You are probably finding it hard to manage your student loans right now. You have many loans, and you are having trouble making your payments. The student loan servicer Navient has been making a lot of news lately because of all of the hardships that they are causing. Navient is responsible for collecting payments, and for disputing the debt of those who default. Navient is a private company that claims to help people with their student loan debt. However, Navient is not a government agency, and they are not employed by the Department of Education. They are a for-profit company owned by the nation’s largest banks.
Navient Student Loans are one of the most confusing types of loans available, and even those with good credit don’t always understand how to get them. This is because there are so many different versions of these loans, and it is difficult to know exactly what your loan options are. If you have already been approved for these loans, you should read this blog post to consolidate these loans into a single loan with one payment and one interest rate.
There are several ways to consolidate Navient student loans if you’re tired of juggling multiple payments. If all of your Navient student loans are federal loans, you can apply for federal student loan consolidation. Virtually any federal borrower can qualify for a Federal Direct Consolidated Loan, as no credit check is required.
Federal consolidation is not available if you wish to consolidate private student loans (or a combination of federal and private loans). But you can do so by taking out a new private consolidation loan with Navient or another private lender.
Consolidating student loans with private lenders is generally referred to as student loan refinancing. Unlike consolidation of federal loans, when you refinance you can get a lower interest rate and/or monthly payment.
Navient’s exclusive refinancing product, called NaviRefi, is only available to existing customers. Here’s everything you need to know about Navient student loan consolidation with NaviRefi.
NaviRefi: Refinancing of student loans from Navient
NaviRefi allows borrowers to refinance multiple Navient loans into one new loan. Below we discuss the terms, eligibility criteria, and application process for refinancing Navient loans.
What are the conditions and costs of the loan?
Borrowers can refinance between $5,001 and $500,000 in student loans at NaviRefi. Navient offers a wide range of credit terms. You can choose between 5 and 20 years (in increments of one year), for a total of 16 options. This is an advantage because it gives each borrower a better chance of finding repayment terms (and monthly payments) that fit their budget.
NaviRefi can offer fixed or variable rate loans in most states. Unfortunately, Navient does not publicly disclose its interest rate spreads. You will have to wait until you submit your application to know your rate. No commission is charged for the loan.
Who is eligible for Navien student loan consolidation?
Even if you have student loans serviced by Navient, that doesn’t necessarily mean you qualify for consolidation with NaviRefi. NaviRefi refinancing is currently an invitation-only program.
In addition, you must:
- Duration in your state
- A US citizen or permanent resident who is not a US citizen.
- is employed or has sufficient income from other sources.
- An alumnus of a Title IV eligible institution.
Finally, you must not be a resident of Nevada, as this is the only state where Navient does not currently offer refinance loans.
How can borrowers submit an application?
If you meet the above requirements and have received an invitation for a loan from NaviRefi, follow these steps.
- Go to the NaviRefi website and click on Get My Rate.
- Enter your name, email address and the 16-digit invitation code (which you received in the letter or email).
- Follow the instructions to complete the application.
The following is a summary of the information you must provide in your application:
- Citizen service number
- Information for the employer
- Annual income
If you have any questions or need help completing the application, please contact Navient Customer Service at 844-381-6621 (Monday through Friday, 8:00 a.m. to 9:00 p.m. ET and Friday, 8:00 a.m. to 8:00 p.m. ET). They can also help you if you want to add student loans that are not from Navient to your loan application.
How long has Navient been consolidating loans?
Participants can get a quote from Navient in just three minutes. But if you’re approved, Navient doesn’t provide an estimate of how long it will take to pay back your loan. However, the process of refinancing with other lenders often takes one to two settlement cycles.
Once the consolidation is complete, you will receive your first Navient statement. Until then, you should continue to pay off your existing loans as scheduled to avoid unintended defaults or missed payments.
How do borrowers make payments?
To make your first payment, go to the NaviRefi website, click on Login and select Register now.
After setting up your account profile, select Make payment to add your bank details. You cannot make payments by credit card. And you can now only make PIN payments by phone.
You can also sign up for Autopay at any time. And if you choose to, you can save money because you get a 0.25% discount on the interest rate of your car loan.
Benefits of consolidating student loans at Navient
One of the main advantages of refinancing with Navient is that it offers great flexibility in repayment. In addition to regular (or degressive) repayment, borrowers can also make use of the following options:
- Tariff Reduction Program : Offers a reduced interest rate for 6 months for borrowers in financial difficulty.
- Duration and Tariff Amendment Programme : This program combines the benefits of a low interest rate program with a longer repayment period.
- Postponement of studies, training or military service : If you are at least halfway through your studies, are in training (internship, residency or fellowship), or are in the military, you may be eligible for a temporary deferment of payment.
- Restriction: This measure temporarily suspends payments (but not interest) for borrowers whose financial situation warrants it.
Moreover, Navient provides debt cancellation in case of death or total and permanent disability of the borrower.
