![]() Those loans are federal student loans, and your best bet for relief is to check out the student loan forgiveness programs offered by the Education Department. If your loans have been transferred to Aidvantage, I have bad news for you: You won’t see any loan eliminations, even if your loans originated with Sallie Mae, moved to Navient, and are now with Aidvantage. Navient still services federal student loans made under the Federal Family Education Loans, which won’t be wiped out because the settlement’s terms don’t cover them. ![]() Private student loans may be canceled if your account was delinquent for seven straight months before June 30, 2021, and you live in one of the participating states. If you’re a Navient borrower, you may have a glimmer of hope. Check out student loan refinance options to get a lower payment amount. You can still explore student loan refinance options to get a lower payment amount. If Sallie Mae holds your loans, you’re out of luck. The settlement only covers loans made during a specific period (2002-2010). The company that holds your loans is a key indicator of whether you can expect any relief. Contact your student loan servicer to check whether you qualify for debt relief. If you didn’t get the letter, don’t worry just yet. ![]() If you were one of the lucky ones, you would have received an official notification, almost the same as this sample, last year. Last summer, postcards appeared in people’s mailboxes, heralding the good news that their loans would be erased thanks to the Navient settlement. Related: How to Get Sallie Mae Loans Forgiven These are the questions that everyone is asking, and we’ll dive deeper into the specifics to help you get a better sense of whether you might be eligible. So what’s the deal with this Navient loan forgiveness settlement? Do you even qualify for any debt relief? The settlement administrator has already notified eligible borrowers, so if you’re still waiting to hear about your debt cancellation, it’s likely that your loans weren’t included in the settlement, and you’re still on the hook for the remaining balance. The reasons for this are many, but the end result is that only a measly 0.15% of all student loan borrowers are eligible. Navient, the most notorious player in the student loan game, made a flashy announcement last year: they would forgive the debt of 66,000 borrowers who had been fleeced with predatory loans and exorbitant interest rates between 20.Īt that time, Navient and its predecessor, Sallie Mae, were being accused by multiple government agencies of using aggressive tactics to push students into taking out loans they couldn’t pay back.īut here’s the rub: very few of those in debt to Navient ended up qualifying for relief.
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