Who Is Navient Student Loans?

Navient is a student loan servicer and collector based in Wilmington, Delaware. It is one of the two entities that came from the split of Sallie Mae, the other one being Sallie Mae Bank.

Navient is also among the servicers that the Federal Student Aid has designated to take over FedLoan Servicing’s duties in managing student loans. FedLoan Servicing previously announced that it will stop servicing federal student loans when its contract ends.

However, Navient has also decided to end its participation in servicing federal student loans by the end of 2021. You can expect to have a new student loan servicer once Navient completes its transition of services to another servicer. Here are some things you can do in the meantime if you have Navient student loans.

Navient Will Stop Servicing Federal Student Loans by December 2021

You will have a new servicer by next year if the U.S. Department of Education assigned Navient as your current federal student loan servicer. You can find out who your servicer is by checking which company sends your monthly federal loan bill. Or, you can log into your My Federal Student Aid account to confirm your servicer.

Your new servicer will likely be Maximus. This servicer currently manages defaulted federal student loans in the U.S. Before your loans transfer to this new servicer, consider the following actions to ensure a seamless transition:

Copy Your Payment History: Log into your Navient account to access your payment history. Download these files so you have a copy. Or, you can contact Navient to request your payment history files. These documents can serve as evidence in case you encounter any billing errors when you get a new servicer.
Update Your Information: Check any email addresses, mailing addresses, and phone numbers attached to your account. Be sure all your contact information is current to avoid any issues when your new servicer gets in touch. Expect your new servicer to contact you about the transfer. Be sure to read any notice you receive to determine your next steps.

Switch Servicers Yourself

You can choose to switch to a servicer that you prefer if they offer services that meet your needs. Some servicers tend to offer options for their benefit instead of yours. You can either combine your Navient student loans into a Direct Consolidation Loan or refinance them into a new private student loan.

Note that refinancing federal student loans will turn them private. As such, you will forfeit any federal benefits you might have with your Navient student loans. However, refinancing can help you pay off your student loans faster. Be sure to assess your options and goals before choosing to switch servicers with these methods.

Conclusion: Who Is Navient Student Loans?

Navient is one of the eight federal student loan servicers. However, it will stop servicing federal student loans by December 2021. You will have a new servicer by next year, which will likely to be Maximus.

Before you get a new servicer, consider making sure that your account information is updated. You want the transition to be as smooth as possible, so confirm whether your existing contact information is current by logging into your Navient account.

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