The Navient student loan is made available to students, parents or relatives of students and all creditworthy persons. Navient student loans are provided either via federal government funds or through private funding. They are different types of student loans and it’s important you understand the terms of each loan option. Also, an individual may have more than one student loan option. There’s a guide on the Navient website where you can review each loan type (click here to visit the webpage).
The federal student loan programs provided by the Navient student loans platform are;
The federal direct loans which are available to all eligible undergraduate and graduate students to cover all higher educational expenses. The loans are also subdivided into direct subsidized loans, direct unsubsidized loans, Direct PLUS loans for parents, Direct PLUS loans for graduate students and direct consolidation loans. These are all funded by the federal government with flexible repayment plans. To check out all the available loan types on the Navient student loan platform click on the link to take you there.
More on Navient Student Loan and loan forgiveness
The Navient student loan platform helps you stay updated throughout your loan process. You get quarterly interest statements, payment schedule info, monthly billing statement, online account management and also prompt customer services. To access all the benefits of the Navient student loans platform, you need to have a registered account. Registering on the platform is easy, you just need to provide some personal and financial info.
The Navient student loan can be forgiven under certain circumstances such as;
If a borrower gets employed by a government agency or a non-profit organization and repays the loans based on the income from the job, you may be forgiven of the loan after 10 years of repayment and employment. To see the list of grounds to allow a borrower to be forgiven of his/her federal loan click on the link.
Brief history of Navient and its Business Operations
The Navient Corporation is a U.S based financial institution whose sole business operation is servicing and collection of student’s loans. Navient was formed in 2014 as a result of the split of Sallie Mae making it a full-time education loan management business. Navient is estimated to have over 12 million customers, managing nearly $300 billion of student loans.
The company holds the largest portfolio of private education loans in America and is traded on the NASDAQ stock exchange. It also has the largest portfolio of education loan insurance under the Federal Family Education Loan Program (FFELP).
Also, the Navient Corporation comprises of mainly three (3) business operations providing asset management and business processing solutions to various sectors of the economy like education, healthcare and different levels of government.
Navient’s parent company Sallie Mae in 2009 was selected by the U.S Department of Education to service student and parent federal loans on its behalf. Navient Corporation has since carried on with the task helping its customers to pay off their education loans and also build up a strong credit. The company achieves this by providing financial literacy tools and also educating their customers through a robust customer service program.
Navient Business Operations
Navient’s private student loan also offers great financial planning tool for its customers with easily adaptive features. The Navient student loans are one of the largest portfolios of private student loans in America.
The company’s business processing solution is one of the largest in the country. They help its customers in recovering billions via multiple contracts with government agencies and other educational institutions. Navient has five (5) companies who help in the business processing sector namely;
- Gilla LLC which deals mainly with revenue enhancement services for credit unions, toll authorities etc.
- General Revenue Corporation which deals with collecting loans for government and educational institutions.
- Pioneer Credit Recovery deals with asset recovery for various institutions and government agencies.
- Xtend Healthcare deals with revenue cycle management (RCM) and enhancing financial performances for healthcare providers via advanced technology solutions.
- Student Assistance Corporation deals student loan delinquency to help customers avoid defaulting on their student loan by choosing the best payment option for them.
In a recently filed lawsuit by the Consumer Financial Protection Bureau (CFPB). It is alleged that the Navient Corporation has systematically failed its borrowers by;
- Creating obstacles for loan repayment by not providing vital info to borrowers
- Failing to take preemptive action on borrowers’ complaints
- then, Incorrectly processing payments
- Misleading borrowers towards overpayment of the student loans
- Harmed the credit viability of the disabled class of borrowers including veterans
- and finally, Misleading borrowers on requirements to release co-signers from private student loans
However, Navient has denied the allegations saying it was politically motivated.
Also, to discover your student loan servicer, contact your lender. If you are on a federal student loan you can visit the federal student aid website to find your loan servicer by clicking the link.
In conclusion, if you are having issues with your Navient student loan payment, you can contact the company via telephone by dialing 1-888-272-5543 or by email.