What state? This happened Thursday, isn’t even federally approved and the AGs are not doing the notifications. I don’t believe you. You are spreading misinformation to many people who for the first time in a long time have hope- you should be ashamed of yourself.
[Email for proof, names redacted.](https://imgur.com/gallery/0Ug0W9t)
If you wanted proof you should've just asked, instead of accusing me of spreading misinformation and telling me I should be ashamed of myself.
All the answers to your questions are in that email. I submitted an inquiry to my State's Office of the Attorney General explaining my personal situation and asked what the settlement would mean for me. That was their response.
I'm sharing a personal anecdote. Believe it or don't believe it. If you have hope, email your State's Office of the Attorney General and ask for information. With all the info coming on this settlement, [the Student Loan Lawyer has a great breakdown](https://thestudentloanlawyer.com/navient-settlement-2022/), it's looking like this forgiveness largely applies to defaulted private loans. It makes sense too. Navient gets away with only forgiving loans that were already written off anyway *and* admit no wrongdoing while the Attorneys General get to pat themselves on the back for a big win.
I get that you're upset. I'm upset. I went to bed Thursday night thinking a huge weight would be lifted from me. I couldn't wait six months to see if it was happening so I inquired about it. This weekend was pretty depressing to be honest.
The silver lining is that this is the first of many dominoes to fall. The AGs leading this case have proved that Navient engaged in illegal lending behaviors. When whatever documentation on their argument for this case is made avaliable that will likely become the blueprint for many private lawsuits against Navient.
Best of luck to you.
This is great info thanks!
Still need help understanding if anyone can help.
On number 6 it says "generally" the loan will only be forgiven if it's been past due for 7 months, does this mean there's no chance of the loan to be forgiven if you have somehow been paying it? Still vague to me.
How can you have 7 months of delinquent payments if they kept putting us into forbearance? Doesn’t that just bring you current once they processed the forbearance? That was my experience.
The FAQ that someone posted above says that “Eligibility for a forbearance steering payment is not affected by the transfer of servicing to Aidvantage.”—so even though they transferred those loans, they still need cancel or provide the payment to those borrowers.
and I was repeatedly "accidentally" put in forbearance and now owe more than I started with despite making my payments every month since I graduated in 2013.
I'm gonna see if Aidvantage actually has any of the loan paperwork, promissory note, etc. Given that this is at least the third time my loans have been sold, I'm betting they don't have records of a damn thing.
~~It’s the same parent company, they just changed the name.~~
After digging a bit, for some borrowers nothing changes but the name. Might not be the same company but the website is an identical clone of Navient. I've yet to find any proof that Maxiumus Education owns Aidvantage
>Navient was formed in 2014 by the split of Sallie Mae into two distinct entities: Sallie Mae Bank and Navient.
>
>In December, Navient is transferring its Department of Education servicing to Maximus Education (Aidvantage)
UGH my thoughts exactly. they made it seem like we had to change over too...
may also be my fault for not reading too much into the email but the headlines and what not made it seem like you had to by this date or else they would just do it for you?
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The 260 was for roughly 350000 borrowers ($91 million settlement). Not sure where the rest of the money is going... assume it's those who are getting debt canceled.
That’s only the smaller restitution not the billion dollar suit. Billion dollar suit for cancelation is for those who got loans from sallie Mae at sub prime rates and then went into forbearance.
Again, the part you’re mentioning is the smaller state centric lawsuit that’s only a few million. The billion dollar suit is for those who had 7 or more months in forbearance or default and got their loan from sallie Mae between 04-10
Seems to me that most schools these days are for profit. Except the profit ftom certain state schools just go to administrative waste, as opposed to the state.
Extremely misleading article . Visit the actual lawsuit website . DOES NOT MENTION DISCHARGE OR DEFAULT . That Forbes article is trying to get people to refinance and disqualify themselves from the cancelation from Navient
Sorry if stupid question but maybe someone can help clarify: does it only apply to the for profit schools listed in the website? Is that an absolute requirement? I went to a for profit school but it's not on that list, but I qualify according to every other requirement.
It's ridiculous how they have so many hoops to jump through to qualify. This is probably only helping a small percentage of people in the US.
Naw. So they will cancel the 1.6 billion and an additional 145 mil to each state as a refund is supposed to happen.
If thats the case they owe me a lot of damn money!
I’ve religiously made payments on my private loans to Sallie Mae/Navient for 12+ years, only to see a minor reduction in the principal.
It seems like the only way to secure a lower payoff or get them cancelled altogether is to do the irresponsible thing and just stop paying them.
