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Navient Student Loan Borrowers Should Know The Following

It is one of the ways in which students can pay their educational loans. One out four students is paying their loans through Navient. If you are using this method of loan payment there are things that you need to factor in. A press release was released in 2017 by the Consumer Financial Protection Bureau which was a lawsuit against the Navient. The claims were that the Navient have illegally and thoroughly failed its customers at almost every stage of the payments. The attorney generals in the states of Illinois and Washington has filed cases against the Navient as well complaining in the way that they handle their clients. The customers of Navient wanted some answers that could only be answered by Navient even though they did not accept the claims made against them that they were mishandling its clients. For the student to be able to check whether Navient is the student loan servicer check with the Federal Student Aid website. Sometimes you should confirm whether there is any inaccurate information in regard to your loan and if your loan details are up to date. The student Aid website will show you whether you have been listed as a loan defaulter. Student borrowers receive their loan relief from the U.S government. Your credit score can be damaged if you are listed as a defaulter and if you don’t counter check your account well to see if everything is ok.

After doing your counterchecks, you can file complain if all the information is not correct, to the Navient and also the government agencies. It is important to air your complaint so that you can be helped. Some of the organizations’ that can be able to help you with your case are the Navient, the CFPB and also the U.S Department. All the three departments can be able to listen to your case because you are not limited such that you can only file your complain in only one department you can report to all the three, that is the Navient, the CFPB, and the U.S Department. The student can also benefit from the loan forgiveness which is a practice whereby a student serves the public, and in return his or her school loan is waved. For a student to be qualified for the loan forgiveness there is a certain procedure to be followed. The student might be asked to work in the military by doing some voluntary work, he can teach or practice medicine in a chosen community but this will all depend on the qualification. This ensures that the students achieve the main goal which is achieving their educational objectives. The students can also be allowed to pay their monthly loan to install in lower installment as a benefit of the Loan forgiveness program.

When you have this knowledge you are prepared on what you want to expect from the loan servicers. As a student you have many options on how you can repay your loan, it can either be income based, revised pay as you earn, pay as you earn and income-contingent repayment. More than one way can be applied by the students to pay their loans but there is a need for the student to have an understanding about all of them before they choose the ones to use to repay the loans.