Best Navient Education Loan Management and Business
Navient is a Delaware-based company providing federal, state and local education, healthcare and government services for the administration and processing of educational loans at the federal, state and local levels. But it’s perhaps best known as one of 10 student loan service providers the U.S. Department of Education works with to manage federal student loans.
To improve access to education, in 1972 Congress established the Student Loan Marketing Association (SLMA) as a private, for-profit company that was classified as a government sponsored company.
A company spin-off in 2014 divided SLMA into Sallie Mae, which offers private student loans and consumer banking products, and Navient, which manages federal and private student loans.
If Navient Education Loan is your student loan service provider, it means that your loan owner has hired to handle the billing and other tasks related to your loan for you at no charge.
It may also be able to modify your repayment schedule, consolidate your credit, or help you understand your forbearance or credit options.
For example, let’s say you have a direct loan owned by the Department of Education but serviced by Navient.
You should register for an online account with Navient Education Loan to keep up to date with your account balance, interest charges and repayment details.
When it’s time to make a payment on your student loan, visit eduloan.com, click “Contact Us,” then click the type of loan you took out.
Call the toll free number to make a payment through the automated system or make a payment through the mail. If you are paying by post, include your transfer slip and your bank account number on the check with your payment.
Know How To Apply Student Loans
If you’re wondering how you got to Navient Education Loan as a loan servicer, or how you can secure him as a servicer for a new loan, here’s how. Prospective borrowers must first apply for a campus based student loan, be approved, and then accept it.
The Department of Navient Education then allocates funds for tuition, room and board and pays them to your student account. It then pays out the remaining funds (called “credits”) directly to you so that you can cover other educational costs.
When the student loan is disbursed for the first time, the Department of Education hands over management of the loan to a loan service provider. Your servicer will then notify you.
In some cases, your loan can be transferred from one loan service provider to another, but the reassigned service provider will contact you and your loan holder will not change.
Student loans serviced by Navient Education Loan fall into three categories:
Department of Education Loans : These include loans made by the United States Department under the William D. Ford Federal Direct Loan program, including direct subsidized loans, direct unsubsidized loans, direct PLUS loans, and direct consolidation loans. Sometimes there are student loan forgiveness programs also been conducted.
Loans not owned by the Department of Education : These are federal loans that are not owned by the Department of Education, e.g. B. FFELs, which were granted under the no longer existing federal loan program for family education.
Private Student Loans : Navient Education Loan also offers private student loans that are provided by private lenders through various loan programs.
It is important to understand how your loan payments are allocated and applied. Every time you make a payment, it helps pay off your current Balance.
Typically, payments are applied first to unpaid fees, if any, then unpaid interest, and then unpaid principal.
If you have a FFELP loan on an income-based repayment (IBR) plan, the payment goes first to unpaid interest, then unpaid fees, and then unpaid principal.
Your payment may be assigned and applied differently depending on whether you have a federal or private loan, the status of your loan, and whether you have multiple loans that are combined into a billing or loan group.
Ready to pay off your loan? You can view your loan payment amount by logging into your account and selecting Loan Details. You can also contact us to request a payment statement.
We only accept payments with US funds.
Some options available to make a payment from outside the US:
- International money order in US currency Drawn at a US bank.
- International money transfer paying in US currency *
- Payment made from an account in US currency
- Payment made from a Canadian bank, as long as the payment is in US funds and the bank has a valid 9-digit ABA routing number
- SWIFT or bank transfer (associated fees) *
- Speedpay (associated fees) *
The Automated Clearing House (ACH) is the most commonly used electronic payment system for bank-to-bank transfers of consumer payments in the U.S. A bank account with an American Bankers Association routing number ( ABA) for payment via ACH.
*This payment method is not available for loans owned by the US Department of Education.
If a complaint doesn’t help, you can contact the Federal Student Aid Ombudsman Group. This method should only be used as a last resort, says the Federal Office for Student Aid. Complete all of the information in the Ombudsman’s Information Checklist before contacting us. When you’re ready to get in touch, do the following:
By mail: US Department of Education
FSA Ombudsman Group
P.O. Box 1843
Monticello, KY 42633
Learn more about Navient Education Loan at https://en.wikipedia.org/wiki/Navient
You can also turn to a nonprofit student loan agency like the Institute of Student Loan Advisors, which offers free dispute resolution.