Reduce Your Navient Student Loan Debt

Posted By Law Office of Simon Goldenberg, PLLC || 13-Oct-2018

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


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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:

  1. 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, ultimately 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%.
  2. 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 $40,000. This debt was reduced by over 80%.
  3. 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.
  4. 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.


CLICK HERE FOR A FREE CASE EVALUATION

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 payments.

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.

Consumer Rights

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.

Student Loan Debt Reduction Lawyers

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 case evaluation

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