Is Navient still handling student loans?
Navient, along with FedLoan and Granite State, opted to end their participation in federal student loan servicing at the end of 2021.
Does Navient forgive loans after 20 years?
If you have not repaid your loan in full after you made the equivalent of 20 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven.
Do I qualify for the Navient settlement?
Generally, to qualify, the borrower’s mailing address on file with Navient as of June 30, 2021, must be within one of the restitution-participating states listed above, Arkansas, Kansas, Michigan, Rhode Island, South Carolina, Vermont, West Virginia, or associated with a military address postal code.
Is there really a Navient lawsuit?
The Navient student loan settlement is an agreement between Navient and attorneys general for 39 states and the District of Columbia to resolve lawsuits that accused Navient of: Giving high-interest loans to students who it knew likely could not repay the debt.
Who gets money from Navient settlement?
The private loan debt relief will primarily go to borrowers who took out private subprime student loans (made to borrowers with low credit scores) through Navient’s predecessor, Sallie Mae, between 2002 and 2014, and then had more than seven consecutive months of delinquent payments prior to June 30, 2021.
Do I have to apply to have Navient Send Me a check?
Likewise, eligible federal student loan borrowers need not apply to have Navient mail them a check. Later this spring, Navient will send the checks automatically. The only thing you should do is contact Navient to update your mailing address to make sure it has up-to-date contact information for you.
Did you already join the Navient lawsuit?
You’ve already joined the Navient lawsuit the company recently settled with the 39 state attorneys general if your mailing address on file with Navient as of June 30, 2021, was in a location that participated in the deal. The other Navient lawsuit, filed by the Consumer Financial Protection Bureau in 2017, is still pending.
Do I have to apply for the Navient loan settlement?
Borrowers need not apply for the Navient settlement to get their loans forgiven. There isn’t a “Navient Settlement Application.” By July 2022, Navient will send you a letter like the one below, showing which of your loans will be canceled. Likewise, eligible federal student loan borrowers need not apply to have Navient mail them a check.
Why can’t I cancel my Navient loan?
If the loan is past the statute of limitations for the state Navient shows as your last known address, then it won’t be eligible for cancelation. For example, if your address with Navient was in Missouri, the statute of limitations is 10 years for breach of contract cases involving student loan debt.