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Navient broke off from Sallie Mae Bank, one of the largest private student loan lenders, in 2014.
The allegations in Pennsylvania’s suit are “completely unfounded,” Navient said in an October 5 statement.
It’s not always the same company that lent you money in the first place. Prior to 2010, private banks, including Sallie Mae, lent federally guaranteed student loans under the Federal Family Education Loan program.
Log on to the Federal Student Aid website to find your federal loan servicer.
But getting your concerns in writing is still worth doing, if only to improve the system for others, Seth Frotman, student loan ombudsman and assistant director of the office for students at the CFPB, said in a press call in January.
“We receive thousands of complaints,” Frotman said.
I’m Joan Concilio, community manager and writer for Man Vs. And I had a crazy thought: If they could do it, so could we.
Debt, and I’m in the trenches of a war against almost ,000 in consumer debt. Debt in early 2010 and followed along with my husband, Chris, as Baker and Courtney paid off all their non-student-loan debt, took down their college loan balances, grew their assets and built Man Vs. In early 2011, we got serious about getting out of credit-card debt for good, in large part so we could gain the freedom to homeschool our daughter, Sarah, who’s now 14.
You can file complaints to one or more of the following entities: The CFPB alleges that Navient ignores borrowers’ complaints.
In addition to Navient, other major federal loan servicers include Fed Loan Servicing, Great Lakes Higher Education Corporation & Affiliates and Nelnet.
Navient services more than 0 billion in federal and private student loans for more than 12 million borrowers, or over a fourth of the U. It’s important to know whether you have federal or private student loans, or both, Martindale points out, because different types of loans have different borrower protections.
It is possible to switch student loan servicers through federal consolidation or student loan refinancing.
But you shouldn’t consolidate or refinance solely to switch servicers because there are potential risks associated with each, says Adam Minsky, a Boston-based lawyer specializing in student loans.