Navient helps student loan borrowers get ready for repayment
October 07 2015 - 09:00AM
Most recent college graduates with student loans are in the final
weeks of their grace period, the six-month transition before their
first payments are due. Navient, the nation’s largest student
loan servicer, offers several tips to help these 2015 graduates get
ready for student loan success.
A few tips include:
- Know what you owe. Federal borrowers can start
with the National Student Loan Data System.
- Sign up to manage your account online.
Research shows that borrowers who track the progress of their
accounts and communicate with their servicer increase the chances
of successful repayment.
- Select the repayment plan that’s right for
you. The 10-year standard repayment planis usually the
lowest-cost, fastest way to pay off loans. There are other options
too, including such income-driven repayment plans as Income-Based
Repayment and Pay As You Earn. These plans can lower monthly
payments, but extend the payment length and the cost. Individuals
planning long-term careers in nonprofit or government organizations
should also learn about Public Service Loan Forgiveness.
For these tips and more, check out “The top 10 things to do
before you make your 1st student loan payment.”
In addition, the Navient Path to Success (navient.com/path)
series offers free online modules about student loan repayment and
plan options, as well as budgeting, credit scores, saving and
investing.
Of course, borrowers can also learn about their repayment
options the old-fashioned way: “Call your servicer,” says Nikki
Lavoie, a spokeswoman for Navient.
“Servicers are here to help. If customers have any
questions, they can reach us online, by email or phone. It’s
important they understand their options and get started on a path
to be successful.”
That’s especially important for borrowers who are feeling
financially stressed. Nine out of 10 past-due federal borrowers who
talk to Navient are able to get back on track with their payments
and avoid default.
Connect with @Navient on Facebook, Twitter and LinkedIn.
About NavientAs the nation’s leading loan
management, servicing and asset recovery company, Navient
(Nasdaq:NAVI) helps customers navigate the path to financial
success. Servicing more than $300 billion in student loans, the
company supports the educational and economic achievements of more
than 12 million Americans. A growing number of government and
higher education clients rely on Navient for proven solutions to
meet their financial goals. Learn more at navient.com.
Contact:
Media: Nikki Lavoie, 302-283-4057, nikki.lavoie@navient.com
Customers: 888-272-5543
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