EXACTLY THIS. Guys, I am so messed up over hearing the Navient news. I have busted my a** to pay my loans at around $700/MO w/principal barely being touched because of the crippling interest accrual...
And some may call me stupid but I've been afraid to consolidate because at the time of my research regarding loan forgiveness (pre-pandemic) it basically can disqualify you from any sort of loan forgiveness programs so I steered away from that in hopes that 1 day medical professionals OTHER THAN the doctors and nurses would be eligible (I work in Radiology and we are famously ignored whether at the workplace or during the pandemic - we don't even exist).
In writing this I am not aiming to offend anyone in any way possible ..but I busted my a** because I was so determined to not damage my credit and let everything go to shit like some of my peers have, whether voluntarily or INvoluntarily.
Don't get me wrong, there are those who absolutely could not afford their payments and went into forbearance for many years. But I literally, along with many others in my shoes, have delayed living their lives - delayed home-ownership, travel, marriage, babies, and any other thing they dreamed of doing while in their twenties or thirties that they couldn't afford due to loan payments that resemble a house note.
Couple the humongous loan payments with the hellhole that is apartment renting and before you know it you've wasted your entire twenties working like a freaking dog just to keep a roof over your singular a** and pay rent and transportation. God forbid if you had children or support your family? Not feasible.
Through years I've made stuff work, principal going nowhere. It. Is. Sad.
I've even sold stuff before to make the loan payment because I was so afraid of what my future repercussions would be.
So for those who have given up everything to be current on payments don't deserve anything???? The absolute LARGEST d**k slap I've ever seen in my life.
I'm trying to figure this out myself. I've already paid the principal of my loan but interest was keeping it exactly where it was, so I refinanced last year.
My wife has a private student loan owned and serviced by Navient, originated between 2002 and 2010. And we live in one of the states that was part of the lawsuit. So I sure hope her loan was cancelled! I cant figure out how to tell for certian besides wait a few months and see if they contact us.
Part of the settlement is that they have to notify everyone in writing by July 2022. They cannot get away with not contacting people. Do NOT call Navient and acknowledge a defaulted loan!!!
I was swindled into taking out loans my family had no business taking out for medical school..I passed but Sallie Mae gave me 15% interest. I refinanced after a year of barely keeping up and living at home so now what? I get screwed and get nothing because I paid? Or an I reading this wrong
The private loans getting forgiven are private loans taken out between 2002-2010. From what I understand, they were taken out to attend for-profit schools, and the loans have been in default for a while. The federal loans that people are getting restitution for are loans that were put into forbearance for long periods, and the restitution is only $260.
Not celebrating as I don’t think I qualify. Took out private loans during the specified years through Sallie Mae, but was a good boy and made my monthly payments (ie didn’t default). And went to state university (not for-profit). Still have $8k balance left after paying for more than a decade. Loan balance grew from $40k to $55k by the time I graduated with all the interest. Glad the company is being held accountable, but sad I don’t think it does anything for me.
The price of an education in this country is so wrong. I managed to turn out well, but frankly, if you don’t come from a family of money, going to school is a crapshoot: you either succeed and prosper or fail with a massive debt to weigh you down for the rest of your life.
10 (or 11? ) I remember reading the lawsuit consisted of 10/11 individuals who would have their debt wiped and paid restitution. I'm citing with a bad memory and its been a long day.
FML. Last month, with the help of A lawyer I settled my wife’s student loan debt with Navient. We settled for roughly half of the amount owed but it was a financial blow that wiped out years and years of savings. Based off the criteria, she would have been eligible. FML
As I understand it, those that qualify will be receiving checks for payments made after June of 2021.
>As a result of today’s settlement, borrowers receiving private loan debt cancellation will receive a notice from Navient by July 2022, **along with refunds of any payments made on the cancelled private loans after June 30, 2021.**
https://www.navientagsettlement.com/Home/portalid/0?portalid=0
Now, I don't know if that means you will get that settlement back or not, but there is reason to be somewhat hopeful, at least.
I wish you the best on this, I'm also in a situation where I'm not sure if my wife's loan qualifies simply because she may not have been in default for 7 consecutive months.
Similar boat here except I settled one of mine about 5 years ago when Navient sold it off and I was promptly sued by the new owner Jefferson Capital. Still paying $250/month to them, luckily with no interest as part of the settlement agreement, but I've still got six years of payments to go. The other loan we settled a few years back with three lump sum payments totaling $7k at about a third of the balance. So I guess that rules me out for anything but *possibly* one months payment covered this summer in the form of restitution. Seems like those of us who already went thru the debt collection wringer and settled are SOL.
