To understand Navient’s part on your beginner debt repayment, you must understand this new character away from financing servicer. Mortgage servicing is the addressing and you can charging of a loan. The fresh servicer regarding a loan works with this new borrower to determine fees agreements and you can combine or refinance when necessary. Your own servicer is the one you get in touch with for those who have one questions otherwise concerns about the loan.
- For those who have government student education loans, your own servicer is selected of the You.S. Agencies away from Knowledge, who’s the bank.
- When you have individual figuratively speaking, the loan servicer is selected of the individual lending institution your prefer, who is your own bank. Specific financing organizations try to be their financing servicers.
- For individuals who borrowed that loan out of your university, college, or professional college, this new financial aid work environment determines new servicer on the financing.
Sallie Mae compared to. Navient
An element of the dilemma related Navient money arises from Navient’s matchmaking to help you Sallie Mae. If you’re Sallie Mae and you can Navient originated the same business (entitled Sallie Mae), he is a couple some other and you may independent agencies. This means that Sallie Mae funds commonly Navient fund, and you can Navient student loans aren’t Sallie Mae financing.
Sallie Mae College loans
Sallie Mae is actually a financial institution having given and maintained finance for more than 40 years, in the first place servicing one another federal and private figuratively speaking. This season, the rules prohibited the fresh new servicing away from federal college loans because of the financial associations such as for example Sallie Mae.
During the 2014, Sallie Mae established it could independent into the a couple of in public places-replaced businesses to functions within the brand new regulations: Sallie Mae and you can Navient. Navient now takes care of the newest repair out-of federal student loans, and individual student loans, if you’re Sallie Mae provides brand new personal college loans just like the a loan provider and you can features personal money.
Today, Navient and you may Sallie Mae are two of the most extremely popular servicers out-of personal figuratively speaking, and you can Navient is additionally probably one of the most common servicers from government figuratively speaking.
If you’re not sure if for example the Navient funds try individual or federal (or both), you will have to read before you can determine whether the individuals financing are eligible to possess Navient education loan forgiveness. In case the Navient money is government, they will certainly qualify for every positives provided by the new You.S. Department off Education. If they’re private, they won’t.
Federal Student loan Studies Program
Very first, examine though their Navient financing is government by the signing with the Federal Education loan Analysis System (NSLDS) and you can pressing “Economic Comment”. You will have to enter into your FSA ID otherwise would a special you to definitely. Immediately following you will be signed towards system, you can look for a listing of all of your current federal college loans, in addition to combination fund. One personal student education loans you may have removed doesn’t show up on that it record. I define everything you there is to know regarding NSLDS and you can why should you use they.
Get hold of your Mortgage Servicer
Another way to discover if your figuratively speaking try individual or federal is by calling Navient in person. If you aren’t sure regardless of if Navient is the https://americashpaydayloan.com/pawn-shops-va/ mortgage servicer, you’ll find one to information regarding your newest report otherwise from the checking your credit report. You have access to your Navient mortgage pointers physically because of the logging into the your bank account on Navient. To prepare a free account, you need their social shelter count or the membership matter towards the your loan.
Navient’s web site including makes you join autopay or build instructions repayments, and look to find out if you’re qualified to receive government installment preparations. you will find contact info to get hold of Navient because of the email address otherwise from the mobile.