How to Get Navient Student Loan Forgiveness

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  but our team sends out a weekly newsletter   and it's completely free no spam literally no spam  just the good stuff really short and sweet link   will be pinned below if you're interested but  until next time thanks for hanging out with me