servicer.It manages nearly $300 billion in student loans for more than 12 million customers.

The company was formed in 2014 by the separation of Sallie Mae into two distinct entities, Sallie Mae Bank and Navient. Navient employs 6,000 individuals at offices across the U.S. 

[PDF]Loan Portfolio Management – OCC

Navient might be a new name, but it has evolved in this business of loan management for more than 40 years and proves to be a leader in loan management, servicing and asset recovery as Sallie Mae. They have a wide spread customer base of 12 million customers whose loans they service, and the diverse needs of the government, higher education, and business clients.

Navient has a list of commitments that they guarantee to their customers and this definitely sets them ahead of their competitors.

  • Navient provides user-friendly student loan forms, statements, and publications in both electronic and hard copy formats.
  • They enable borrowers who are visually impaired to complete and file certain student loan-related forms independently.
  • The Navient websites conform with regulatory and industry principles and best practices.

With all these offers and value added services, Navient Student Loan upholds itself as the best Student Loan Servicer and the perfect Student Loan Company, sought after by many student borrowers.

Contact Details of Navient Student Loan:

To ensure accuracy and advanced processing, an individual should be well equipped with the information database of where to contact for varying reasons/queries.

Loans through Third party:

FFELP and HEAL Loans

Call 888-272-5543

Monday – Thursday 8 am – 9 pm ET and

Friday 8 am – 8 pm ET 
TDD: 877-713-3833

Toll-free 888-272-5543 or direct 317-570-7397 (For customers Abroad)

Payment Address for Borrowers

Navient 
P.O. Box 9533
 
Wilkes-Barre, PA 18773-9533
 

Payment Address for Cosigners

Navient 
P.O. Box 9555
 
Wilkes-Barre, PA 18773-9555.
 

General Correspondence & Submitting Documents

Navient 
P.O. Box 9500
 
Wilkes-Barre, PA 18773-9500
 

Documents can also be faxed – U.S.: 800-848-1949 or International: 570-821-6585

3 male_student_standing with bookLoans Through the U.S. Department of Education

The William D. Ford Federal Direct Loan Program (Direct Subsidized, Direct Unsubsidized, Direct PLUS, or Direct Consolidation) or loans owned by the U.S.

Department of Education through the Federal Family Education Loan Program (FFELP):

Call 800-722-1300 
Monday – Thursday 8 am – 9 pm ET and Friday 8 am – 8 pm ET
 
TDD: 877-713-3833

Payment Address

Navient – U.S. Department of Education Loan Servicing 
P.O. Box 740351
 
Atlanta, GA 30374-0351 
 

General Correspondence & Submitting Documents

Navient U.S. Department of Education Loan Servicing 
P.O. Box 9635
 
Wilkes-Barre, PA 18773-9635

Or Fax Documents – U.S.: 866-266-0178 or International: 570-706-8563

Private Loans

For a private loan with a 16-digit loan number

Call 888-272-5543 
Monday – Thursday 8 am – 9 pm ET and Friday 8 am – 8 pm ET
 
TDD: 877-713-3833
 

Commencing with July billing statement, the private loan payment mailing address is changing.

OLD Payment Address for Borrowers

Navient 
P.O. Box 13611
 
Philadelphia, PA 19101-3611
 

NEW Payment Address for Borrowers

Navient 
P.O. Box 9000
 
Wilkes-Barre, PA 18773-9000
 

3 low-rate-consolidation-student-loans-daylightOLD Payment Address for Cosigners

Navient 
P.O. Box 13612
 
Philadelphia, PA 19101-3612
 

NEW Payment Address for Cosigners

Navient 
P.O. Box 9988
 
Wilkes-Barre, PA 18773-9988
 

General Correspondence & Submitting Documents

Navient 
P.O. Box 9640
 
Wilkes-Barre, PA 18773-9640
 

Or Fax Documents – U.S.: 800-443-9723 or International: 317-841-1713

Military Benefits Team

Call 855-284-4879 
Monday – Thursday 8 am – 9 pm ET and Friday 8 am – 8 pm ET
 
TDD: 877-713-3833
 

Call Toll-free 888-272-5543 or direct 317-570-7397. (For customers abroad)

Or Fax Documents – U.S.: 800-848-1949 or International: 317-578-6700 

Schools

Call CollegeServ 888-272-4665 

Monday – Thursday, 8am – 9pm ET

Friday, 8am – 8pm ET

Email: CollegeServ@Navient.com

Fax: 800-828-0250

DEFERMENT

The Navient student loan payment has many options that protect a borrower from possible payment default. Deferment is one such Navient student loan payment option that is a period where one postpones making payments on loan. Interest doesn’t accrue on subsidized federal loans.

