Knowing Navient’s part in your beginner debt repayment, you must understand the newest character off financing servicer. Loan repair is the addressing and you can billing regarding that loan. The fresh servicer off that loan deals with brand new borrower to ascertain fees plans and you can combine or re-finance when necessary. The servicer is certainly one your get in touch with for those who have one inquiries or concerns about your loan.
- If you have government student education loans, your own servicer is selected because of the U.S. Company regarding Knowledge, who is the financial.
- When you yourself have individual figuratively speaking, your loan servicer is selected from the personal loan company you choose, that is their lender. Particular financing establishments act as their unique loan servicers.
- For many who lent that loan from your university, college or university, otherwise elite school, the latest educational funding office decides the new servicer on your own financing.
Sallie Mae compared to. Navient
An element of the dilemma close Navient funds is inspired by Navient’s relationship in order to Sallie Mae. When you’re Sallie Mae and you may Navient originated in the same providers (titled Sallie Mae) pawn shops in Pennsylvania, they are a couple various other and you can independent firms. As a result Sallie Mae financing aren’t Navient finance, and you will Navient student education loans aren’t Sallie Mae fund.
Sallie Mae Student loans
Sallie Mae is actually a financial institution who has got considering and you may serviced money for more than 40 years, originally upkeep one another federal and private student education loans. In 2010, the brand new laws and regulations blocked this new repair regarding federal college loans from the monetary associations such as Sallie Mae.
In 2014, Sallie Mae announced it might separate to the a couple of in public-exchanged people in order to works contained in this the newest laws: Sallie Mae and you will Navient. Navient today protects this new servicing of federal figuratively speaking, in addition to personal figuratively speaking, if you find yourself Sallie Mae provides the fresh new personal college loans since the a loan provider and you will attributes personal finance.
Today, Navient and you can Sallie Mae are two of the most extremely prominent servicers out-of individual figuratively speaking, and you can Navient is additionally one of the most popular servicers of government figuratively speaking.
If you’re not sure in case your Navient money is private or government (or both), you will have to learn before you can determine whether those money meet the criteria having Navient student loan forgiveness. If for example the Navient financing is actually federal, they qualify for every gurus provided by brand new U.S. Department out of Degree. If they are individual, they won’t.
National Education loan Investigation System
Earliest, consider no matter if the Navient fund was federal because of the signing for the National Student loan Research Program (NSLDS) and you can clicking “Economic Opinion”. You’ll need to get into your FSA ID or would a different you to. Just after you might be signed toward system, you’ll get a hold of a summary of all of your federal student loans, together with integration financing. Any individual figuratively speaking you have applied for will not appear on this list. I describe that which you there is to know regarding NSLDS and you can why you should be using it.
Get hold of your Mortgage Servicer
A different way to find out in the event your student education loans are individual or government is by contacting Navient truly. If you are not sure even though Navient can be your financing servicer, you can find you to information about your own current declaration or by examining your credit score. You can access their Navient mortgage pointers yourself of the signing to the your bank account at the Navient. To prepare an account, you will need your own societal defense amount and/or membership amount towards your loan.
Navient’s site along with allows you to join autopay or make guidelines money, and check to find out if you happen to be qualified to receive federal payment plans. you will come across contact info to make contact with Navient of the email otherwise of the cellular telephone.