As an Army veteran, I used GI bill benefits for undergraduate education. For graduate school for Family Therapy and Mental Health Counseling, I had to access education loans at 6% plus percent interest rate.$60,000 worth. I started making payments towards interest while in school, I owe $59,000.
Is there a way I can reach a settlement with Navient via lumpsum payment? This debt is crippling.
The big factor here is if these are private or federal student loans. If they are private student loans then see “This is How You Can Settle Your Navient Student Loan.”
Forget settling your federal student loans. There are income-driven repayment programs available for those.
There are some significant consequences and benefits in settling your private student loans. The reality is that to get a good settlement offer you will have to default on your student loan debt. This will hurt your credit report and lower your credit score. You will then need to figure out which department to talk to at the right time and you’ll have to know if you are getting a good offer or not.
If you are not insolvent, the debt forgiven as part of your settlement may be taxable and you may have to pay income tax on the forgiven debt.
Navient is known to make offers for lumpsum settlements and also payments over a series of months. Again, knowing what is the current strategy really comes down to experience.
The policy on settlements ebbs and flows between internal departments and what the current policy is inside Navient.
If you are working with a knowledgeable specialized debt consultant that routinely deals with Navient you will have better information on what they are accepting when you are ready to settle.just use the online form .