Managing several Navient student loans can get challenging and confusing. Consolidating your student loans makes it easier to keep track of your debt and ensure timely payments.
One way to do so is through the Federal Direct Consolidation Loan program under the U.S. Department of Education. However, you can only combine your federal student loans here.
If you have private and federal student loans, you can combine your loans through refinancing instead. Thankfully, Navient provides this through its refinancing arm, NaviRefi.
What Is NaviRefi?
Navient is perhaps the biggest federal and private loan servicer in the U.S. since 2014. The company now provides student loan refinancing under the NaviRefi name. Refinanced NaviRefi loans are offered through Earnest, an online lender and Navient affiliate.
NaviRefi accepts refinancing of both federal and private student loans you took out to fund your undergraduate or graduate studies.
Am I Eligible for a Student Loan Navient Consolidation?
As per their website, NaviRefi loans are only available by invitation and only to existing Navient customers. NaviRefi sends its invitations via email or post.
To qualify for a student loan navient consolidation, you must meet the following criteria:
- A U.S. citizen or a permanent resident
- At least 18 years old or the age of majority in your state
- Attended or is attending an eligible school
- Have a minimum qualified loan amount of $5,001
- Have a job or an alternative income source
- Have a minimum credit score of 650
Take note that there are still some exceptions and additional requirements. California residents, for instance, need a minimum of $10,001 in student loans to qualify. Additionally, NaviRefi is not available for students residing in Nevada.
What Loan Terms and Interest Rate Should I Expect?
The maximum total amount of student loans you can refinance is $500,000. You have a minimum of five years and a maximum of 20 years to pay off your refinanced student loans.
NaviRefi provides your interest rate only after you apply and select an interest rate type. The rate will depend on your credit rating, length of the repayment term, and other factors.
The fixed Annual Percentage Rate (APR) ranges from 2.49% to 5.90%. Meanwhile, the variable APR ranges from 1.88% to 5.64%. NaviRefi also offers a 0.25% interest rate reduction for those setup automatic loan payment withdrawals.
How Do I Consolidate My Student Loans With Navient?
Once you’ve received your NaviRefi invitation, you can proceed with the loan refinancing application through their website.
You will need to provide your personal information during the process, including:
- Annual income
- Employer information
- Social Security number
Here are the steps you need to follow to apply for student loan navient consolidation:
- Go to the NaviRefi website.
- Select “Get My Rate.”
- Enter the requested information and your 16-digit invitation code.
- Follow the application prompts.
After applying, you will receive a conditional approval and corresponding interest rate for your loan. You will need to speak with a NaviRefi representative to finalize the approval before signing any agreements. The first payment is due between 25 to 60 days following the Disbursement Date.
Is Navient a Good Refinancer?
Navient’s NaviRefi offers low interest rates and convenient repayment options. However, remember to always shop around first and compare different loan servicers to ensure you find the lowest rates possible.