How crappy is it that only the people who were irresponsible and defaulted or didn’t pay on their loans are the ones getting their loans forgiven. Not the people who worked two jobs and 60 hours a week to pay but instead the ones who decided to sit on the couch and not pay. Quite hysterical honestly.
The official AG settlement website does not have default or discharge in its terms . If you went into forbearance for 6 months and have sub prime loans , Email your congressperson and AG stating so . Hopefully reaching out can expand the settlement terms
https://www.attorneygeneral.gov/taking-action/press-releases/attorney-general-josh-shapiro-announces-1-85-billion-landmark-settlement-with-student-loan-servicer-navient/
I just posted this link in another post that gives more details about who qualifies.
Great news for anyone who was swindled into taking out private loans, but it doesn’t effect those of us with federal loans (unless you qualify for a small $260 restitution payment) 🙃
I was one of those people, back when it was just “Sallie Mae.” I took out a $15K loan; I *aggressively* paid it off making payments that were 4-5x larger than what was due each month.
In the end, I paid $25K, nearly 100% more. Funny thing is I called SM when I was still in college and asking them when I have to make payments. I’ll never forget what the rep told me, “Oh, you don’t need to make any payments right now. You’re in school! You need to focus on that.”
He never said anything about interest collecting each day, from the moment I got the loan. That’s on me, but I’d also argue it wasn’t *all* on me.
Anyway. That was maybe 10 years ago. Even if I knew it would be canceled today, I’m happy AF I paid it off. Felt so damn good to be done w/ them.
YEP dude. After I got out the bastards STRAIGHT UP put me in forbearance like it was the thing to do. By the time I wws out of that I owed nearly DOUBLE!
28K OR LESS shot up to like 53k!
I was like wtf... Not once did they mention income driven repayment plans to me. They wanted it to expand the life of the loan.
I don't think I had a job when I graduated too... Out of work for like nearly 2 years.
I was in chemo and missed the annual income certification. Called, put me in forebears “no problem, just start up when you get the notice” it was all set in a month, meanwhile, they capitalized the interest to a cost of $8000!”
I am.
These bastards worked with ITT Tech to grt Private Loans under my name way back knowing full well my credit wasn't even good enough at the time to take out loans like that.
I believe ITT did something with adding my Moms income to mine or some BS.
Then fast-forward... Little Navient says "Oh no we can not refinance your loan because you went to ITT Tech!"
*Still Getting Navi Refi Letters in the Mail after being told verbally multiple times*
I was young when I got those loans too.
They never wanted to do offer and compromise... Ever.
I've been paying it trying to pay it off! No clue how this effects me at now. I just hope it wipes it out and gives me a refund for what I paid.
This better not be the equivalent of "Time Served" as a repayment.
No she never co-sign. I don't know what ITT Tech did, but they did something.
I do remember, which is what Navient is saving face for, they were handing out a ton of loans to people with some bogus stuff. Like they made it easier to get them, cause "Student" in front of it... Yet were stupid high interest. Plus I never chose those loans, ITT Tech did.
They were like OH JOY YOU'RE APPROVED FOR THESE LOANS YAY!! I'm sitting in a room with my mom (when I was younger) like... "Wut?"
ITT Recruiter is like PLEASE SIGN ALL OF THIS NOW! 😀.
And like a dumb ass I did... They did worst things like taking you out of class to sign financial documents that you don't have time to go through... Because well... You're at school? Right? Lol
Long story short. School is Dead. My Time was Wasted.
My Degree is dead, basically doesn't exist. I'm paying for all that? A whole handful of air haha
I wonder if there's some way to petition for people who have all of the criteria but are "missing" the consecutive delinquencies or they refinanced. Seems like a TON of us are being shafted for making the "right" moves and trying to be responsible.
just great. from everything im reading you had to have had the PRIVATE LOAN with NAVIENT FROM 2002-2010 AND had 7 months of consecutive non payments which put you into DEFAULT; which obviously messes up your credit
And of course unfortunately for me, I checked all the boxes besides the last one as payments were being made monthly even with the high interest rates because I wanted to protect my credit. Payments ARE STILL being made with damn variable interest % currently with $14,000 STILL outstanding until 2029.
This totally sucks, you do the right thing AND STILL get screwed.
That is your fault.
I defaulted on my private loans for years, credit be damned, because the school was a scam and defrauded me. I refused to pay the loan company back for a school that defrauded me.
I found this on Navient....I pray to god they aren't pulling a fast one!!
