How to locate Out should your Fund Is Personal otherwise Federal

Knowing Navient’s character in your college student debt fees, you need to understand the role out-of that loan servicer. Loan upkeep is the handling and you may recharging from a loan. The latest servicer away from a loan works together the new borrower to ascertain cost agreements and you can consolidate otherwise re-finance when needed. Their servicer is but one your get in touch with when you yourself have people inquiries or concerns about your loan.

• For those who have federal college loans, your own servicer is selected of the You.S. Department out-of Studies, who is their financial.
• If you have personal student education loans, your loan servicer is chosen because of the private loan company you prefer title loans Lavergne online, who’s the lender. Specific credit associations play the role of their own mortgage servicers.
• If you lent a loan from your college or university, college or university, otherwise professional school, the latest educational funding place of work chooses the new servicer in your financing.

Sallie Mae vs. Navient

Area of the misunderstandings encompassing Navient funds originates from Navient’s dating so you’re able to Sallie Mae. If you find yourself Sallie Mae and you will Navient originated in a comparable business (named Sallie Mae), he or she is a couple of some other and separate enterprises. This means that Sallie Mae fund are not Navient finance, and you may Navient student education loans are not Sallie Mae financing.

Sallie Mae College loans

Sallie Mae try a loan company having given and you may serviced fund for over 40 years, to begin with servicing both federal and personal college loans. This current year, the new guidelines blocked the servicing from government student education loans from the financial establishments like Sallie Mae.

Inside the 2014, Sallie Mae revealed it might independent on a couple in public-traded people in order to functions within the fresh regulations: Sallie Mae and you can Navient. Navient now handles the newest repair out of federal student education loans, plus individual student education loans, while Sallie Mae provides the fresh personal student education loans due to the fact a lender and you can qualities private money.

Now, Navient and you may Sallie Mae are a couple of of the very popular servicers away from individual student education loans, and you can Navient is even one of the most well-known servicers out of government student education loans.

If you aren’t sure if the Navient financing was personal otherwise government (or each other), you’ll want to discover one which just determine whether those people money meet the criteria having Navient education loan forgiveness. If for example the Navient financing is actually federal, they will be eligible for most of the benefits given by the newest You.S. Service away from Degree. When they personal, they don’t.

National Student loan Data Program

Earliest, examine regardless if your Navient fund is government from the logging into National Education loan Investigation Program (NSLDS) and you can pressing “Monetary Comment”. You will have to get into their FSA ID or manage another type of that. Just after you happen to be signed toward system, you’ll find a listing of all of your federal figuratively speaking, also consolidation funds. Any private figuratively speaking you may have removed cannot show up on that it list. We determine what you to know regarding NSLDS and why you ought to be using it.

Contact your Loan Servicer

A different way to find out if the figuratively speaking try personal otherwise government is through contacting Navient privately. If you are not sure whether or not Navient is your loan servicer, there are one information about your own latest declaration otherwise by the examining your credit report. You have access to your own Navient loan information personally by signing toward your account at the Navient. To set up an account, needed your own social coverage amount or perhaps the membership count to your your loan.

Navient’s webpages together with enables you to enroll in autopay or generate guide payments, and look to see if you are eligible for federal fees agreements. You will discover contact details to contact Navient of the email address otherwise by mobile phone.