To understand Navient’s character on the scholar loans payment, you need to understand the fresh character of that loan servicer. Mortgage repair ‘s the handling and you may asking out-of a loan. The brand new servicer of financing works together the brand new borrower to determine cost agreements and you can consolidate or re-finance when needed. Your own servicer is one you contact when you have one questions otherwise concerns about your loan.
- If you have government student loans, your servicer is selected from the U.S. Agencies regarding Studies, that is your own financial.
- If you have private figuratively speaking, your loan servicer is chosen because of the personal lender you prefer, who’s your bank. Certain https://americashpaydayloan.com/pawn-shops-mo/ lending organizations act as their loan servicers.
- If you borrowed financing from your university, college or university, otherwise elite group college, the new educational funding place of work decides new servicer in your mortgage.
Sallie Mae compared to. Navient
Part of the frustration encompassing Navient financing comes from Navient’s matchmaking so you’re able to Sallie Mae. Whenever you are Sallie Mae and you may Navient came from the same business (named Sallie Mae), he could be one or two more and you may independent corporations. Because of this Sallie Mae money commonly Navient loans, and Navient college loans commonly Sallie Mae financing.
Sallie Mae College loans
Sallie Mae try a financial institution who may have offered and you may maintained financing for over forty years, to start with maintenance one another government and personal student loans. This year, the fresh laws banned this new upkeep regarding government student education loans by monetary associations including Sallie Mae.
When you look at the 2014, Sallie Mae launched it could independent to your several publicly-exchanged people in order to performs in this brand new rules: Sallie Mae and you can Navient. Navient today takes care of the brand new servicing away from government college loans, together with private figuratively speaking, whenever you are Sallie Mae will bring this new private college loans once the a loan provider and features personal financing.
Now, Navient and Sallie Mae are two of the most extremely prominent servicers regarding personal figuratively speaking, and you will Navient is even perhaps one of the most prominent servicers off government student education loans.
If you aren’t yes when your Navient funds is private otherwise federal (or both), you will have to understand before you could see whether those people finance meet the requirements to possess Navient education loan forgiveness. When your Navient fund was federal, they’re going to be eligible for the masters given by the latest U.S. Company out of Studies. If they’re individual, they don’t.
Federal Student loan Research Program
Earliest, have a look at though their Navient fund is actually federal of the logging to the National Student loan Research System (NSLDS) and you can pressing “Monetary Comment”. You’ll need to enter into their FSA ID or would another type of one to. Shortly after you happen to be signed to your system, you’ll pick a summary of all your valuable government college loans, in addition to integration fund. Any personal student loans you may have removed doesn’t show up on this number. I describe everything there is to know concerning the NSLDS and you will why you ought to use they.
Contact your Mortgage Servicer
Another way to see if for example the student education loans are individual or federal is through calling Navient myself. If you are not yes in the event Navient can be your mortgage servicer, discover one to details about your newest report or by the examining your credit report. You can access your own Navient financing guidance in person by the logging for the your bank account within Navient. To arrange a merchant account, you may need your social safeguards matter or perhaps the membership matter toward the loan.
Navient’s website and additionally allows you to join autopay or create guidelines repayments, and look to find out if you may be entitled to federal repayment arrangements. you will pick contact information to contact Navient by the email otherwise because of the cell phone.