Navient Student Loan Borrowers Should Know The Following
It is one of the ways in which students can pay their educational loans. The method is being used by at least one out of every four students. 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 case filed against the Navient is that they have failed its clients. The Illinois and the Washington Attorneys filed a case against them. The Navient didn’t accept the claims. To be sure about the loan payments the students can check the Student Aid Website for more details. Check whether you as the student you are disabled and whether there is any inaccurate information with your credit report. 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.
The cross checking of the details will help you to report any irregularities in your account. It is important to air your complaint so that you can be helped. You can file a case with either the Navient, the U.S. Department of Education and also the Consumer Financial Protection Bureau can be able to help you. You can also file a complaint with all of the entities because it is allowed and you can do the future generations a favor by changing the way the system is being run and save them from shady practices. It is also important for the student to understand and be informed about the student loan forgiveness. For a student to be qualified for the loan forgiveness there is a certain procedure to be followed. Students can work as volunteers in military organizations and also as medical practitioners in very selected communities. This ensures that the students achieve the main goal which is achieving their educational objectives. The loan forgiveness option can also allow the students to pay in smaller installments, and an example is in 2009 the government initiated a new program which was designed to lower the monthly installments that the students were paying for their loans.
When you have this knowledge you are prepared on what you want to expect from the loan servicers. There are many ways in which the students can repay their loans which include the income based, revised pay as you earn and the income-contingent. There is an option of the student using more than one way to repay the loan, but they should have the knowledge about all the ways.
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