As a federal loan servicer, Navient is responsible for managing federal student loan accounts, processing monthly loan payments, and communicating with borrowers. If you need to borrow money for college, exhaust federal student loans before taking out a private student loan. Navient gave student loans to anybody who was willing to take it and ended up having over 12,000,000 customers across the United States and more than 300 BILLION dollars in private and federal student loans. -Any reference to the Department of Education on a credit report or statement means that a loan is federal. One of the most common issues I run into working with potential private loan settlement clients student is trying to find out if the loans are federally or privately backed. Determining whether a student loan is private or federal is the first step to finding out how it can be modified or resolved. -A “charge-off” can only refer to a defaulted private student loan (unless a credit reporting program or credit bureau reports this incorrectly). I’ve tried to consolidate it with my federal loans and Navient tells me “NO”. While Sallie Mae was originally created by Congress to support the federal student loan program, Navient is a private … However, this does not influence our evaluations. All financial products, shopping products and services are presented without warranty. © 2020 My Credit Counselor | www.mycreditcounselor.net |, Andrew Weber, NACCC Certified Student Loan Counselor. For borrowers looking to settle their private student loans, it’s important to make sure the account you’re trying to settle is not federal; since they rarely settle for any significant reduction. This may influence which products we write about and where and how the product appears on a page. Navient is one of… Navient was formerly part of … By negotiating reduced settlements on your private loans, I will clear the way for you to rebuild your credit, improve your debt to income and debt to credit ratios, and help you create the financial profile needed to get approvals to buy a house, get an auto loan, and refinance federal loans, as well as approval for other credit based lending decisions. Once you’ve created your FSA ID, you can log into the NSLDS database which will show a detailed readout of your federal student loans. So how do we make money? Find out more about my private student loan negotiator service here. Andrew Weber C.C.C. Navient Mail. -Navient services loans that are both federal and private (often called “Signature student”, “NaviRefi”, or similar) and it can be difficult to tell them apart. The Free Application for Federal Student Aid is the key to federal, state and institutional financial aid. So is Chase, Wells Fargo, and Discover Bank. It also services both federal and private student loans. Continue to my original article about how to determine if your loans are private or federal… just keep in mind while reading that for any reference to go to the NSLDS or studentloans.gov, you’ll now just be going to the studentaid.gov website. ... as Navient takes over the federal student loan business. Navient Corp., a major servicer of private and federal student loans. Certified, experienced, and aggressive. click here to download my free FSA ID Setup Guide. If Navient is your student loan servicer, it handles the billing for your loan. to existing customers by invitation only. If you see a “charge off” for a student loan, that means that it’s private, because this is a mechanism that only occurs with private student loans. The amount of student loans Navient manages is about $300 billion. When you graduate college with federal student loan debt, you’re assigned a student loan servicer to collect your loan payments and provide customer service. and exhaust grants and scholarships before using federal student loan options. Fortunately, there are a few ways to verify whether the loans are federal or private. Cecilia Clark is a student loans writer with NerdWallet, where she helps readers navigate the landscape around college finances. Founded in 1973, Sallie Mae (the nickname of The Student Loan Marketing Association) operated as a Government-Sponsored Enterprise (GSE) – a private financial institution set up by the U.S. Congress – until 1994 when it became a private corporation. It also services both federal and private student loans. 470 W Broad St #1039 One of those servicing companies is Navient, the third-largest servicer of student loan debt. Navient was created in 2014 to take over Sallie Mae’s federal student loan servicing arm. Navient is one of the largest federal student loan servicers. Navient services federal and private student loans and provides private student loan refinancing. If you’re interested in learning about settlement for private loans, click here for a free evaluation. For some advocates, Navient’s inclusion in TALF is a repeat of the federal government’s bailout of student lenders after the 2008 financial crisis. While Navient services millions of borrowers, it doesn’t service every borrower. NerdWallet strives to keep its information accurate and up to date. He's helped over 2,500 borrowers drastically reduce their debts. Since Navient is a major loan servicer in the U.S, and oversees not only federal loans but private loans too, the legal issues regarding the company raise a lot of concerns. 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