How to Lower Student Loan Debt with Navient
How to Lower Navient Student Loan Debt
If you need Navient student loan debt help, then you are not alone. According to Forbes, Navient is focused on collecting approximately $300 billion in student loan debt from 12 million borrowers. How to lower Navient student loan debt depends on whether you have federal or private student loans, and I will explain viable options for both types of loans. I am a debt relief attorney in San Diego and have helped many student loan borrowers to lower Navient student loan debt. Read myclient success stories to see how I have helped people just like you to reduce Navient student loan debt.
How to Lower Navient Student Loan Debt Fast
Private Student Loans
If you want to reduce your private student loan payments fast, then I recommend looking into Navient’s interest rated reduction plan that will temporarily lower your interest to below 1% for 6 months. While this option does not lower your overall debt, it does greatly reduce your interest rate for half of a year — which is a good first step to get rid of your student loan debt. Debt settlement is also a very strong option if you have fallen behind on your private student loan payments, and I will discuss this further along below and how I saved our client over $100,000 on a Navient student loan debt settlement.
Federal Student Loans
If you can’t afford to pay your Navient student loans and you have a federal loan, then getting into an income-based repayment plan is a good idea. An income-based repayment plan lets borrowers pay back their loan based on the income they earn and the size of their family, so that the monthly payments are (more) affordable. Visit the Federal Student Aid website to learn about the different income-based repayment plan options. You can apply to enroll in a plan right on their website or call me and I can help you through the process.
As I noted in my blog last week, there has been some new bad news for student loan borrowers. The Department of Education recently cut ties with the Consumer Financial Protection Bureau (CFPB). The CFPB was formerly tasked with, among other obligations, making sure consumers weren’t being taken advantage of in the enrollment and execution of income-based repayment plans. We’ll have to stay tuned to see how the income-based repayment plans fare in the future.
Another option is to ask your Navient student loan servicer if you qualify for a deferment or forbearance, which will allow you to temporarily stop making student loan payments or reduce your payments for a while. To learn if you qualify, visit the Department of Education’s page ondeferments and forbearances.
Navient Student Loan Debt Help — For Borrowers in Default
If You are in Default on Your Private Student Loans…
As I wrote about in my blog What To Do if I Default on Student Loans, you will most likely be facing a Navient student loan debt lawsuit, wage garnishment or bank levy if you haven’t paid your student loan in 3 months and it goes into default. I mentioned earlier how I saved a client in default over $100,000 with a Navient debt settlement, but that was just one story. As you can see from my student loan debt relief success stories, I have helped many borrowers greatly reduce their loan amount with a debt settlement. In a debt settlement a negotiation is made between the student loan borrower and Navient that the borrower will pay back just a portion of the overall debt in a lump sum or in a payment plan over time — rather than the full amount of the loan. Navient often agrees to a debt settlement to avoid a lengthy and costly lawsuit.
If You are in Default on Your Federal Student Loans…
If you can’t afford to pay your Navient student loan and haven’t made a payment in 270 days, then your federal loan will be considered in default. My recommendation at that point is to get your loan into a Federal Student Loan Rehabilitation Plan. The program basically allows you to make 9 reduced payments based on your income during a 10-month period of time, at which time your loan will be considered current and in good standing. Under certain circumstances you may qualify for additional federal student loans once rehabilitation is completed.
All of these options to get help with student loan debt from Navient can be done by you without the need of hiring someone. You should be very cautious of scams, as I wrote about this summer in my blog Be Aware Of Those Making Money Off The Student Loan Debt Crisis. If you do seek debt help for Navient student loans, then make sure you do your research. As a student debt lawyer, I will get my license to practice law taken away if I do not uphold ethical standards under the law. Navient is one of the largest student loan servicers in the country and they have a vast amount of resources at their fingertips. Be sure to educate yourself and seek legitimate student loan debt help if you don’t feel comfortable going it alone. I offer a 100% free debt consultation to go over your student loan debt relief options. Give me a call at 858–217–5051, email me atdaniel@gamezlawfirm.com or contact me via my “Ask a Debt Relief Attorney” page on my website.
Story originally published on GamezLawFirm.com. Daniel R. Gamez is an attorney serving clients nationwide and focuses exclusively in debt relief. He is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in San Diego and Los Angeles, and helps people with debt problems all over the country. For more information, please contact Daniel Gamez at 858–217–5051, daniel@gamezlawfirm.com or use our online contact form. Stay updated about the latest debt relief tips by following on Facebook and Twitter and read about client success stories on our website.
