To know Navient’s role on your own student obligations installment, you need to understand the newest part of that loan servicer. Loan repair ‘s the handling and you may recharging of a loan. The newest servicer out-of financing deals with the brand new debtor to establish payment plans and consolidate otherwise refinance when necessary. The servicer is one your get in touch with if you have any concerns otherwise concerns about your loan.
- When you have government student education loans, their servicer is chosen because of the U.S. Service off Degree, that is your own lender.
- If you have individual figuratively speaking, the loan servicer is selected of the personal lender your favor, that is their bank. Some financing organizations act as their unique loan servicers.
- For people who borrowed financing from the college, college, or elite school, brand new financial aid place of work chooses the fresh servicer in your mortgage.
Sallie Mae compared to. Navient
An element of the dilemma related Navient finance is inspired by Navient’s relationship so you’re able to Sallie Mae. If you’re Sallie Mae and you will Navient came from an identical organization (named Sallie Mae), he or she is a couple of different and you may separate businesses. This is why Sallie Mae finance aren’t Navient loans, and Navient college loans commonly Sallie Mae funds.
Sallie Mae Student loans
Sallie Mae is actually a lender who’s considering and you will serviced loans for over forty years, in the first place servicing both federal and personal college loans. This present year, the brand new rules blocked the brand new upkeep regarding government figuratively speaking by the monetary establishments for example Sallie Mae.
From inside the 2014, Sallie Mae established it would independent with the one or two in public places-replaced enterprises to help you works inside the legislation: Sallie Mae and Navient. Navient now manages the fresh new repair of government college loans, and additionally personal college loans, when you find yourself Sallie Mae brings the fresh new private figuratively speaking as a loan provider and you may qualities individual finance.
Now, Navient and Sallie Mae are two really preferred servicers out-of personal figuratively speaking, and you may Navient is even probably one of the most common servicers out-of federal student loans.
If you aren’t yes whether your Navient money was personal otherwise federal (otherwise each other), you’ll need to discover before you could see whether the individuals loans are eligible getting Navient education loan forgiveness. In case your Navient loans is actually government, they will certainly be eligible for every professionals offered by the U.S. Agency of Training. When they personal, they won’t.
National Student loan Analysis Program
Very first, examine even though your own Navient money are federal by signing for the Federal Student loan Investigation System (NSLDS) and you can clicking “Economic Comment”. You’ll want to go into their FSA ID otherwise perform a unique you to. Shortly after you will be logged toward system, you are able to select a list of all of your current government student education loans, also consolidation fund. One private figuratively speaking you really have applied for does not show up on it list. We explain everything you to know in regards to the NSLDS and you may why you should use it.
Speak to your Mortgage Servicer
A different way to read if for example the college loans are private or federal is via getting in touch with Navient physically. If you aren’t yes no matter if Navient can be your loan servicer, there are you to information regarding your own most recent declaration otherwise by checking your credit report. You have access to the Navient mortgage recommendations privately of the logging towards the your account in the Navient. To prepare a free account, you need the personal defense amount or perhaps the account count into the the loan.
Navient’s website in addition to allows you to join autopay otherwise create instructions payments, and check to see if you will be eligible for federal fees preparations. Additionally, you will select contact info to contact Navient because of the current email address otherwise from the cell phone pawn shop IL.