How to Know If Your Navient Loan Is Forgiven
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If you’re one of the many Americans with a Navient student loan, you may be wondering if your loan is eligible for forgiveness. Read on to learn more about Navient loan forgiveness and how you can find out if your loan is eligible.
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Introduction
If you have a Navient loan that is in forbearance or deferment, you may be wondering if it will be forgiven. Unfortunately, there is no easy answer to this question. The decision to forgive a Navient loan is made on a case-by-case basis by the Department of Education.
There are some conditions that may make it more likely for your loan to be forgiven, such as if you are a teacher in a low-income school district or if you are working in a public service job. However, even if you do not meet these conditions, it is still possible for your loan to be forgiven.
If you are struggling to make payments on your Navient loan, you should contact the Department of Education to discuss your options. You may be able to consolidate your loans or enter into an income-based repayment plan. These options can make your payments more affordable and help you avoid defaulting on your loan.
The best way to ensure that your Navient loan is forgiven is to keep up with your payments and stay in good standing with the Department of Education. If you default on your loan, it will be much harder to get it erased. So if you are having trouble making payments, talk to the Department of Education right away to explore your options.
Navient is a student loan servicer – meaning they handle the billing and payments for student loans. They service both federal and private student loans. You may have heard of them before as Sallie Mae – they used to be one unit but have since split into two companies, Navient and Sallie Mae bank.
If you have a Navient loan that is forgiven, it means that you are no longer responsible for repaying the loan. The forgiven loan will be removed from your credit report and your debt-to-income ratio will improve, which can help you qualify for new loans or lines of credit in the future.
There are a few different types of loans that Navient may forgive, including:
-Federal Perkins Loans: These are low-interest loans that are available to students who demonstrate financial need. If you work in a qualifying public service job after graduation, your Perkins Loan may be partially or fully forgiven.
-Direct Consolidation Loans: If you consolidate your federal student loans with Navient, you may be eligible for the Public Service Loan Forgiveness program. This program forgives the remaining balance on your consolidation loan after you make 120 qualifying monthly payments while working full-time for a qualifying employer.
-Teacher Loan Forgiveness: If you teach full-time for five consecutive years at a low-income school or educational service agency, up to $17,500 of your Direct Subsidized and Unsubsidized Loans and Direct PLUS Loans may be forgiven.
What Are the Requirements for Loan Forgiveness?
The first thing to know is that there are several different types of loan forgiveness, each with its own set of requirements. The most common type of loan forgiveness is Public Service Loan Forgiveness (PSLF), which is available to government and nonprofit employees with Direct Loans. To qualify, you must make 120 qualifying payments (which don’t have to be consecutive) while working full-time for a qualifying employer.
Other types of loan forgiveness include Teacher Loan Forgiveness, Perkins Loan cancellation and discharge, and income-driven repayment plans. Income-driven repayment plans can lead to loan forgiveness after 20 or 25 years, depending on the plan, if you make all of your required payments and don’t re-default on your loan.
And finally, there are some instances in which your loans may be discharged due to death or total and permanent disability. If you’re not sure what type of loans you have, you can log in to www.mygreatlakes.org to view your account details.
How to Apply for Loan Forgiveness
You may be eligible for loan forgiveness if you work full-time for a qualifying employer. To apply for loan forgiveness, you must submit a completed and signed Employment Certification Form to Navient. You’ll need to submit this form annually, or whenever you change employers.
There are two ways to complete and submit your Employment Certification Form:
1. Log in to your Navient account and select the Loan Forgiveness tab. From there, you can complete the form online and submit it electronically.
2. Download a PDF of the form, complete it, and then fax or mail it to Navient at the address or fax number specified on the form.
Conclusion
Based on the information we have gathered, it appears that there is no clear cut answer as to whether or not your Navient loan will be forgiven. However, there are several options available that may help you find some relief. You can try contacting Navient directly to see if you qualify for any type of forgiveness program. There are also options available through the Department of Education and private companies that specialize in loan consolidation and forgiveness. We hope this information has been helpful and wish you the best of luck in resolving your student loan debt.
