- Amount expected: One of the key considerations is knowing how much you will truly need to borrow. The cost of tuition and books is an obvious consideration, but will you need to borrow for expenses like rent, school activities, equipment, or transportation?
Navient is one of several companies that services and tracks the payments of student loans. Having Navient as the institution that services your student loans comes with several key benefits. Some examples of these benefits include the following:
- Provides on line access to your account: Online bill pay has become an accepted way of paying bills, and Navient has fully embraced this by providing its customers with online access to their accounts whenever they want. Once you have Navient as your service provider, you can access your account and pay online at any time.
- Digital autopay: Navient makes paying your monthly bill easy by offering recurring monthly debits from an account. In addition to ease of payment, Navient offers its customers a 0.025% reduction in their interest rate when they enroll in autopay.
- Monthly payment and additional percentage option: Navient tracks and collects your student loan payments monthly. If you decide you want to pay down your loan balance quicker, Navient will allow you to make additional payments to reduce your debt faster. You will need to contact Navient directly to ensure that additional payments are applied to your existing balance and not simply credited to the proceeding month’s dues if you ount ahead of schedule.
- Income-motivated installment options: Navient offers those who qualify the ability to pay back their student loans based upon the amount of income they are earning as the loan comes due. Navient looks at income and sets a $255 payday loans online same day Utah payment amount based on a percentage of the person’s generated income. Navient provides a paper form to its customers to determine if they qualify for an income-driven repayment option.
- Forbearance and percentage deferment needs: If and when financial hardship befalls one of Navient’s customers, they are able to extend a “pause” in payments for those who qualify. This will allow the borrower to remain in good standing; however, interest can continue to accrue in instances where a deferment or forbearance is needed.
User Critiques off Navient
If you are all student loan servicers feel the commonality of a few bad force, the big grievances to Navient include difficulties with how the money try treated and you may deficiencies in flexible alternatives for repayment arrangements. For people who now have Navient because an excellent servicer and you may come across affairs, you do have the possibility to switch servicers.
College loans continue to be a reliable means for Americans to buy the expense of advanced schooling. Whether it’s a federal mortgage provided with government entities otherwise a private education loan created by a financial, Navient is known for are a servicer out-of each other government and personal college loans. In reality, Navient shows confident facts of enabling borrowers steer clear of standard having fun with an innovative, data-motivated method.
Obtain the Suggestions You would like
With Navient’s management tools and well-reviewed level of customer service, having Navient as your loan servicer helps make paying back student loans as easy and painless as possible. When choosing a student loan, do not be afraid to shop around and explore your options until you find the perfect student loan for you.
If you prefer some subsequent recommendations on what to see in private education loan lenders, mention the fresh resources available at College or university Funds. We regarding advantages believes in helping you find the right path to help you achieving all college fantasies.