Earlier this year, Navient agreed to write off $1.7 billion in old, defaulted private student loans for 66 thousand people. The company began contacting borrowers in June to let them know their loans would be discharged.
Related: How Do I Know if My Student Loans Were Discharged From Navient?
Most, if not all, of the people whose loans were covered by that settlement, already had their balances cleared. If you still owe money on your private loans, you might need to explore other repayment options, like refinancing or negotiating a settlement.
Around the time Navient struck that deal, it also moved millions of federal student loan borrowers to a new loan servicer, Aidvantage. Read more about the Navient Aidvantage move. Many of those borrowers aren’t eligible for any immediate forgiveness opportunities. But some who work in public service or have been paying federal loans for over 20 years may qualify for the waivers and account adjustments the U.S. Department of Education recently introduced. More on those programs below.
Related: Sallie Mae Loan Forgiveness
Finally, Navient continues to service some older federal student loans made under the Federal Family Education Loan Program. Those FFEL Loans can receive credit towards repayment plan forgiveness for months spent in lengthy forbearances. Read more about forbearance steering.
Learn More: Will Navient Loans Be Forgiven?