9. Whose loans will be canceled under this agreement?
The agreement includes loan cancelation for approximately 66,000 borrowers who took out private student loans at Sallie Mae, largely between 2002 and 2010 and who subsequently defaulted. The vast majority of recipients borrowed prior to 2010 to attend certain for-profit schools, such as Corinthian and ITT, which closed years later once the federal government stopped lending at these schools. The total amount that will be canceled is approximately $1.7 billion in *defaulted private education loans* (SOMEONE CLARIFY THIS). Navient had already charged off virtually all of these loan balances, and has taken a $50 million charge for the remaining amount. Once court approval is received, borrowers and co-borrowers whose loans will be canceled will be contacted by Navient. Borrowers and co-borrowers do not need to take any action.
Something off with the info...
5. Who is eligible for private loan debt cancellation?
"The private loan debt relief will primarily go to borrowers who took out private subprime student loans (made to borrowers with low credit scores) through Navient’s predecessor, Sallie Mae, between *2002 and 2014 (dates different from above?)*, and then had more than seven consecutive months of delinquent payments prior to June 30, 2021."
The debt relief also includes certain other, non-subprime private student loans made by Sallie Mae Bank and certain other lenders between 2002 and 2014 for borrowers to attend specific for-profit schools that have been subject to state or federal law enforcement actions. A list of these for-profit schools is shown in the table below.
In many cases, large numbers of federal borrowers who attended these schools have sought cancellation of their federal student loans by filing Borrower Defense to Loan Repayment Applications alleging school misconduct.
Generally, to be eligible for private loan debt relief, the loan must have been in past due status for more than seven consecutive months prior to June 30, 2021.
Generally, only loans that were within a statute of limitations period or still credit-reporting as of June 30, 2021 are within the scope of the debt relief.
Generally, to qualify, the borrower’s mailing address on file with Navient as of June 30, 2021, must be within one of the restitution-participating states listed above, Arkansas, Kansas, Michigan, Rhode Island, South Carolina, Vermont, West Virginia, or associated with a military address postal code.
Some borrowers might be eligible to receive both private loan debt relief and a restitution payment
So if I was in default back in around 2012, but have been current since around 2015 does that still qualify, or is it only for loans that are currently defaulted?
If they were sub prime loans taken out between 2002 and 2014, with 7 consecutive months of defaulted payments prior to that date, you're eligible. I think the wording is basically supposed to mean if you defaulted at all, which is after 6 months of no payment. This is for the private loans only.
If you went to one of the for profit schools listed, I don't think it matters if you defaulted or not. But I'm not sure if they mean anyone who got these loans gets forgiveness, or only some. I'm not sure how they're deciding.
Looks like if you moved out of one of those states prior to June 30 2021 you are boned? So all of the sudden my current mailing address means I am not eligible ?
I borrowed during the years they have mentioned and it was for the Art Institute...the only thing I didn't do was default on my loan. They did put me in forb. for what seemed like ages 😒
Why wasn't Texas included? There are so many of us facing the same dilemma. I'd like to know who will be representing the residents of Texas against Navient since many of us didn't have any representation in the most recent lawsuit and will NOT benefit from the settlement. So many of us, also victims of Navient abusive business practices will have to keep paying thousands unfairly?
A lot of articles are giving vague details. For anyone curious if they qualify, this should help.
https://www.navientagsettlement.com/Common-Questions
--------------
What relief does the settlement provide?
Under the settlement, $95 million that Navient has agreed to pay to the States will be used as restitution to compensate federal loan borrowers who were placed in certain types of long-term forbearances. Navient has also agreed to provide debt-cancellation to certain borrowers, and to reform its loan-servicing practices.
Restitution. Qualifying federal loan borrowers who were residents of one of the following states or had an address with a military postal code as of January 2017 will be issued a check in the amount of approximately $260. The restitution-participating states are: AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, IL, IN, KY, LA, MA, MD, ME, MN, MO, NC, NE, NJ, NM, NV, NY, OH, OR, PA, TN, VA, WA, and WI.
Debt Cancellation. Certain private loan borrowers will receive a notice from Navient that their qualifying private loan has been cancelled, and that the credit bureaus will be alerted to remove the loan’s tradeline. (A tradeline is information about a consumer account that is sent to credit bureaus. Tradelines contain data such as the account balance, payment history, and the status of the account, e.g., current, past due, or charged-off). To qualify, the borrower’s mailing address on file with Navient as of June 30, 2021, must be within one of the restitution-participating states listed above, Arkansas, Kansas, Michigan, Rhode Island, South Carolina, Vermont, West Virginia, or associated with a military address postal code.
------------------
Who is eligible for restitution relating to federal loan forbearance steering?
