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TiredofAdulting

Navient Student Loan

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Hi Guys,

 

I have a Navient Student Loan that's in a Charged off status. Per Experian, this should be on my record until Sept 2018. (I originally borrowed $8,500.00; they wrote off $10,550.00 & the current balance of 04/13/2018 is $14,322.00). All of my other federal student loans are in deferment until August 2018 and I am considering doing a federal student debt consolidation loan. I was thinking of doing the debt consolidation loan to make sure all of my federal loans qualify for Loan Forgiveness. As a public servant, my student loans will be forgiven after 10 years of on-time payments to a qualifying loan.

 

Should I try to get the Navient Loan included into the debt consolidation? In the past, Navient has also sent me settlement offers to pay about $2500.00.

 

I am unsure if I should include Navient Loan in the debt consolidation or borrow from retirement plan to pay them a settlement and leave them out of the debt consolidation.

 

 

Thank you for any assistance you give on this matter.

 

 

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Welcome to CB! :)

.

Bumping your post for the evening crowd.

 

Thanks, Kat58.

 

In addition, I've done some research on the topic from reading other credit boards. I've read that just because the loan comes off my credit report, doesn't mean that I can't be held responsible for the debt because it's a federal student loan with not statute of limitations. So, I'm leaning towards trying to include it in my student loan consolidation.

 

Still, I ask: Student Loan consolidation or settlement?

 

*sigh* :bump:

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UPDATE: So, I may have found the answer to my own question. Per the article below, my loan is actually PRIVATE because it was charged off. Federal loans cannot be charged off? Does that sound legit? I'm kind of confused STILL because I read somewhere else that Sallie Mae (which was my OC) are now private loans and Navient is the federal loan...

 

 

 

http://www.mycreditcounselor.net/how-to-tell-if-your-student-loans-are-private-or-federal/

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Hi and welcome!

 

Navient can be both private OR federal. Consolidating your federal loans is still a decent idea, especially for the 10 year public service loan forgiveness. To check to see which loans qualify, you'll have to set up a account with studentaid.gov, then get on the nslds.gov site. Can't get on nslds without a student aid account, but it will list every federal loan taken out, when, balance, etc. Student aid will help with the consolidation process, and it's really straightforward.

 

If your Navient is federal, settle before consolidating. If it's private, check the statute of limitations in your state and when you defaulted. If you're not sure on the SOL, list both answers here. Get paper reports from all 3 CRAs and don't talk to them. If it's due to drop off your reports this year, there's a good chance you're out of SOL, and can dispute it as obsolete.

 

Sent from my LG-M150 using Tapatalk

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Hi and welcome!

 

Navient can be both private OR federal. Consolidating your federal loans is still a decent idea, especially for the 10 year public service loan forgiveness. To check to see which loans qualify, you'll have to set up a account with studentaid.gov, then get on the nslds.gov site. Can't get on nslds without a student aid account, but it will list every federal loan taken out, when, balance, etc. Student aid will help with the consolidation process, and it's really straightforward.

 

If your Navient is federal, settle before consolidating. If it's private, check the statute of limitations in your state and when you defaulted. If you're not sure on the SOL, list both answers here. Get paper reports from all 3 CRAs and don't talk to them. If it's due to drop off your reports this year, there's a good chance you're out of SOL, and can dispute it as obsolete.

 

Sent from my LG-M150 using Tapatalk

 

Thanks so much for the response, Tralston.

 

  • I googled and the SOL in my state is 3 years for installments, promissory notes, and CCs. I decided to go ahead and just let if fall off.
  • And, I logged into the nslds.ed.gov website and the Navient loan is not listed; so it is definitely private.
  • Also, 3 out of my 9 loans are not eligible for PSLF so I'm going to go ahead and do the debt consolidation; I start payments in August this year.

 

I am feeling good about my student loans situation for the first time in years! :yahoo:

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Hi and welcome!

 

Navient can be both private OR federal. Consolidating your federal loans is still a decent idea, especially for the 10 year public service loan forgiveness. To check to see which loans qualify, you'll have to set up a account with studentaid.gov, then get on the nslds.gov site. Can't get on nslds without a student aid account, but it will list every federal loan taken out, when, balance, etc. Student aid will help with the consolidation process, and it's really straightforward.

 

If your Navient is federal, settle before consolidating. If it's private, check the statute of limitations in your state and when you defaulted. If you're not sure on the SOL, list both answers here. Get paper reports from all 3 CRAs and don't talk to them. If it's due to drop off your reports this year, there's a good chance you're out of SOL, and can dispute it as obsolete.

 

Sent from my LG-M150 using Tapatalk

Thanks so much for the response, Tralston.

  • I googled and the SOL in my state is 3 years for installments, promissory notes, and CCs. I decided to go ahead and just let if fall off.
  • And, I logged into the nslds.ed.gov website and the Navient loan is not listed; so it is definitely private.
  • Also, 3 out of my 9 loans are not eligible for PSLF so I'm going to go ahead and do the debt consolidation; I start payments in August this year.

I am feeling good about my student loans situation for the first time in years! :yahoo:

Very good! You can start disputing the Navient loan on your credit report as obsolete now.

 

Sent from my LG-M150 using Tapatalk

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Hi! This was great info for me. I looked up my info on nslds.ed.gov to see about the loans that I consolidated with my spouse (now ex-spouse) when such consolidations were allowed. The loan is currently with Navient, in default, and the balance is an obscene amount (think a high end mortgage). So, the Navient loan does not appear in the list. I see the original loan consolidation which says “paid in full” with no principal balance. The total balance does not reflect navient, only my graduate student loans. I can conclude that the Navient loan is private, correct?

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Hi! This was great info for me. I looked up my info on nslds.ed.gov to see about the loans that I consolidated with my spouse (now ex-spouse) when such consolidations were allowed. The loan is currently with Navient, in default, and the balance is an obscene amount (think a high end mortgage). So, the Navient loan does not appear in the list. I see the original loan consolidation which says “paid in full” with no principal balance. The total balance does not reflect navient, only my graduate student loans. I can conclude that the Navient loan is private, correct?
Glad we could help.

If the Navient loan isn't listed, at all, on the nslds site, then yes it's private. If it IS listed, it may not have been included in the consolidation. Keep in mind, Navient is the servicer, so if you have loads you've defaulted on, you'll have to click on those loans to make sure navient isn't the servicer.

If they're not listed any where on that site, feel free to start a new thread, so we can help you with your specific situation. Include details, such as when you defaulted, what state you're in (if you don't already know the dofd), etc.

Sent from my LG-M150 using Tapatalk

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Thanks! Navient is not on there at all. The loans after the consolidation are still with the DOE and under wage garnishment (I have a separate thread about that). I am ordering a copy of my credit reports through the mail to see in detail how the loan is listed. I will create a thread after getting more information. Thanks!

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UPDATE: I disputed the navient loan on all 3 credit reports as obsolete and it's been removed! Also still in the midst of consolidating the federal loans. I'm so happy and relieved! 

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Congratulations!!!!! Navient is only on one of my reports. The other loans with the DOE are on all of them and will fall off by Jan 2019 (although I know they still on the CAIVRS). 

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