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If you are looking for Navient refinance options for your student loans, keep reading! We’ll be sharing key information to determine if refinancing your Navient student loans is right for you.
Navient: Who they are and what they do
Navient is a student loan servicer, that handles repayment of both federal and private loans. They are also the largest student loan servicer in the US, servicing more than 10 million customers with over $300 billion in student loans.
The company branched off from Sallie Mae, another widely known private loan servicer. In addition to managing student loan repayment, the company also provides other services. These include consumer lending, and business processing solutions.
Though Navient boasts a lower default rate than other loan servicers, they have a high number of complaints from borrowers. The company has been accused on numerous occasions of misdirecting borrowers to repayment options that were financially disadvantageous to them. These complaints have led to lawsuits against the company.
Navient lawsuits: What you should know
In 2017, the Consumer Financial Protection Bureau filed a lawsuit against Navient. Documents released as part of this lawsuit show that borrowers were enrolled in repayment and forbearance programs that resulted in higher payments, interest, and fees.
For instance, the lawsuit cites that student loan borrowers were steered towards forbearance without being made aware of additional repayment options. This allowed Navient to claim lower default rates on their loans, while still accruing interest.
These customers were also not given the option to enroll in an income-based repayment plan that would have been more suitable for their financial situation. Failure to disclose information on how customers could maintain lower payments were also included among the claims of this lawsuit.
In 2018, a lawsuit was filed against Navient by members of the American Federation of Teachers. The lawsuit claims that Navient intentionally directed borrowers to repayment options that resulted in more interest and fees.
In the cases cited, that despite borrowers qualifying for the Public Student Loan Forgiveness Program, they were misdirected to forbearance programs instead.
To date, there are at least 6 lawsuits against Navient. These lawsuits shed light on the company’s predatory practices that have resulted in billions of dollars in debt for borrowers.
How the Navient lawsuits impact borrowers
These lawsuits won't have an immediate impact on current borrowers. However, if you have experienced similar issues, you should file a complaint. You can do so by contacting the Better Business Bureau, Consumer Finance Protection Bureau, or the US Department of Education.
Moreover, you should be aware of the claims made in these lawsuits to make informed repayment decisions. One option is to refinance your Navient loans to obtain better interest rates and services.
What to know before refinancing your Navient student loans
Student loan refinancing is typically done to get a lower interest rate and payments. It also allows you to consolidate multiple loans into one, lower payment. Before refinancing your student loans, there are a few questions you should know ask yourself beforehand:
- Do you have a federal or private loan? You can only refinance your federal loan with private lenders. As a result, if you have a federal loan, you will need to weigh the option of giving up federal loan benefits.
- How much debt do you have remaining? Refinancing your student loans may be a good option if you have a significant amount of debt left to pay off. In this case, the reduction in interest rates will allow you to save on your overall repayment amount. However, if you are close to paying off your loan, refinancing may not be worth the effort.
- What is your credit score? Your credit score will have a significant impact on the rate that you’re able to get. You’ll need this information to compare lenders and get accurate rate information. You may check your score for free at AnnualCreditReport.com.
Navient refinance options
If your situation is ideal for refinancing, then the next step is exploring your options. Here are two Navient refinance options to consider:
Credible is an online loan marketplace that allows you to compare rates from different lenders. Their comparison tool allows you to quickly see interest rates based on your loan amount and credit score.
LendKey helps you save money on your loans by providing refinancing through credit unions. You can combine both federal and private loans into one simplified payment, with no origination fees, and flexible repayment options.
Navient phone numbers & contact information
Getting in contact with Navient may be a little bit tricky. Navient’s phone number and other contact information differ based on your loan types. So before contacting them, you’ll need to know which type of loan you have.
All customer service lines are available Monday through Thursday from 8 am – 9 pm and Friday from 8 am – 8 pm EST.
- FFELP and HEAL Student Loans: This contact information is for borrowers with the Stafford, Parent PLUS, or Graduate PLUS loans. Navient customer service phone number: 888-272-5543
- U.S. Department of Education Student Loans: This contact information is for borrowers with the Direct, Direct Consolidation, Direct Parent PLUS, or Direct Graduate PLUS loans. Navient customer service phone number: 800-722-1300
- Private Student Loans: This contact information is for borrowers with loans that include Sallie Mae Smart Option, Signature, Tuition Answer, or Career Training. Navient customer service phone number: 888-272-5543
Navient customer service email
To contact Navient by email, you must log into your account and select ‘Email Us’ from within the Help Center.
When contacting their customer service, be sure to document your conversation for future reference. Confirm any changes to your account or payment plan in writing and be sure to double-check everything.
Navient Refinance: In Closing
Navient is just one among the many student loan service providers that are under scrutiny for their poor customer service and business practices. Unfortunately, this is a common experience shared by student loan borrowers.
The good news is that, as a consumer, you have options. Refinancing your student loans is one of them. So if you're experiencing issues with your student loan repayment, consider the options shared in this post.
If you're looking for more information on managing your student loans, check out these additional Clever Girl Finance Resources: