Navient student is the name of the loan offered by Navient. This one will help you to successfully navigate your student loans. Navient helps the government, education, and healthcare clients to achieve their missions, optimize their revenue, and deliver on their commitments to their customers and communities. This program delivers the best in class customer experience that empowers borrowers to manage their debt efficiently and affordably.
Navient is committed to contributing to the social and economic well-being of the local communities, to supporting the culture of integrity and equality in the workforce, and to integrating environtmental responsibility into business. For those who are the members of military, both your federal and private loans may qualify for the Servicemembers Civil Relief Act (SCRA) and the other military benefits.
As stated before, there are two kinds of Navient students loans which are federal loans and private loans. Federal student loans are the types of loan that made through the William D. Ford Federal Direct Loan Program (Direct Loans) or the Federal Family Education Loan Program (FEEL Program or FFELP). There are several plans of repayments that you can choose, providing the flexibility you need. Here are some of things that you have to know. First, you will be asked to select a plan. If you do not select one of them, you will be placed on the Standard Repayment Plan which will have your loans paid off in 10 years. Second, you are able to switch to the different plan at any time to suit your needs and goals. Third, your monthly paymant is able to be based on how much you make. Talking about the repayment, there is a thing called the Repayment Estimator.
This tool is able to help you figure out which repayment plan is best for you. In order to use this tool, all you have to do is to log in and the system will pull in relevant information such as your loan amount, loan types, and interest rates. If you want to make a payment, your loan servicer will handle all billing regarding your student loan. In this case, you will have to make the payments directly to your servicer. Please keep in mind that each service has its own payment process and can work with you if you need help making payments.
Meanwhile, private student loans are the types of loan that made by banks, credit unions, or finance companies, typically to students who have to borrow more than the federal loan limits allow. Compared to the federal student loans, this one eligibility requirements, interest rates, terms, and options vary by lender, loam program, and promissory note. If you choose this loan, you are able to use the standard (level) repayment. The schedule of this repayment assigned in the promissory note, like the level monthly payment amount of principal and interest, for the contractual repayment term. In general, this one is the lowest cost way to repay your loans. Make sure to consider everything before you choose.