Navient Student Loans
Originally known as Sallie Mae, the Navient Corporation is the largest
servicer of student loans in the United States. Sallie Mae was originally
formed as a governmental entity. However it was eventually privatized
and then spun-off into Navient. If you took out a student loan with the
U.S. Department of Education, there is a decent chance it was serviced
by Navient. Currently, a substantial part of Navient's business is
to lend and service
private student loans.
At the Law Office of Simon Goldenberg PLLC, our lawyers help people find
solutions to their student loans. Depending on the circumstances, we can
forgiveness, or even loan rehabilitation. We have successfully assisted a number of
borrowers with respect to resolving their student loans, and sometimes
eliminating a large portion of their debt as part of the process.
Example Navient Student Loan Settlement
A debtor contacted our law office for an evaluation regarding his loans.
He defaulted on his private student loan to Navient and owed a
balance of over $23,500. He was concerned about the interest that was continually accruing, which
was causing his balance to increase. He wanted to get into a resolution
that would stop the interest and keep him safe from being sued.
In less then 2 months after hiring us, we achieved a
settlement of $7,200 to be paid as $800 down, then $400 per month thereafter. This is a
reduction of 70% off the current balance. Not only does our client stand to
save over $16,000, the settlement is also broken into affordable monthly installments.
The arrangement that we negotiated for this particular client provides
that our client will not have to pay for the additional interest that
accrues during the settlement period.
Most importantly, by settling the loan, the borrower will not have to worry
about being sued by Navient.
In this case, we leveraged our client's financial hardship in an effort
to compel the lender to agree to the settlement terms. Lenders are generally
under no contractual or legal obligation to negotiate or accept any settlement.
Prior result do not guarantee future performance. Each client has unique
circumstances, and each negotiation is conducted independantly.
Contact us so we can evaluate your situation and help you identify your
potential resolution options.
Need help settling your Navient Private Student Loans?
Or Call (888) 301-0584 for a Free Case Review
Background Information on Navient
Founded in 1973 by the United States Congress, Sallie Mae was created as
a quasi-governmental, quasi-private institution for the purposes for servicing
Federal student loans originated under the Federal Family Education Loan
Program (FFEL). Under the William D. Ford Direct Student Loan Program,
the Clinton administration expanded the role the U.S. Department of Education
in the servicing of Federal student loans. As a result, a lot of business
between the U.S. and Sallie Mae slowed down. Eventually, the FFEL contract
with the U.S. government was taken away from Sallie Mae permanently, and
in 2004 Sallie Mae fully privatized.
Sallie Mae continued to originate private student loans after they privatized.
In 2010, Sallie Mae acquired all Federal student loans owned by Citigroup’s
Student Loan Corporation. Once again, Sallie Mae was servicing both Federal
and private student loans. In 2014, Sallie Mae announced it would be splitting
the company into SLM Corporation and Navient Corporation. SLM Corp. would
be act as a consumer bank, not only to manage those private student loans
originated before the split (see SLM Student Loan Trusts), but also offer
traditional banking services like credit cards. Navient Corp. would be
the primary originator for both their Federal and private student loans.
Today, Navient’s operations include loan servicing of both Federal
and private student loans. Navient also has a large collections company
named Pioneer Credit Recovery, Inc. that it uses to collect on delinquent
student loan debt. They also operate under the company named Navient Solutions, Inc.
Their headquarters are located in Wilmington, Delaware. Its address is
123 Justison Street, Wilmington, DE 19801. They also have multiples offices
in Wilkes-Barre, Pennsylvania, and Atlanta, Georgia. They can be reached
at 888-272-5543, 877-713-3833, 317-570-7397, 800-722-1300, 888-272-4665.
Reduce Your Student Loan Debt
Or Call (888) 301-0584 for a Free Case Review
Navient is not accredited with the Better Business Bureau (BBB), although
they do have an A+ better business rating with the bureau. Navient has
closed 760 complaints against them with the bureau over the last 12 months
and 1,998 complaints in the last 3 years. Additionally, Navient has had
6,769 complaints brought against them with the Federal Consumer Financial
Protection Bureau (CFPB). Sallie Mae has had 719 complaints brought against
them with the CFPB.
Cases Brought Against Navient / Sallie Mae*
In Davenport v. Sallie Mae, Inc., 2015 WL 3604820 (D.Md. 2015), a Federal
action was brought against Sallie Mae, Inc. for violations for of the
Fair Credit Reporting Act (FCRA). The case is currently being appealed
before the United States Court of Appeals for the 4th Circuit.
In Lewis v. Navient Solutions, Inc., 2015 WL 5945959 (8th Cir. 2015), an
action was brought again Navient Solutions, Inc., assessing violations
of the Fair Credit Reporting Act, among other claims.
*These cases were not brought by our law office and are unrelated to our
client's. These matters are being referenced strictly for general
informational purposes. Contact us for further info.