Education Related Deferment

A person is eligible to Deferment if he/she is engaged in a graduate fellowship program, rehabilitation training, internship or residency, or teaching in a teacher shortage area.

In-School Deferment and Parent PLUS Borrower Deferment

Eligibility for this form of deferment is possible if a person is enrolled at an eligible school at least half time, or if a person is a parent with a Parent PLUS Loan who needs to defer repayment while his student is enrolled in school at least half time.

Unemployment Deferment

If a person is unemployed (or working less than 30 hours per week) and seeking full-time employment, he may be eligible for an Unemployment Deferment for up to three years.

Economic Hardship Deferment

A person may be eligible for an Economic Hardship Deferment for up to three years.

FORBEARANCE

Forbearance is a period during which the monthly loan payments are temporarily deferred or reduced. Payments on the loan principal are postponed, but interest will accumulate during the forbearance period. Forbearance is envisioned to help a person in times of provisional need.

TYPES OF NAVIENT STUDENT LOANS:

Navient services several types of student loans and aim at providing the best possible services. Some of the navient student loan that are being serviced are as follows:

1. William D. Ford Federal Direct Loan Program by U.S. Department of Education

Direct Subsidized Loans – For undergraduate students, no interest is charged while they are in school at least half time and during deferment periods.

Direct Unsubsidized Loans – For undergraduate, graduate, and professional degree students, interest is charged on unsubsidized loans during all periods.

Direct PLUS Loans for Parents – For parents of dependent undergraduate students, interest is charged during all periods. The parent is the primary borrower.

Direct PLUS Loans for Graduate Students – For graduate and professional degree students, interest is charged during all periods.

Direct Consolidation Loans – For borrowers who want to combine their eligible federal student loans into a single loan.

2. Private Student Loans:

Private loans are primarily used to help students cover school costs above and beyond a federal loan. Unlike federal loans, private loan eligibility necessities, interest rates, and terms diverge from lender to lender. All private loans offer forbearance and deferment options.

3. Federal Family Education Loan Program (FFELP)by a bank or credit union. (FFELP was discontinued in 2010)

Federal Stafford Subsidized Loans – For undergraduate students, no interest was charged while they were in school at least half time and during deferment periods.

Federal Stafford Unsubsidized Loans – For undergraduate, graduate, and professional degree students, interest was charged on unsubsidized loans during all periods.

FFELP PLUS Loans for Parents – For parents of dependent undergraduate students, interest was charged during all periods.

FFELP PLUS Loans for Graduate Students – For graduate and professional degree students, interest was charged during all periods.

FFELP Consolidation Loans – For borrowers who combined their eligible federal student loans into a single loan.

3 students-outside-studying

4. Health Education Assistance Loan (HEAL) Program (The HEAL Program was discontinued in 1998) by Various non-federal entities

The federal Health Education Assistance Loan Program (HEAL) provided insurance for loans made by participating lenders to eligible graduate students in medical and health-related fields.

CONSOLIDATE STUDENT LOANS NAVIENT WAY

Direct Loan Consolidation

Loan consolidation can be supportive to borrowers who want to pool their entitled federal student loans into a single Direct Consolidation Loan. Before going on to consolidate student loans Navient, it’s important to understand and carefully consider all related factors.

Loans that are eligible for Direct Loan Consolidation include:

  • Direct Subsidized and Unsubsidized Loans
  • Federal Stafford Subsidized and Direct Unsubsidized Loans
  • Direct PLUS and FFELP Plus Loans for Parents and Graduate Students
  • Health Education Assistance Loans (HEAL)
  • Supplemental Loans for Students (SLS), Federal Perkins Loans, and Federal Nursing Loans

It has to be noted that Private student loans are NOT eligible for consolidation into a Direct Consolidation Loan.

What happens with Interest Calculations when you consolidate student loans navient?

Upon Consolidation, the interest rate is calculated by the weighted average of the interest rates of the loans consolidated, rounded up to the nearest 0.125 percent. So, the interest rate on a consolidation loan basically works to be higher than the original loans. However, the interest rate is fixed for the life of the loan.

Navient Student Loan Forgiveness for teachers:

Under this program, if you teach full-time for five complete and consecutive academic years in certain elementary and secondary schools and educational service agencies that serve low-income families, you may be eligible for forgiveness of up to a combined total of $17,500 on your Direct Subsidized and Unsubsidized Loans and your Subsidized and Unsubsidized Federal Stafford Loans. However, PLUS loans are not eligible for this type of forgiveness.

