If you're overwhelmed by student loans, you may take some solace in
knowing that you're not alone. Over $1.5 trillion is owed on U.S education
debt, with over a million students defaulting every year. A recent report
projects that nearly 40% of student borrowers will default by 2023. With
large balances and high interest rates, it's no surprise that many
students are unable to repay their debts.
The good news is, some debts can be settled for substantial reductions,
and structured in long-term payment plans that are affordable to the borrower,
with no additional interest. When successful, settling a private student loan can be life changing.
Navient is one of the largest operators in the realm of student loans.
Understandably, people are looking for an affordable way to resolve their
Navient loans. The first step is to identify the type of loan you have,
and the next step is to find a solution that fits your circumstances.
Our Lawyers Negotiate Settlements With Navient
Or Call Today: (888) 301-0584
Federal vs Private Student Loans
Navient handles both federal and private loans, which each carry starkly
different terms. If you are not sure which type of loans you have, call
Navient, or login to their online portal to obtain account details. If
you are still uncertain, cross-reference your Navient accounts with the
accounts listed under your profile at https://studentaid.ed.gov. Any accounts
on the studentaid website will be federal loans.
Defaulted federal loans may be resolved through methods such as consolidation
and rehabilitation, however,
settlement reductions are more prevalent on private student loans. As such, the remainder of this article will be focus on settling and
reducing private loan debts due to Navient.
Settling Navient Student Loan Debts
At the Law Office of Simon Goldenberg PLLC, our attorneys have achieved
substantial reductions for many of our client's. Keeping in mind that
each client's circumstances are unique and results vary widely, we
always strive to achieve the maximum reduction possible under the circumstances,
and to structure the settlement in affordable payments. Some examples
of our prior results are:
A client owed a
balance of over $43,000. The debt was being collected by
Allied Interstate LLC on behalf of Navient. We compiled our client's hardship information
and conducted multiple rounds of negotiations with the debt collectors,
resulting in a settlement of $11,833.50, to be paid at$230.50 per month for 47 months, with $1000 due as a down payment.
This debt was reduced by over 70%.
We represented a client with 5 private student loans owed to Navient. The
total outstanding balance was over $240,000. In her case, she was able to settle for a single payment of
This debt was reduced by over 80%.
A Client owed Navient a balance of
over $22,000. Through the efforts of our attorneys, the debt was ultimately
settled for $6,380, which reflects a
70% debt reduction.
A client and their co-signer (mother) owed a
balance of over $12,000. The debt was settled for a lump sum payment of
$3,500, which is a
reduction of approximately 70%.
Keep in mind that these results are not to be considered "typical".
We employ a customized approach for each client and always strive to negotiate
great deals that are within our client's budget. Results vary based
on a large variety of factors, some of which are in the control of Navient
and their agents.
Call us to learn how we can help you
settle Navient student loans.
Or Call Today: (888) 301-0584
Negotiating Debt Reductions with Navient
Generally, Navient does not consider settlement offers on loans that are
not in default status. This usually occurs after 9 consecutive monthly
payments are missed. Our client's have reported to us that Navient
will offer them a low-interest hardship program in order to help avoid
default. Although this might be a feasible option to some borrowers, most
of our client's feel that this program simply prolongs the problem,
as the debt isn't reduced.
Instead of "kicking the can down the road", borrowers are seeking
an affordable option that will put a permanent end to their student debt.
However, default should not be taken lightly. There are serious credit
ramifications, and default can expose the borrower to a lawsuit from Navient.
A borrower must seriously consider the consequences before missing any
In our experience, negotiations on navient debts are most successful when
we are able to demonstrate that our client experienced geniune financial
hardship, but nonetheless is interested in repaying on reasonable terms.
Settlment funds are oftentimes obtained by borrowing from friends and
family, a generous benefactor, or by tapping into savings.
Our lawyers understand that most client's cannot afford a hefty settlement
payment. As such,
we fight to obtain affordable payment plans that fit our client's budget. Another major benefit of these settlements is that they usually carry
no interest during the repayment period. That can equal big savings.
Federal laws protect consumers from unscrupulous debt collectors. While
Navient is not generally considered a debt collector covered under the
statute, the collectors they hire at outide agencies are regulated by
the Fair Debt Collection Practices Act (FDCPA). If your rights have been
violated by a debt collector, you may be entitled to statutory damages
of up to $1000.
Debt collectors can't call you at odd hours, disclose your information
to an unauthorized third-party, use profane language, or otherwise use
deceptive or misleading tactics. If you've been subject to abuse by
a third-party debt collector on behalf of Navient, contact our consumer
lawyers to determine if you have a viable claim. There is no fee to you
for this service.
At the Law Office of Simon Goldenberg, PLLC we understand that it can be
down right scare to owe a large amount of student debt to Navient. Our
attorneys are dedicated to helping borrowers obtain relief, and we tailor
our strategies to fit our client's circumstances. In addition to negotiating
debt settlements, we also defend lawsuits from Navient that are brought
in New York and New Jersey.
If you're behind on your payments, it's better to learn your options
now, before the debt escalates to a bigger problem.
You don't have to navigate the debt settlement process by yourself! Count on our
lawyers to settle private student loans and to use their vast experience to guide you to a resolution that fit's
your particular situation.
Get out of debt with the help of our highly-skilled lawyers. Call the Law Office of Simon Goldenberg, PLLC at (888) 301-0584 for a free