In addition to these Navient-specific benefits, there are several potential benefits that apply to student loan refinancing in general. For example, you can lower your interest rate, choose a more favorable repayment period, or fire a guarantor.
Disadvantages of consolidating student loans at Navient
As mentioned above, NaviRefi consolidation loans are private loans. So when you consolidate federal loans at Navient, they no longer qualify for various benefits. If you refinance your federal loans at Navient, you will lose access to federal loans :
In addition to these general disadvantages of refinancing, it should be noted that Navient does not have the best reputation. Loan servicing companies are generally not highly regarded when it comes to customer service. But it is Navient that has been the subject of a number of lawsuits in recent years for borrower abuse, deceptive practices, etc.
Finally, like most private lenders, NaviRefi’s uses a credit score. Therefore, only borrowers with a very good credit score can benefit from better rates.
Should you consolidate Navient’s student loans?
In most cases, it makes sense to consolidate Navient student loans in some form. The only question is whether you choose private or public consolidation.
If you need income-based repayment options or qualify for PSLF, you should opt for federal consolidation for your Navient loans. Only direct loans are eligible for PSLF, but Federal Family Education Loans (FFELP) and Perkins Loans may be eligible after being consolidated into a consolidated direct loan.
Please note that if you have already made qualified PSLF payments, you will lose all credit for those and will not need to make any qualified payments after consolidation. Therefore, if you have already made a significant number of eligible payments, it may be better to forgo federal consolidation.
If you don’t have to make income-based repayments and work in the private sector, it’s worth considering refinancing your student loan. But if you decide that refinancing is for you, that doesn’t necessarily mean you have to choose Navient. Another lender may offer better rates and terms, better customer service, or both.
Additionally, some lenders may be willing to pay you a cash bonus for the refinance, ranging from $200 to $1,275. Before choosing a lender for your refinance, it’s important to research all of your options. Compare Navient refinance loans with loans from leading refinance lenders.
A plan for a student loan
Refinance your student loan and receive a bonus in 2021.
1,050 BONUS1 For 100k+. 300 bonus for 50k to 99k.1
1,000 BONUS2 for 100,000 or more. 200 for 50,000 up to $99,9992.
Bonus of $1,0503For $100k+. 300 bonus for 50k to 99k.3
1,275 BONUS4 for 150k+. Multi-level bonus from 300 to 575 for 50k to 149k.4
1,000 bonus5 for $100,000 or more. 300 bonus for 50k to 99k.5
1,000 BONUS6 for $100,000 or more. 200 for $50,000 up to $99,9996
1,250 BONUS7 for 100k+ or $350 for 5k to 100k.7
1,250 BONUS8 For 150,000 and above. Multi-level bonus from 100 to 400 for 25k to 149k.8
Not sure what to do with your student loan?
Take our 11-question quiz to get personalized advice on PSLF, IDR, or refinancing (including information on which lender we think can offer the best interest rate).
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All of the above rates reflect the APR. 1General obligation If you refinance over $100,000 through this website, $500 of the above cash bonuses will be provided directly by Student Loan Planner. General Bond Disclosure. 2Earnest: $1,000 for $100,000 or more, $200 for $50,000 to $99,999.99. For Earnest, if you refinance $100,000 or more through this site, $500 of the $1,000 cash bonus will be provided directly by Student Loan Planner. In the above price range, an additional discount of 0.25% is included for automatic paymentInformation on income.
3Laurierweg: If you refinance over $250,000 through our link and Student Loan Planner receives the loan, a $500 cash bonus will be paid directly to Student Loan Planner. If you are a member of a professional association, Laurel Road can offer you the choice of a reduced interest rate or the $300, $500 or $750 cash bonus mentioned above. The Laurel Road proposals cannot be combined. The above price range includes an additional 0.25% discount for automatic payment. Laurel Road Disclosure.
4Alfie: If you refinance over $150,000 through this website, $500 of the above cash incentives will be provided directly by Student Loan Planner. Uncover Alfie. 5Spraying: If you refinance over $100,000 through this website, $500 of the above cash bonuses will be provided directly by Student Loan Planner. Disclosure of bouts. 6Sofi: If you refinance $100,000 or more through this website, $500 of the $1,000 cash bonus will be provided directly by Student Loan Planner. The above price range includes an additional 0.25% discount for automatic payment. Disclosure of information about Sofi. 7Valid: If you refinance over $100,000 through this website, $500 of the above cash bonuses will be provided directly by Student Loan Planner. Reliable dissemination of information.
8LendKey : If you refinance over $150,000 through this website, $500 of the above cash incentives will be provided directly by Student Loan Planner. The above price range includes an additional 0.25% discount for automatic payment.
Frequently Asked Questions
Can you consolidate Navient student loans?
Navient is a private student loan company that offers loans to students. Consolidating Navient student loans can help you save money on interest and fees. Consolidating Navient student loans is not possible.
How long does it take to consolidate student loans Navient?
It takes about six months to consolidate student loans with Navient.
How do I get my Navient student loan forgiveness?
Navient is a private student loan servicer. Navient does not offer student loan forgiveness.
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