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What Navient Student Loan Borrowers Need to Know • Back To All Pages »

What Navient Student Loan Borrowers Need to Know

What Navient Student Loan Borrowers Need to Know

1 in 4 paying off student loans are paying to Navient. If you've heard news of the lawsuit and what to learn more, check out this post.

Have you or anyone you know used Navient to pay off student loans? If so, there is some important information for you to consider.

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In a January 2017 press release, the U.S. Consumer Financial Protection Bureau (CFPB) announced its lawsuit against Navient. The suit alleges that Navient "systematically and illegally" failed its customers "at every stage of repayment."

Additionally, the AG's of both Illinois and Washington state filed lawsuits against Navient and its subsidiaries.

Although Navient denies all charges, many Navient customers demand answers—and rightfully so. They are entitled to their rights as borrowers. 

But there is good news. There are steps that you can take starting today.

Read on to find out what Navient student loan borrowers need to know about their situation moving forward.

Check Your Credit Report

First, check the official Federal Student Aid website to see if Navient is your loan servicer. Next, look for inaccuracies in your credit report, particularly if you are disabled.

The CFPB alleges that Navient misreported disabled borrowers' accounts as "in default." In reality, these borrowers received loan relief through the U.S. government’s Total and Permanent Disability (TPD) discharge program.

An error as such as this can substantially damage your credit score. Therefore, get your annual credit report and make sure all your listed information is correct.

File a Complaint

After checking your credit, take the time to reach out to government agencies, as well as Navient themselves.

The CFPB has already received thousands of complaints from angry Navient customers. However, if you wish to voice your concerns, you have several options:

Don't limit yourself to only one complaint. Feel free to submit a complaint to each entity, if you want. This can be your chance to change the system and protect future borrowers from shady practices.

Get Informed About Student Loan Forgiveness

Many Navient student loan borrowers feel frustrated and confused. Anyone who has dealt with student loan debt knows how hopeless the situation can seem.

But there are student loan forgiveness options. In 2009, the U.S. government introduced a new program designed to lower monthly payments for student loan borrowers.

By becoming informed about your options, you can empower yourself and know what to expect from loan servicers. 

Your student loan repayment options may include the following:

  • Income-Based Repayment (IBR)
  • Pay As You Earn (PAYE)
  • Revised Pay As You Earn (REPAYE)
  • Income-Contingent Repayment (ICR)

Keep in mind that you may qualify for more than one program. Get informed about each option before deciding which repayment plan(s) is best for you.

Escaping student loan debt may not be as impossible as you once thought.

What Navient Customers Should Do Next

The steps outlined above will put you on the right path to recovery. Protect your credit and don't be afraid to voice your concerns.

Navient customers who are paying off student loans should exercise their repayment options immediately.

If you believe you were misled by Navient, seek consultation to learn more about federal loan forgiveness.