To learn Navient’s role on your pupil loans cost, you must understand new part regarding a loan servicer. Financing servicing is the approaching and you may billing away from that loan. Brand new servicer out of a loan works closely with the newest borrower to establish payment arrangements and you may consolidate or refinance when needed. Your servicer is one your contact when you have people issues or concerns about your loan.
- When you yourself have government student loans, your own servicer is chosen because of the You.S. Institution out-of Knowledge, who’s your own lender.
- For those who have private student education loans, your loan servicer is selected by personal financial institution you prefer, who is the lender. Particular financing associations play the role of their financing servicers.
- For folks who lent that loan from the university, school, or professional university, this new educational funding place of work determines new servicer on your own loan.
Sallie Mae versus. Navient
Area of the misunderstandings nearby Navient financing comes from Navient’s relationships to Sallie Mae. Whenever you are Sallie Mae and you can Navient originated in a similar providers (titled Sallie Mae), they are two some other and separate organizations. Thus Sallie Mae financing aren’t Navient funds, and you may Navient college loans are not Sallie Mae funds.
Sallie Mae Student loans
Sallie Mae try a lending institution that considering and you can serviced money for over forty years, originally servicing each other government and private college loans. This year, the newest statutes blocked the maintenance from federal student loans because of the monetary organizations eg Sallie Mae.
For the 2014, Sallie Mae revealed it might separate towards the a couple publicly-replaced enterprises to really works inside the newest statutes: Sallie Mae and you may Navient. Navient today manages the newest upkeep out-of government figuratively speaking, together with personal figuratively speaking, if you’re Sallie Mae will bring the fresh personal college loans due to the fact a lender and you may attributes private finance.
Today, Navient and you can Sallie Mae are two of the most extremely common servicers out-of individual college loans, and Navient is additionally one of the most popular servicers of government figuratively speaking.
If you’re not yes if for example the Navient fund was personal or federal (otherwise each other), you’ll want to read before you could see whether men and women finance meet the criteria to have Navient education loan forgiveness. In the event your Navient funds was federal, they will certainly be eligible for all of the positives provided by this new U.S. Agencies out-of Knowledge. If they are individual, they don’t.
National Student loan Research Program
Earliest, check whether or not your own Navient fund is federal by the logging on National Student loan Studies System (NSLDS) and clicking “Financial Comment”. You will need to enter into the FSA ID or manage a unique you to definitely. After you might be signed for the system, you are able to come across a listing of all of your current federal college loans, together with integration financing. People private student education loans you have applied for will not show up on that it listing. I explain that which you to know towards NSLDS and you may why you should use it.
Get hold of your Loan Servicer
Another way to understand if for example PA pawn shops the college loans is private otherwise federal is by calling Navient truly. If you aren’t sure even in the event Navient can be your financing servicer, you will find you to definitely information on your newest statement or by the examining your credit report. You can access your own Navient mortgage recommendations directly of the signing into the your account in the Navient. To prepare a merchant account, needed your personal defense count or even the account amount toward your loan.
Navient’s web site and additionally allows you to join autopay or build tips guide payments, and look to find out if you might be entitled to federal payment agreements. You will additionally come across contact information to get hold of Navient because of the email address or by phone.