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Navient Student Loans

Navient Student Loans: Pursuing quality higher education in these times is more often than not hindered by educational expenses incurred. To manage these expenses most students opt for education loans, through companies known as student loan servicers; who provide various education loans options to students and parents. A loan servicing company is one who acts an as an intermediary between the borrower and the lender. One such company that offers student loans is Navient Corporation.

Navient Student Loans

Navient as a business provides asset management and business processing services to education, government, and healthcare sectors in the United States.A majority of its business comes from extending and servicing federal and private loans to parents and students. Both types of loans have different terms and features. Presently, Navient has more than $300 billion in student loans and has served in excess of 12 million loan customers.

Navient Student Loan Login & Registration

To avail any loans from Navient, it is compulsory to first register with the company and create an online account. This account enables the borrower to access various details pertaining to the loan taken from Navient. In order to register your account with Navient, follow the steps given below:

  1. Go to the Navient loans website, the left hand side of the page, you can see a ‘Loan Customer Log In’ window. You can also go directly, by clicking here.
  2. Click on the ‘Register’ button at the bottom of the window. This will take you to the registration page which has four steps to complete.
  3. Step 1 – Enter your social security number or account number, date of birth, email address, phone number, and zip code and click on the ‘Next’ button.
  4. Step 2 – Choose a user ID and password of your choice. These details will be required for logging in to the account later.
  5. Step 3 – Provide them with the relevant email permissions and click on ‘Next’ button.
  6. Step 4 – Go through the ‘Terms of Use’ and accept them to proceed further.
  7. After you complete the steps given above, you will come to the login page. Enter your User ID and password to login to your student loan account.

In case you forget your User ID or Password, you can easily retrieve them by following the steps given below:

Navient User ID and Password Recovery

  1. Click the Forgot User ID / Forgot Password link located on the bottom of the login page.
  2. After that, enter either your Social Security Number or Account Number, depending on what you had used while registration.
  3. Then confirm your Date of Birth for verification.
  4. Now click on the ‘Submit’ button for further instructions.

Navient Student Loan Forgiveness

After getting a student loan, the borrower often looks forward to reducing the monthly contribution towards the loan or getting out of the debt faster than normal. The student loans extended by Navient are subjected to forgiveness. This student loan forgiveness is applicable to both federal as well as private student loans. However, the quantum of student loans that are forgiven is significantly more for federal loans rather than private ones. These forgiveness programs are based on certain specific criteria such as career, sector, income etc. Let us see them in detail.

Federal Navient Student Loans

If your Navient student loans are federal in nature, then you can qualify for the several federal student loan forgiveness programs as follows –

  1. Income-driven repayment (IDR) – If you make full and timely payments (quantum is generally less here) every month for a long tenure of 20-25 years, then your balance federal loans are waived.
  2. Public Service Loan Forgiveness (PSLF) – This program is available only to certain public service employees such as non-profit employees, public school teachers and staff, government employees, Peace Corps volunteers, and others. Here forgiveness is granted after 10 years or 120 payments instead of the standard IDR program.
  3. Total and Permanent Disability (TPD) Discharge – This is for those borrowers who cannot pay loans due to permanent or total disability.
  4. Teacher Loan Forgiveness – One can avail forgiveness up to $17,500 under this program, only if they are a teacher for minimum 5 years out of which one year is compulsorily at title 1 school.
  5. Private Navient Student Loans

These type of loans do not get forgiveness remedies as much as that enjoyed by federal loans. However, in case of certain assistance programs such as that provided by the National Health Service Corps to health care providers can offer some respite to the borrowers. There can also be forgiveness extended in cases such as disability, death, bankruptcy, by employers through jobs, negotiating terms with the lender, missing paperwork, predatory or sloppy practices by lenders among others.

Lawsuit filed against Navient in relation to student loans

In January 2017, the Consumer Financial Protection Bureau (CFPB) has sued Navient and alleged that the company had been systematically and illegally failing borrowers at each and every stage of their loan repayment. Following this lawsuit, the Members of the American Federation of Teachers (AFT) which is the second largest union of US teachers, also filed a lawsuit against Navient in the U.S. District Court in the Southern District of New York. The AFT alleged that the company had been misdirecting students taking loans from them, into repayment programs that did not qualify for the Public Service Loan Forgiveness (PSLF) program. The AFT also alleged that Navient did not act justifiably and ignored the borrower’s interests which violated its government contract.

The company should have made the borrowers aware and allowed them to migrate their loans to FedLoan, which is a student loan servicer that administers the Public Service Loan Forgiveness program. The AFT suspected that this was done intentionally so that Navient could earn fees from the present loans. Due to such actions taken by the company, the borrower’s such as teachers, nurses, social workers, first responders, and other public servants have been paying additional dollars (amounting into millions) in student loan repayments, which could have been otherwise saved. The matter is currently subjudice.

Navient Customer Service

Navient has several different customer care contact points for different services. You can find all of them here. One can also reach them via their toll free number 1-800-367-2884.