If you have federal or private student loans, Navient can help you manage them. The company says it has helped millions of students turn their loans into success stories through its variety of loan servicing and management solutions.
When your student loans go into repayment, you are assigned a student loan servicer. If Navient is your student loan servicer, it’s important to get familiar with their repayment, deferment, customer service offerings and more since you’ll be using this servicer until your loans are paid in full. Additionally, if you aren’t happy with your current student loan servicer, you might be able to switch servicers by refinancing your student loans.
Keep reading to see how Navient student loan services might benefit you.
Navient Student Loans Offerings — Key Details
Here’s an overview of some of the features and offerings of Navient:
- Assistance with postposing payments, income-driven repayment plans, forbearance assistance, including income-driven repayment plans, deferment, forbearance and other solutions so you don’t become delinquent in payments or default
- Federal loan cancellation, forgiveness, and discharge programs
- Help with private student loans
- Direct loan consolidation
Additionally, Navient offers various payment plans you can choose from that suit your needs:
- Standard repayment plan: Available for up to 10 years with fixed monthly payments based on your total loan amount
- Extended repayment plan: Available for those with more than $30,000 in Direct Loan or FFELP loan debt; you’ll get up to 25 years to pay and can choose a fixed or graduated payment (this increases slowly over time)
- Graduated repayment plan: Typically best for those who have graduated and are in the workforce; you’ll typically get up to 10 years to repay and your payments increase every two years
- Income-based repayment: Some loans might qualify for payments based on your income
Take a look at some perks to Navient:
- A number of options to help you repay your federal or private student loans
- Millions of student success stories, according to the company
Keep these cons in mind:
- Many Better Business complaints
- Lawsuit against Navient in progress
What You Need to Know About Navient Student Loans
Navient specializes in helping people manage and service their student loans at all stages of the loans. It offers many options to repay student loans, as well as tools and resources to help borrowers get a firm grasp on their repayment options and loan statuses.
Navient Student Loans is best for:
- People who want to avoid becoming delinquent or defaulting on their student loans
- People who want to change their student loan payment plans
- Military personnel who want to take advantage of special benefits and rate caps
Best Features of Navient Student Loans
The company handles federal and private student loans as well as:
- A wide variety of repayment solutions, including consolidation
- Plans that allow you to repay based on your income
Other Navient Student Loans Features
Headquartered in Wilmington, Del., with offices in Indiana, western New York, northeastern Pennsylvania, Tennessee, Texas, Virginia, Wisconsin and other locations, Navient offers these other features:
- Quarterly interest statements
- Experienced phone representatives
- Online account management
Navient Reviews and Lawsuit
Perhaps you’ve read some reviews about the company and you’re familiar with consumers’ Navient complaints. Recently, a judge ruled that the state of Illinois could proceed with its Navient lawsuit, despite Navient’s motion to dismiss. The state of Illinois alleges that Navient and its predecessor, Sallie Mae, misled borrowers regarding their repayment options, which resulted in making it harder — and more expensive — to pay their loans.
According to the State of Illinois, this violates state consumer protection laws. The Navient dispute might have far-reaching effects on student loan servicers, opening them up to more lawsuits alleging they deceived borrowers.
Best Candidates for Navient Student Loans
If you’re having trouble paying your student loans or want to consolidate multiple student loans into one payment per month, Navient Student Loans might be a good fit. If, however, you’re nervous about a company that is currently undergoing a lawsuit, you might want to explore other options.
More on Student Loans
- Companies That Help Employees Pay Off Student Loans
- 15 Ways to Pay Off Student Loans
- The Best Private Student Loans
This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Navient.