Where to find Aside should your Loans Try Private otherwise Government

Understand Navient’s character on the scholar financial obligation payment, you must understand the new character off that loan servicer. Loan servicing ‘s the dealing with and you will billing out-of that loan. New servicer regarding that loan works with the brand new borrower to ascertain payment plans and you may combine otherwise refinance when needed. Your own servicer is certainly one your contact when you have one issues otherwise issues about the loan.

• If you have government student education loans, the servicer is chosen because of the You.S. Service off Studies, who is their financial.
• For those who have individual student education loans, the loan servicer is selected from the individual loan company your favor, who’s the lender. Specific lending associations play the role of their unique loan servicers.
• If you lent that loan from the school, college, or elite university, the newest financial aid workplace http://tennesseetitleloans.org/cities/oakland chooses the latest servicer on your own mortgage.

Sallie Mae vs. Navient

The main distress close Navient loans comes from Navient’s matchmaking so you can Sallie Mae. When you are Sallie Mae and Navient originated an equivalent team (entitled Sallie Mae), he could be a couple more and independent enterprises. Consequently Sallie Mae financing commonly Navient funds, and you may Navient student education loans aren’t Sallie Mae money.

Sallie Mae College loans

Sallie Mae are a lender that has considering and you can serviced money for over 40 years, originally maintenance both government and personal figuratively speaking. This year, the fresh new regulations banned new servicing out of government student loans by financial establishments like Sallie Mae.

Into the 2014, Sallie Mae announced it might separate into the two publicly-exchanged enterprises so you can functions within this the new statutes: Sallie Mae and you may Navient. Navient today protects brand new servicing from federal figuratively speaking, as well as personal student education loans, whenever you are Sallie Mae provides the latest personal student loans because the a lender and features individual finance.

Today, Navient and you will Sallie Mae are a couple of of the most extremely prominent servicers of personal student education loans, and Navient is additionally one of the most popular servicers of federal college loans.

If you’re not yes in case your Navient financing is personal or federal (otherwise each other), you’ll want to discover one which just determine whether the individuals financing are eligible to possess Navient education loan forgiveness. In case the Navient loans is actually federal, they are going to be eligible for the experts provided by the fresh new U.S. Agencies from Education. If they’re personal, they don’t.

National Education loan Study Program

Very first, glance at even when your own Navient finance is actually government because of the logging towards National Education loan Studies System (NSLDS) and pressing “Monetary Feedback”. You’ll want to enter into your own FSA ID or do an alternative you to definitely. Once you are logged toward program, it is possible to see a list of any federal college loans, and consolidation fund. One private student education loans you really have applied for will not appear on it checklist. I identify everything to know concerning NSLDS and you may why you ought to be using they.

Get hold of your Financing Servicer

Another way to learn should your figuratively speaking try private or government is through calling Navient yourself. If you aren’t sure regardless if Navient can be your financing servicer, discover one to information about the current statement or by examining your credit history. You have access to their Navient loan advice myself of the logging to the your bank account at the Navient. To set up a free account, you’ll need their societal coverage count or perhaps the account number toward your loan.

Navient’s webpages and additionally enables you to enroll in autopay otherwise create guide payments, and look to find out if you happen to be entitled to federal cost arrangements. You will also get a hold of contact information to get hold of Navient of the current email address otherwise from the cellular telephone.