There are two types of loan forgiveness programs for teachers:

  • Teacher loan forgiveness for Direct Subsidized Loans, Direct Unsubsidized Loans, Subsidized Federal Stafford Loans, and Unsubsidized Federal Stafford Loans
  • Teacher cancellation for Federal Perkins Loans

Schools that are eligible for Navient Student Loan Forgiveness for teachers:

All elementary and secondary schools operated by the Bureau of Indian Education (BIE)—or operated on Indian reservations by Indian tribal groups under contract with BIE—qualify as schools serving low-income students. These schools are qualifying schools for purposes of this loan forgiveness program, even if they are not listed in the Annual Directory of Elected Low-Income Schools for Teacher Cancellation Benefits.

Navient lawsuit Settlement:

Inspite of The Navient Student Loans providing unmatched loan servicing facilities, there arose a lawsuit against the then Sallie Mae accusing them of inappropriately charging a 5% late fee when certain borrowers missed a payment. This Lawsuit was filed by class action. However Class Action is not dealing with this lawsuit presently.

The lawsuit only affects those borrowers with a private student loan serviced by Navient. These loans were marketed by Sallie Mae as “Signature Loans,” “Signature Student Loans” and “Signature Select Loans” and are not Federal Family Education Loans, which are insured by the federal government.

The Navient lawsuit settlement was done by asking those affected by this overcharging of late fee to contact the attorneys dealing with the lawsuit and was the issue was settled re-iterating that late fee must be based only on Sallie Mae’s actual cost associated with processing a late payment.

Repayment Options:

There are a lot of Repayment options for Navient Student Loans.

Direct Loans and FFEL Program Loans Repayment Options:

Standard Repayment Options:

  • This repayment plan saves you money over time because your monthly payments may be slightly higher than payments made under other plans, but you’ll pay off your loan in the shortest time.
  • You are at an advantage to pay the least amount of interest over the life of your loan.
  • Payments are made for up to 10 years (between 10 and 30 years for consolidation loans).

Graduated Repayment Options:

  • The Graduated Repayment Plan starts with lower payments that increase every two years.

  • Payments are made for up to 10 years (between 10 and 30 years for consolidation loans).
  • If your income is low now, but you expect it to increase steadily over time, this plan may be right for you.

Extended Repayment Options:

  • The Extended Repayment Plan allows you to repay your loans over an extended period of time.

  • Payments are made for up to 25 years.
  • Extended Repayment Plan may be right for people who need to make lower monthly payments over a longer period of time than under plans such as the Standard Repayment Plan

There are four income-driven repayment plans:

  • Revised Pay As You Earn Repayment Plan (REPAYE Plan)

Generally it is fixed at 10 percent of your discretionary income.

  • Pay As You Earn Repayment Plan (PAYE Plan)

Generally 10 percent of your discretionary income, but never more than 10-year Standard Repayment Plan Amount.

  • Income-Based Repayment Plan (IBR Plan)

Generally 10 percent of your discretionary income if you’re a new borrower on or after July 1, 2014*, but never more than the 10-year Standard Repayment Plan amount

Generally 15 percent of your discretionary income if you’re not a new borrower on or after July 1, 2014, but never more than the 10-year Standard Repayment Plan amount

  • Income-Contingent Repayment Plan (ICR Plan)

20% of your Discretionary income or the amount would pay on a repayment plan with a fixed payment over the course of 12 years, adjusted according to your income – whichever is lesser.

With due importance given to its commitments, Navient – The Student Loan Company has found a reliable place amidst student borrowers. However there is always a question –

Is NAVIENT federal or private?

Navient is a Student Loan Company, which is a U.S. corporation enterprise, providing student loan servicing to various government owned and private owned Student Loans,

Navient provides financial services to thousands of college and university clients as well as to federal, state, and local governments.

Some of the services provided by Navient include:

* Department of Education Loan Servicing

* Private Student Loan Servicing

* Asset Recovery and Collections Services – The Asset recovery and collections

Companies include:

  1. Pioneer Credit Recovery, Inc.

  2. General Revenue Corporation

  3. Gila LLC

  4. Student Assistance Corporation

CONCLUSION:

Navient is a well-known and reputed Student Loan company, which offers several modes of Navient Student Loan servicing facilities. It is very important to know what a Navient loan is, the Navient student loan payment methods and the various types of repayment options that ultimately suit you the best.

Whatever the loan type be, it always remains an inevitable fact that loans taken are to be repaid with utmost care. This would definitely payback in the form of good credit scores in the future.

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