Millions of people are burdened with student loan debt. For many, the monthly payments are more than they can afford. If you're one of these people, you may be wondering if there's any way to get relief from your student loans. One option is to refinance student loans with Navient.
Navient is one of the top student loan servicers in the United States. The corporation also offers to refinance private loans and federal loans. Here's what you need to know about refinancing your Navient student loans.
Steps To Refinance Your Loan With Navient
Perhaps you're unsure where to begin with refinancing a student loan. Here's how to refinance student loans with Navient:
- Fill out an application: First, you need to fill out an application for refinancing. You can do that through the company's website. Once you've submitted your application, Navient will send you a link to the next step in the process.
- Undergo a credit check: Before it can finalize refinancing of your loan, Navient needs to do additional verification. It conducts this by looking into your credit history and score.
- Verify your employment status: The last step in the process is verifying that you are employed or have an income source other than social security benefits. For this, Navient may ask for documentation to prove your eligibility.
- Get your money: If approved, the company will send you a check for the amount of your refinanced loan. You'll then use this money to pay off your current loans. Make sure to read over all the paperwork and disclosures from Navient carefully so that you understand.
If you're approved for a refinancing loan with Navient, the company will work with you to create a new payment plan that fits your budget. You may be able to get a lower interest rate, depending on your credit score and the type of loan you choose.
Be sure to compare rates from different lenders before refinancing with Navient. It's important to make sure you're getting the best deal possible.
Benefits of Refinancing Your Loan With Navient
- A lower interest rate: Your student loan through Navient has a lower interest rate. It can save you money in the long run.
- Get a new payment plan: If your current monthly payments are more than you can afford, Navient may be able to help you create a new payment plan that fits into your budget.
- Consolidate your loans: You can consolidate your loans into one payment. This makes it easier to keep track of your payments and can save you money on interest rates.
- Faster payoff: You can pay off your loan faster. This is because you'll have a lower interest rate and can make smaller monthly payments.
You've worked hard to earn your degree, but now you realize that student loan debt is holding you back. The good news? There are plenty of options for refinancing and repaying student loans. Navient's student loan refinancing could be a great option for those looking to consolidate their loans or lower their monthly payments. If you're an educator, nurse, or public service employee, this may be the right solution for you. We hope that you found our guide informative and helpful in deciding whether or not to refinance your student loans with Navient.