How Can I Lower My Navient Private Student Loan Payment When They Won’t? – Asad


Dear Steve,

I have private loans with Navient (Sallie Mae) and I have been on a rate reduction plan for them for the past 4 years I believe. Well, I wanted to renew my rate reduction plan because I had to purchase a newer car to get to work. I explained to them my situation and gave them my financials however they would not budge on go lower. My September payment is due and I am willing to pay that amount because it is lower than the amount that it will go back up to. I have approximately 50K with them right now.

I am not sure what to do because I have attempted to refinance my loan and currently all the lenders that I have gone to state that I would need a co-signer. I am not sure if I can get one. At the same time I was contacted by National Student Assist and they advised they are able to help with Private Loan debt but not sure how. I am suppose to get a call later today. I attempted to look them up but I only found their website and the attorneys that work with that company. Not sure what I can do and I do not want the Navient loan to destroy my credit either. Any idea what I can do in this situation? Please let me know.



Dear Asad,

The key here is these are private student loans. A private student loan loan holder does not have to offer any breaks. Even when they do, the temporary payment reduction only causes the balance to grow because unpaid interest gets added to the balance.

So, understanding that, and understanding you need reliable transportation to get to work to earn money, you are left in a difficult spot.

Now I don’t know anything about National Student Assist other than the public information they make available on their website. It’s not clear from their website if they assist with private student loans. Most of the language appears to be about federal student loan assistance.

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They also say in their footer, “National Student Assist, LLC is a private organization that is NOT affiliated with the Dept. Of Education or any other government entity. We are a document preparation, submission and tracking service.” So make sure you are going to hire the type of company you are looking for. If you have federal student loans and want to hire someone to fill out some paperwork for you, then maybe National Student Assist is who you are looking for.

But if you are looking to hire a consultant or advisor who can guide you to a solution based on your overall financial situation, then you want to look for someone like Damon Day who is a coach and/or consultant. You could do a web search and find others offering a similar service.

Dealing with private student loans is a complicated affair. You have issues based on if the loans are even legally collectible, may be eligible for reduction in bankruptcy, or even if the loans are able to be eliminated completely in a consumer bankruptcy.

I wish I had a perfectly simple answer for you but it’s the details of the specific loan that create the opportunity for a solution and you will really need to connect with someone who has the skills and experience to spot those for you.

And even if the technical issues don’t create an opportunity for you to eliminate all or part of the debt, you always have a chance to settle the Navient private student loan debt for less than you owe. Damon can explain all of that to you. You can also read this to understand some of the additional possibilities available with a credit hit.

Bottom line – you can only afford what you can afford. Based on your overall situation and the pain you are willing to accept, the choices will become clear.

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You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Damon Day - Pro Debt Coach

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