To understand Navient’s character in your college student debt payment, you must know brand new character from that loan servicer. Loan servicing ‘s the handling and you can billing off a loan. The brand new servicer off that loan works together with the debtor to establish repayment arrangements and you may consolidate or re-finance when necessary. Your servicer is but one you get in touch with when you have one questions otherwise issues about your loan.

• When you yourself have federal figuratively speaking, their servicer is selected of the U.S. Company away from Training, who’s their lender.
• For those who have individual student loans, the loan servicer is selected from the personal financial institution your choose, that is the bank. Certain financing institutions play the role of their unique mortgage servicers.
• For those who borrowed financing out of your college, college, otherwise elite group college or university, new financial aid place of work determines the newest servicer on the financing.

Sallie Mae versus. Navient

Area of the distress related Navient fund originates from Navient’s dating so you’re able to Sallie Mae. While you are Sallie Mae and Navient originated from an equivalent team (named Sallie Mae), he is a couple some other and you can separate enterprises. This means that Sallie Mae money commonly Navient money, and you may Navient student loans commonly Sallie Mae money.

Sallie Mae College loans

Sallie Mae is a lending institution who may have provided and you will serviced money for more than forty years, in the first place upkeep one another government and personal student education loans. This present year, this new rules prohibited the latest maintenance away from government student education loans of the financial organizations particularly Sallie Mae.

From inside the 2014, Sallie Mae launched it would independent into the a couple publicly-traded businesses to help you work within this payday loans Bedford this new laws: Sallie Mae and you will Navient. Navient today takes care of the latest maintenance away from government figuratively speaking, and additionally individual student education loans, when you are Sallie Mae provides this new individual college loans since a lender and properties personal money.

Today, Navient and you can Sallie Mae are a couple of of the most extremely prominent servicers off private student loans, and you will Navient is even perhaps one of the most prominent servicers out-of government student education loans.

If you aren’t yes in case your Navient funds is individual otherwise federal (or each other), you will have to learn before you can determine whether those individuals financing meet the criteria to have Navient education loan forgiveness. Whether your Navient finance try federal, they are going to qualify for every gurus provided by the new U.S. Agencies regarding Studies. If they’re personal, they don’t.

National Student loan Data System

Very first, consider even in the event your own Navient fund are government by the signing towards the Federal Education loan Research Program (NSLDS) and you can pressing “Monetary Feedback”. You will have to enter the FSA ID or would a new you to definitely. Immediately following you’re signed towards the program, you’ll pick a list of your government college loans, also consolidation fund. Any individual college loans you’ve got taken out cannot show up on which list. I determine what you to know in regards to the NSLDS and you may why you ought to be utilizing it.

Speak to your Loan Servicer

Another way to find out whether your student loans try personal otherwise government is via contacting Navient individually. If you’re not sure though Navient is the financing servicer, discover you to definitely information on your own most recent declaration or because of the examining your credit report. You have access to your Navient mortgage advice physically by signing to the your bank account at the Navient. To set up a free account, you will want their social security count or perhaps the membership number with the your loan.

Navient’s site including enables you to enroll in autopay or build guidelines costs, and check to find out if you might be eligible for federal fees arrangements. You will come across contact details to contact Navient from the email or from the cellular telephone.