I have been paying my sons private loans thru Navient at interest only now that time it up and they say to consolidate and gave me the amount but they want to take it out of my checking account which I do not want because there have been several times in the past that they have not applied the amount correctly they said it was my only option do you know of a way around this?
How to keep Navient from saying I have to allow them to automatic deduct payment from my checking account.
As far as I am aware, Navient offers the automatic debit option in exchange for a 0.25% interest rate deduction. Just ask them about paying a slightly higher interest rate on the proposed loan to avoid the automatic debit payment.
As Navient says, “The auto debit benefit is available on eligible loans for as long as the customer’s Monthly Payment amount is successfully deducted from the designated bank account. This benefit is suspended during periods of forbearance, certain deferment interest repayment.”