There’s no such thing as a “Navient student loan forgiveness” program, and it’s unlikely that Navient borrowers will get the compensation the CFPB is requesting anytime soon.
Navient borrowers with federal student loans could also be eligible for one among the federal student loan forgiveness programs, like Public Service Loan Forgiveness or forgiveness through an income-driven repayment plan. However, forgiveness through these programs takes diligence and it is not immediate. It takes a minimum of 10 years of creating on-time payments to qualify for PSLF, as an example .
Your student loan servicer is that the company you create payments to every month. It’s not always an equivalent company that lent you money within the first place.
Here’s the way to tell which company services your student loans:
For federal loans: go online to the Federal Student Aid website using your FSA ID. Click on the blue numbers within the loan table to ascertain more details about each loan, including your “Current ED servicer.” it’s going to be Navient, or it might be another company like FedLoan Servicing, Great Lakes education or Nelnet.
For private loans: If there’s no record of your student loans within the Federal Student Aid system, the loans are private. go online to your online loan account, if you’ve got one, or check your last loan statement. the corporate powering the account or sending the statement is your loan servicer.
Not sure whether your loans are federal, private, or a mixture of both? Navient services both federal and personal loans. Check your credit report back to see all of your education debts, including federal and personal student loans.
If you happen to have a large amount of student loan, then you might be highly interested in reducing your monthly loan payments or getting out of debt as fast as possible. Having a student loan down your throat can be a cause of constant stress and anxiety while stopping your financial growth. If the company Navient has serviced your loans, you are probably aware of Navient lawsuit by now and that those loans can be forgiven under certain circumstances. However, achieving Navient loan forgiveness might be a challenging process for students and is more problematic than it may sound. It is vital to comprehend how you and your debt fit in. As of May 2018, there are four Navient lawsuits each of them blaming the company of hurting student loan borrowers during the process of repayment and demanding Navient loan forgiveness.
Navient lawsuit was started in August 2015 when The Consumer Financial Protection Bureau or CFPB discovered a piece of hard evidence illustrating how the company is violating consumer protection laws. The Navient lawsuit can take a lot of time to conclude, and a lot of student loan borrowers are rightly concerned about the future outcome of the Navient lawsuit process.
The good news is, Navient’s request to dismiss the lawsuits which are pointed against them was denied. The Navient Corporation was claiming that States cannot control their business operations hoping to reject Navient lawsuit. What does that mean then? Well, it boosts the probability that Navient will eventually be forced to provide immense payouts to its harmed borrowers so you can get loan forgiveness. This indicates and makes clear that student loan servicers aren’t immune to the laws of the state and must be held accountable for their wrongdoings.
This is an outstanding piece of news which means we are going on the right path to receiving loan forgiveness. However, there is a small problem. The Education Department doesn’t accept Borrower’s Defense to Repayment Discharge applications which are against Student Loan Servicing Companies. It means the optimal way to get Navient loan forgiveness by pursuing a case against them is no longer an option. What you can do is to apply one against your school.