Whenever you graduate university with federal student loan financial obligation, you are assigned pupil loan servicer to get your loan re re re payments and offer customer support. Among those servicing businesses is Navient, the third-largest servicer of pupil loan financial obligation. It manages about $300 billion of federal government and student that is private for over 10 million borrowers. п»ї п»ї
On the company if you have Navient as your student loan servicer, you probably didn’t choose it, but it’s still a good idea to educate yourself. Here’s what you should know.
What Exactly Is Navient?
Navient had been initially called Sallie Mae. Sallie Mae divided into two entities and rebranded its education loan servicing offshoot as Navient. п»ї п»ї
Navient happens to be certainly one of 11 education loan servicers that the national federal federal federal government has agreements with to gather and program a lot more than $1.5 trillion in federal figuratively speaking. That is planning to change. The Department of Education announced so it will be consolidating its contracts to simply five organizations servicing these loans. Navient will not any longer solution federal education loan financial obligation. п»ї п»ї
You will find down whom services your figuratively speaking at any right time by signing into the StudentAid.gov account dashboard or checking your credit history to see just what education loan servicing business is detailed.
Is Navient Federal or Private?
While Sallie Mae ended up being initially developed by Congress to aid the federal education loan system, Navient is an exclusive business that the U.S. Department of Education hired to program its federal loans.
The Department of Education compiles customer care study ratings and standard avoidance data for the servicing organizations this has agreements with every half a year to find out each servicerвЂ™s allocation of loan amount. (more…)