Best Navient Education Loan Management and Business

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.

How Navient Works?

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.

Navient Education Loans
Navient Education Loans

If Navient 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 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 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 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.

Different Types Of Navient Loans

Student loans serviced by Navient 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.

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 also offers private student loans that are provided by private lenders through various loan programs.

How to resolve a dispute with Navient

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:

Phone: 877-557-2575

By mail: US Department of Education

FSA Ombudsman Group

P.O. Box 1843

Monticello, KY 42633

Learn more about navient 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.