Will I get a Navient settlement?
Navient may accept settlement for charged-off loans, including those in default or extremely delinquent. However, they wont settle loans in deferment, repayment, or forbearance. The same also applies to loans that have an interest-rate only repayment plan.
How do I know if I qualify for Navient settlement?
Generally, to qualify, the borrowers 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.
Who will get settlement from Navient?
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 Navients predecessor, Sallie Mae, between 2002 and 2014, and then had more than seven consecutive months of delinquent payments prior to June 30, 2021.
How do I know if I am in the Navient settlement?
What Student Loans Qualify for discharge under the Navient Settlement? To qualify for discharge under the Navient settlement, a private student loan must have been originated between 2002 and 2014 by Sallie Mae (SLM Corp.) and must have been charged off by Navient as of June 30, 2021.
How do I apply for the Navient settlement?
Borrowers need not apply for the Navient settlement to get their loans forgiven. There isnt 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.
Are my loans being forgiven Navient?
Student Loan Repayment Forgiveness Normally, before your loans can be forgiven, you must make at least 240 on-time monthly payments under an IDR plan. Time spent in deferment or forbearance would not be considered.
Do I qualify for Navient loan cancellation?
Only loans held by the Department of Education are eligible for the loan cancellation program. As of September 29, 2022, ED issued a FAQ announcing that borrowers with federal student loans not held by ED cannot obtain one-time debt relief by consolidating those loans into Direct Loans.
How do I know if I qualify for Navient loan forgiveness?
Borrowers need not apply for the Navient settlement to get their loans forgiven. There isnt 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.
When can I expect Navient settlement?
Restitution payments will be automatically distributed to eligible federal loan borrowers by the settlement administrator, Rust Consulting. If you are eligible for a payment, you will receive a postcard in the mail from the settlement administrator later this spring. Checks are expected to be sent by mail in mid-2022.
How do I get my Navient settlement money?
Borrowers need not apply for the Navient settlement to get their loans forgiven. There isnt 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.
