To know Navient’s character on the beginner obligations repayment, you must know the role out of that loan servicer. Financing upkeep is the approaching and you can asking regarding a loan. Brand new servicer out of financing works with this new borrower to determine fees plans and you can consolidate or re-finance when necessary. Your own servicer is but one you get in touch with if you have people issues otherwise concerns about the loan.
- If you have federal figuratively speaking, your servicer is chosen by You.S. Company of Degree, who’s the lender.
- For those who have personal figuratively speaking, your loan servicer is selected because of the private loan company your prefer, that is your own lender. Particular financing institutions try to be their particular loan servicers.
- For people who lent that loan from the university, school, otherwise top-notch college or university, the new financial aid workplace chooses this new servicer on your own loan.
Sallie Mae compared to. Navient
Area of the distress nearby Navient money arises from Navient’s relationships to help you Sallie Mae. When you’re Sallie Mae and Navient originated in a similar business (titled Sallie Mae), they are a few some other and you will separate agencies. Consequently Sallie Mae loans commonly Navient funds, and you will Navient figuratively speaking aren’t Sallie Mae loans.
Sallie Mae Figuratively speaking
Sallie Mae is a lending institution who has got considering and you will serviced funds for over forty years, originally repair one another federal and personal student loans. This year, the regulations banned the new upkeep off federal figuratively speaking by the economic organizations such as for example Sallie Mae.
From inside the 2014, Sallie Mae announced it would independent into several in public-traded people so you can really works in this the newest statutes: Sallie Mae and you will Navient. Navient now manages the newest maintenance regarding government figuratively speaking, together with personal student loans, whenever you are Sallie Mae provides the fresh new personal student loans once the a loan provider and you may qualities individual loans.
Now, Navient and you can Sallie Mae are a couple of of the very most prominent servicers of personal figuratively speaking, and you may Navient is even perhaps one of the most well-known servicers from federal student loans.
If you’re not sure in case the Navient fund is individual or federal (otherwise both), you’ll want to understand before you could determine whether those people financing qualify for Navient education loan forgiveness. In case the Navient financing try government, they will certainly qualify for the masters supplied by the U.S. Service from Studies. When they personal, they won’t.
National Education loan Study System
First, consider no matter if your own Navient fund was federal because of the signing on Federal Student loan Studies System (NSLDS) and you may clicking “Monetary Feedback”. You’ll need to enter into the FSA ID otherwise perform a special one to. Once you will be signed to the program, it is possible to look for a listing of all of your government student education loans, together with consolidation money. One personal figuratively speaking you really have applied for cannot appear on so it number. I describe same day title loans Memphis what you to know regarding the NSLDS and why should you use they.
Contact your Financing Servicer
A different way to discover in the event your student education loans are personal or federal is via calling Navient privately. If you’re not sure although Navient will be your mortgage servicer, there are that information about their most recent statement or by checking your credit score. You have access to your own Navient loan suggestions personally because of the logging on the your bank account on Navient. To set up an account, you want the societal safeguards amount and/or account count to your the loan.
Navient’s website and allows you to enroll in autopay otherwise make tips guide repayments, and look to find out if you’re qualified to receive government payment plans. You will additionally look for contact info to make contact with Navient by current email address otherwise by the mobile.
