Navient Student Loan Forgiveness Programs
Do Navient Offer A Forgiveness Program For Student Loans That Are Private?
Most student loan borrowers would ideally like to achieve loan forgiveness but for many of them, it is completely out of their reach.
You'll be disappointed to realize there are actually no forgiveness programs available for private student loans as opposed to federal student loans.
If forgiveness is not a viable option, you will be pleased to know there are other options available to you, so there's no need to panic. The next best option you have as a private borrower is to negotiate a settlement on a reduced some. So not all is lost. Take courage in knowing it is possible to take back control of your debt and reduce the overall sun to make it far more manageable.
The downside to having a private Navient loan, is that there is far more protection for the lender and far fewer payment plans and options for the borrower when compared to any other type of unsecured debt.
You can incur collateral damage for any missed payments in the form of your cosigner's Credit rating also being affected negatively. This is a very common occurrence, so it is extremely important to ensure you stay on top of your payments, or take necessary action and follow the correct advice to manage your debt through the various options as outlined here.
Despite the fact the private loans to students I generally exempt from bankruptcy, it is quite possible to use bankruptcy as a way to manage your loan. You will need to follow an adversary proceeding in order to take advantage of this route.
Other options available to you are settlement negotiation which is highly recommended, and refinance/loan consolidation.
Andrew Weber is a NACCC Certified Credit Counselor and a NACCC Certified Student Loan Counselor. He's helped numerous students who are struggling to pay back their debts. He focuses exclusively on private student loans in the USA and as far as he is aware, is the only Certified Student Loan Counselor in the US.
He has been featured in The New York Times, US News, Forbes Magazine, Nerdwallet, Credit.com and more.
Andrew's mission is to help evaluate your situation and offer the very best advice on how to proceed, even if it means not utilizing his services. You can trust his advice and expertise to guide you on the correct path.
Find out more about a wide range of frequently asked questions on his blog.