Every day, a bubble of the student loan debts is getting more and bigger. Today, the United States ranks the first among all other world countries in terms of the total size of student credit debt. According to the Federal Reserve, the overall amount of student loan has been reaching to $1.6 trillion by 2019, and several people who have taken student loan credit were 49 million in 2018. If you are one of those who is pressured by such debt burden, then you most probably would like to know about Navient student loan forgiveness. Through such an opportunity, you will have a great chance to get rid of your outstanding amount of debt balance, and even to become ultimately debt free. In this post, we are going to look at the main concepts of Navient Student loan forgiveness program and how you can get it.
Navient lawsuit explained
Even if starting from the beginning of 2010, it was possible to notice some sorts of claims against Navient. For example, the Consumer Financial Protection Bureau sued the Navient with several complaints of unlawful manners such as misallocated payments. Besides that in 2017, Illinois and Washington attorney general and CFPB alleged Navient for challenging the borrowers to deviate them from income-based repayment plans. Also, there were some cases that Navient is claimed for releasing inaccurate information towards the rules of repayment plans and how to be eligible for the co-signer release.
However, in 2019 there is still many lawsuits against Navient. For example, Pennsylvania Attorney General alleges Navient for mishandling payment regulations in terms of suggesting the borrower’s forbearance instead of more reasonable and better alternatives such as income-driven repayment plans. Behind all of these stories, there is some good news for the borrower at last. It worth to note that the Consumer Financial Protection Bureau has been applying to Federal Court about the Navient’s deceptive business practices. CFPB alleges that Navient has to be obliged to pay compensation to the borrowers who have been impacted by illegal commercial activities of Navient. By taking into consideration of the massive number of lawsuits, what seems to be sure is that most probably Federal Court will decide in favor of the borrowers in terms of Navient student debt forgiveness.
Before jumping into the details
First of all, let us make it clear that why Navient student loan forgiveness matters so much in these days. It is because Navient is just one of the massive number of lawsuits related to student loan problems. There are so many giant companies, educational service corporations, loan servicing agencies and other relevant institutions that have been the source of severe issues of student loan debts. It is clear that there is an apparent student loan debt crisis in the whole US, that is why the politics and different types of government institutions are quite aware of it. By taking into consideration of how dangerous the situation is, there is no doubt that the upcoming wave of student loan forgiveness or discharge programs are inevitable.
From this point of view, we surely say that it is not a time for sitting down and waiting for that benefit will come and find you. Let us take a closer look at how you can apply for Navient student loan forgiveness program.
How to get Navient student loan forgiveness
It has to be mentioned that right now there are no such terms as “Navient student loan forgiveness,” it is just an expectation or assumption. Because, neither the US Department of Education nor Federal Student Aid has been adopted accurately official decision related to such a problem. However, there are several secrets under Navient lawsuit that is an excellent chance for the borrowers to take the benefit of the real-time situation. By using the articles of the Navient lawsuit, you can get fully-funded student loan discharge and even some sort of reimbursement if you get lucky. Here is the solution for how to get Navient student loan debt relief.
Navient student loan cancellation through Borrower Defense to Repayment
If you have borrowed credit through Navient, then you have a great chance to be eligible for Borrower Defense to Repayment program. Unfortunately, the US Department of Education does not allow the borrower to apply for BDAR by alleging student loan servicer. However, you still have the chance to take a look at your school which is the primary reason you have borrowed money from the Navient to attend it. If you find any illegal activity or unlawful manners such as any elements of deceptive business practice, then you might be eligible for Borrower Defense to Repayment Program.
If such a case is a matter of subject, you have one more opportunity to get rid of your massive debt balance and even get a sure refund. This alternative is Closed School Discharge Program which is created by DOE in the purpose of assisting the students who have been defrauded or experienced any illegal act by their school to take student credit.
How to fight to eliminate Navient student loans debt?
If you think that you are eligible for neither Borrower Defense to Repayment Program nor Closed School Discharge Program, don’t worry, there are still other alternatives. If you have Navient Federal Student loan, congratulation, you are just more lucky than private student loan borrowers. To wipe out Navient Federal student loan debts, you can sue the following options.
Apply for Income-Driven Repayment plan – one of the most practical and effective alternative to deal with a massive amount of student loan debts is choosing a convenient repayment plan. The income-driven Repayment plan allows you to adjust your income into your monthly payments, for example even if you have no income; you will be charged for zero monthly payment.
Public Service Loan Forgiveness – it is also one of the most popular student loan forgiveness programs which cover a wide area with flexible eligibility requirements. This forgiveness program intends for financially helping the borrowers who work in the public sector on government institutions.
Total and Permanent Disability Discharge – DOE designs this type of student loan discharge program to assist borrowers who are physically or mentally disabled or who are veterans.
What are the illegal acts that Navient alleged for?
As we mentioned earlier, the best way to support your claims against Navient is the official lawsuit that Consumer Financial Protection Bureau and some states attorneys have alleged to Navient. Here are the main unlawful acts that Navient issued for by CFPB
- Mishandling of Borrowing payments into their accounts
- Trying to pressure the borrowers to make payments more than required
- Releasing false statements to the borrowers about co-signer release
- Trying to escape of disclosure of required details which is essential for the borrowers to lower their payments
By the way, these were overall shortcuts of general elements of the lawsuit, of course, you can find more detail to use in favor of your filing argument.
To sum up, it worth to remind again that it is the right time to check your chance whether you are eligible for Navient Student Loan Forgiveness or not. It is better to consult with your lender or any other professional advisors to determine the details.