Introduction navient has consistently ranked as one of the most
disliked student loan servicers among borrowers there are also several navient lawsuits that
contend the servicer's missteps have indeed entered them into criminal territory so with
so many customer service and repayment guidance complaints student loan borrowers need to be aware
of options for navient student loan forgiveness in this video we're going to cover how
to get navient student loan forgiveness but before we get started please
like this video and subscribe if you haven't already done so it really
helps us reach other borrowers who may benefit from this information so i really really
appreciate it if you like this video and subscribe Navient Update let's go ahead and jump in then to chat about the
key points um so a quick update on some of the major happenings with navian as of mid february
2022 uh so one update is that there have been several navient lawsuits that that do contend
the servicer has really been misguiding folks a major settlement was reached in january
2022 that includes 1.7 billion in private student loan cancellation and 95 million in
restitution payments to certain federal student loan borrowers we have a whole dedicated podcast
episode to this which we've linked in this video in september of 2021 navient announced its desire
to departure from the student loan servicing business altogether and their plans were to
transfer 6 million federal borrower accounts to a company called maximus education however maximus
created a subsidiary called aid vantage which now will be the official student loan servicer
for those who are previously stuck with navient we also have a dedicated video and podcast episode to
this topic which we've linked in the video below Loan Forgiveness Options so let's now take a look at naviant
loan forgiveness options available today so first thing we need to know is what kind of
navient student loans do we have if you have federal student loans they are probably already
over at advantage uh at the time of this video that we've been seeing a lot of folks getting
moved over there but if they're federal these loans might be eligible for federal forgiveness
programs like public service loan forgiveness but private loans uh privately held or institutionally
held loans they will not be private student loans may be eligible for for forgiveness through
state or other profession specific student loan programs but not federal programs so if you
have federal student loans with navient there are several forgiveness options that could be
available to you so let's go down the line one would be income driven repayment forgiveness
or idr forgiveness there are four different income driven plans so that's a lot let's talk about the
differences between them one is called pay as you earn which is based on 10 of your discretionary
income it has a 20-year timeline to forgiveness that's the shortest next is revised pay as
you earn which is also 10 of discretionary income but it's 25 years to forgiveness if
we have graduate school loans 20 years to loan forgiveness if we just went to undergrad
now there's also income based repayment or ibr and this is based on 15 of discretionary income
with a 25-year timeline to forgiveness and then there's income contingent repayment that's based
on 25 years uh going to loan forgiveness as well and it's based on 20 of discretionary income so
those are the four different income driven plans that all have that maximum repayment period where
after making those 20 or 25 years of payments whatever balance is left over on the loans is then
forgiven is then forgiven by taking advantage of these income driven plans you may might be able
to reduce what your student loan payment is since it's based on your income instead of a regular
payoff approach and depending on the plan you choose you'll be eligible for the loan forgiveness
in the 20 or 25 years but you'll want to stay vigilant to make sure that your federal student
loan payments are being handled correctly and you'll need to recertify your income and family
size each year and you will have an anniversary to do that you'll know each time a year when you need
to do it make sure you recertify income on time make your payments and you know keep keep receipts
of those payments so download your statements frequently make sure you know where you're at
on your payment count towards the 20 or 25 years PSLF now next on the list for forgiveness options
is public service loan forgiveness or pslf for short this is for those who work in a qualifying
employer in the public sector such as a government or a non-profit organization the public service
loan forgiveness is is probably going to be your best bet if if that's the case if you are working
in that environment definitely consider looking at public service loan forgiveness because with
pslf you can earn tax-free loan forgiveness in as little as 10 years which is more technically
a hundred and twenty qualifying monthly payments and at the time of this video until uh october
31st 2022 there is a pslf waiver opportunity and you can learn a little bit more about the pslf
waiver by checking out the videos we've linked above as well that's a big deal so if you haven't
heard about this pslf waiver you've been working for an eligible employer definitely check out this
pslf waiver video now before we get into number three i want to remind you please like this video
if it's helping you or if you're gaining something from this subscribe to our channel it really does
help us help reach more viewers like yourself just seeking this information the student loan
world is complicated so we want to spread that good info as as much as we can so with that let's
get into number three so the third uh avenue of Teacher Loan Forgiveness forgiveness could be teacher loan forgiveness
so teacher loans or teacher loan forgiveness allows teachers to be eligible for up to
17 500 of navient student loan forgiveness through that specific program but to qualify
you'll need to be considered a highly qualified teacher by the federal student
aid office in the department of education and you'll need to teach five consecutive
academic years in a low income elementary school secondary school or an educational
service agency so one of those entities now it's important to point out that pslf
and teacher loan forgiveness do not mix well you cannot go towards both at the same
time so you do have to decide if if your balance is greater than that 17500
pslf might be a better route to consider if not if you have a smaller balance that
that could be wiped out with the teacher loan forgiveness then by all means go that direction
but definitely take careful consideration between which option you're going towards pslf could be
a bigger bang for your buck opportunity because it's a hundred percent of loan forgiveness after
120 payments versus just the um the 17 17500 with teacher loan forgiveness uh you'd only get 5 000
of teacher loan forgiveness if you're not teaching math science or special education so the 17 500
only comes with those specific professions too Loan Discharge so that's that's a little bit about
teacher loan forgiveness let's talk about the option number four for naviant loan
forgiveness and that's a loan discharge so this isn't technically forgiveness but it
should be noted that there are several ways that federal student loan borrowers can become
eligible to get their student loans discharged one example is the total and permanent
disability discharge or tpd for short to qualify for tpd discharge you'll need to
provide medical documentation of your disability ineligible loans for the tpd discharge include
direct loans ffel loans and perkins loans we also have a video on tpd so make sure
to check that out if you're interested or if it resonates with your situation so
lastly let's talk about getting rid of Refinancing navient student loans by refinancing that's
another option we have it's not forgiveness but you can expedite getting rid of your
naviance student loans by refinancing here's things to consider when you're thinking
about going this route one is will you be eligible for federal forgiveness are you on track for for
the income driven forgiveness or or could you be eligible for public service loan forgiveness
if not then refinancing could be a good option number two or the second thing you need to
consider here is what's your financial situation you really want to be you know financially stable
meaning we have you know emergency savings in the bank we don't have any other higher interest
debt in the mix cash flow is is strong or our income is uh very reliable that's when it's
a good idea to look at refinancing because private companies aren't as flexible with
repayment options or with forbearance opportunity so we do want to be in a healthy
financial situation before deciding to refinance and that also ties into the third tip here
is just have you achieved career stability so if you're not sure you're going to stay at your
job if there's an opportunity that you might go into public service refinancing might not be a
good idea because when we go to refinance you know the benefit is reducing our interest rate but if
we go to refinance we are committing to paying the loans off we can't go back we can't take them back
to the fed system so that's that's a few things to consider refinancing could be a good option to
help us pay down the loans faster by reducing our interest rate but you'd want to make sure you
consider those those three things so what video is next on the list here so check out our most recent
podcast episodes on naviant check out our next videos coming up you'll enjoy our team's deep dive
into these these complicated topics and and our discussions with them um and that's all that's all
for this video thank you for hanging out with me if you want to stay up to date with our student
loan insights and what's going on in the student loan world not only subscribe to this channel
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until next time thanks for hanging out with me