January 10, 2022

How To Lower Navient Student Loan Payments

Repayment

Student loan payments are a great way to help manage your finances. Navient is one of the largest providers of student loans in the United States, and they have many different repayment plans that can help you lower payments. The standard repayment plan for Navient student loans is a fixed monthly payment for ten years. It can be quite tough to afford, especially if you are on a tight budget or have other debts to pay off on top of this. Fortunately, there are numerous ways to reduce your payments with Navient.

How To Lower Navient Student Loan Payments

Lowering your monthly payments is important to keep your debt from spiraling out of control. Here are some ways that you can reduce your Navient student loan payments:

1. Refinance a Portion of or All of Your Loans

By refinancing a portion of your loans, you may be able to lower the monthly payments on all or some of your student loans. Many people refinance their federal and private student loans through Navient to receive better rates. You can also consider refinancing an entire loan if it has a high-interest rate compared to other lenders.

2. Apply for a Deferment

If you cannot make payments on your Navient student loans during times of financial hardship, then consider looking into temporary loan deferrals. These can help keep your interest rates low and prevent them from skyrocketing further. With the unemployment rate still high in many parts of the United States, this is an option that is becoming increasingly popular.

3. Request for a Forbearance

If you are unable to make your monthly payments but don't qualify for a deferment, then you may want to apply for a forbearance. A forbearance will allow you to stop making payments or lower your monthly payment amount for a specific period. Remember that interest will continue to accrue during this time, so it is best to only use forbearance as a last resort.

4. Enroll in an Income-driven Repayment Plan

The best way to lower your payments with Navient is to switch to one of their income-driven repayment plans. It will cap your monthly payment at a percentage of your discretionary income, which can be much more affordable than the standard plan. You can also choose from four different plans:

  • PAYE (Pay As You Earn): This plan caps your monthly payment at 10% of your discretionary income, and it forgives any remaining debt after twenty years.
  • REPAYE (Revised Pay As You Earn): This is comparable to PAYE in terms of payment calculation. REPAYE helps you benefit by requiring you to only pay half the interest accrued over the loan's term.
  • IBR (Income-Based Repayment): IBR considers your income, but they also look at how many people live in your household and where you reside.
  • ICR ( Income-Contingent Repayment): ICR is normally more expensive than income-based plans, but it has fixed interest rates. With a 25-year payback term, this is very beneficial.

Conclusion

It can be challenging when you've had the opportunity to repay your student loans over time. No one wants to have a mortgage for the rest of their lives, so it is wise to explore all options available.

Navient offers a variety of repayment plans — like what was discussed above — that can help borrowers with different financial situations to start repaying their loans. If you know which plan is best for you, you can lower your monthly payments or even receive forgiveness on certain plans.

Use Chipper for Lower Payments

Chipper can help you find a student loan repayment plan that actually fits into your budget. You simply fill out your information and link your student loan account for us to generate your options in seconds. We help the average student loan borrower save over $300 a month off their student loan monthly payment. Lowering your monthly payment plan can game changing for your personal finance and can be done in minutes! Sign up for Chipper today to get on track with your student loans.

Use Chipper for The Best Path to Forgiveness

Finding your path to student loan forgiveness is easier than ever before. Chipper helps members find better Income-Driven Repayment (IDR) plans every day. Once enrolled in an eligible repayment plan, we can help you explore your forgiveness options and understand your path towards forgiveness. Sign up with Chipper today and get on track with your student loans.

Use Chipper for Round-Ups

Paying off your student loans doesn’t have to be a long and painful journey. Round-Ups are a way to directly pay off your loans with your everyday spending! By tracking your linked spending account(s), we will calculate the rounded up amount from each transaction in a week (IE spending $4.28 would add $0.72 to the weekly amount). We then initiate a payment towards your student loan for the weekly amount. Get chipping away on your student loans with Chipper today.

Use Chipper for Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program was created to provide relief to borrowers aiding the public sector. Unfortunately, 30% of applicants are denied due to incorrect paperwork. We can help! Chipper was created to solve this issue by assisting borrowers in understanding their options as well as allowing forgiveness eligible users enroll into the best forgiveness program available. Sign up for Chipper today to see your student loan forgiveness options and get the forgiveness you deserve.

Use Chipper for Teacher Loan Forgiveness (TLF)

The Teacher Loan Forgiveness (TLF) program was created to enable teachers working in Title 1 schools to receive student loan forgiveness of up to $17,500 (depending on their teaching subject). Chipper has helped teachers from all over the country qualify for TLF program and can help you get the forgiveness you deserve today. Find out if you qualify for forgiveness in minutes with our employer search tool.

See How Much You Can Save with Round-Ups

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