Many people get confused over whether they’re the same company or not. Here’s the fast answer: No, but they used to be. These days, they are two separate companies. Sallie Mae is offers private student loans and Navient acts as a servicer for federal and private student loans.
Beside this, are Ffelp federal loans?
FFELP student loans are federally backed loans that were originally funded by private companies. The FFEL Program ended with the 2009-2010 academic year to make way for Direct loans and some were purchased by the federal government. There are two types of FFELP loans: Commercially-owned and Education Department-owned.
In respect to this, do student loans go away after 7 years?
Student loans don’t go away after 7 years. There is no program for loan forgiveness or loan cancellation after 7 years. However, if it’s been more than 7.5 years since you made a payment on your student loan debt and you default, the debt and the missed payments can be removed from your credit report.
How do I contact Navient student loans?
Contact Us for Help
Below are some common options for private student loans. Please call us at 888-272-5543 to see which options are available for your private student loan.
The best way of determining whether loans are federal or private is to log in to the National Student Loan Database, at www.nslds.ed.gov. The Department of Ed. makes it clear that only individual borrowers are allowed to log into this site, not third party companies or financial advisors.
Today, Navient and Sallie Mae are distinct, separate companies, but they were once under the same umbrella company. When Sallie Mae started in 1972, it serviced federal student loans. … Under a separate business entity, Navient could assume Sallie Mae’s role and service both federal and private student loans.
Navient processes and services on behalf of the U.S. Department of Education, education loans owned by the the U.S. Department of Education.
Federal student loan servicers, such as Nelnet and Navient Corp., are companies that collect payments, respond to customer service inquiries and perform other administrative tasks on behalf of the U.S. Department of Education.
Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL. … Since then, Sallie Mae no longer services federal loans and provides only private student loans. » MORE: Types of student loans: Which is best for you? Most student loans are federal.
Navient is one of the largest federal student loan servicers. It also services private student loans from various lenders. … Navient was created in 2014 to take over Sallie Mae’s federal student loan servicing arm.
n el net STUDENT LOAN ACCOUNT STATEMENT Payment address: Department of Education P.O. Box 740283 Atlanta, GA 30374-0283 Your account number can be found in two different locations on your monthly statement.
The only major impact is that you will pay your student loans through Maximus (if approved), rather than Navient. That said, student loan relief is ending January 31, 2022. … Income-driven repayment plans (get a lower monthly payment) Public service loan forgiveness (get student loan forgiveness)
Return the completed form and any documentation to: (If no address is shown, return to your loan holder.) Navient – Department of Education Loan Servicing PO Box 9635 Wilkes-Barre, PA 18773-9635 If you need help completing this form, call: (If no telephone number is shown, call your loan holder.)