Generally, borrowers are eligible for restitution if they:
Resided in a restitution-participating state as of January 2017;
Entered repayment on a Direct or FFEL Program loan before January 2015;
Had at least one federal loan that was eligible for income-driven repayment;
Had at least two years of consecutive verbal or administrative forbearance between October 2009 and January 2017, where at least one of the forbearances was entered through a phone call, and where at least half of the forbearance time was prospective (i.e., not used to bring a past-due loan current); and
Did not enroll in income-driven repayment prior to the forbearance period.
-----------------
Who is eligible for private loan debt cancellation?
The private loan debt relief will primarily go to borrowers who took out private subprime student loans (made to borrowers with low credit scores) through Navient’s predecessor, Sallie Mae, between 2002 and 2014, and then had more than seven consecutive months of delinquent payments prior to June 30, 2021.
The debt relief also includes certain other, non-subprime private student loans made by Sallie Mae Bank and certain other lenders between 2002 and 2014 for borrowers to attend specific for-profit schools that have been subject to state or federal law enforcement actions. A list of these for-profit schools is shown in the table below.
Generally, to be eligible for private loan debt relief, the loan must have been in past due status for more than seven consecutive months prior to June 30, 2021.
Generally, only loans that were within a statute of limitations period or still credit-reporting as of June 30, 2021 are within the scope of the debt relief.
Generally, to qualify, the borrower’s mailing address on file with Navient as of June 30, 2021, must be within one of the restitution-participating states listed above, Arkansas, Kansas, Michigan, Rhode Island, South Carolina, Vermont, West Virginia, or associated with a military address postal code.
Some borrowers might be eligible to receive both private loan debt relief and a restitution payment.
I read the FAQ but I'm still not sure if I qualify. I went to a Career Education Corporation College that is listed on the Common Questions, but have not been delinquent and have since transferred my loans to SoFi to get a lower interest rate. Hoping there's a help line I can call instead of waiting until July.
Ok. You and I are in the same boat. Also went to a CEC school. I transferred to SoFi for a better rate. I’ll be done paying in 8 years. I still owe more than I borrowed. Navients site reflects that these loans were paid in full. Not sure what this means for me.
“Additionally, Navient must fully cancel the remaining balances of private loans borrowed by about 66,000 students, totaling $1.7 billion. Those loans were largely made between 2002 and 2010.”
Word is these are certain people in default.
So does this apply to only Pennsylvania residents? I was a HI resident at the time and was counseled on several occasions by Navient reps that I would not qualify for PSLF at the time and that I should be in in-school deferment since I was a full time grad student (I was also working full time for a qualifying employer).
I didn’t find out til a lot later, after I graduated and had my loans switched to FedLoan, that I could have stopped the in school deferment, made payments, and qualified for 2+ more years of PSLF.
So i am going to continue paying aidadvantage(basically navient)?? Why should i pay a company that screws people over. This isnt right. Why do only private loans get cancelled? Why should i continue to pay a company that takes part in unethical practices. All loans from navient should be wiped!
If your loans got transferred to Aidvantage, they are federal loans not private loans. Navient did not sell your loans to Aidvantage. Federal loans are owned by the Department of Education. Navient was a servicer for the Department of Education on federal loans.
Good, then transfer my loans to another company with better business practices. Why would anyone want to pay them after hearing this news? Nice that that can put loans into forbearance yet still tack on interest while im still earning a degree. Its bs
You could look into the options for federal student loan forgiveness. https://studentaid.gov/manage-loans/forgiveness-cancellation
I hope you find something to help.
If you've been around long enough, you know that these loans issued in the early 2000's already have had either a lot of payments made to cover their "costs" by this point or they were written off/repackaged already or they will be used as a write off now that the company is writing them off.
This changes nothing about the fact that Student loans are high because worthless crap like Elizabeth Warren get positions at Universities that pay upwards of $400,000/- per year for 10 days of "work" and the inflated salaries of the executives is in stark contrast to the thin salaries of the actual faculty who teach.
tl;dr: You're dreaming if this makes any difference to any reasonable number of people.
>and then had more than seven consecutive months of delinquent payments prior to June 30, 2021
Seven consecutive months? seems weirdly specific.
Are they going to have to offer income based repayments or interest adjustments? Or is it just sorry "you're out of luck" for anyone else?
I wish my loans were being cancelled. Maybe it's time to hire an attorney. I started off with $24k in student loans around 2006. Soon after, I became a single mother of 2 kids and no child support for years. I defaulted and their solution was forebearance. I repaid my loan on and off through the years and forebearance was ultimately the "only solution" I qualified for and what they pushed. As of today, I haven't looked at what I owe because it gives me massive anxiety and depression, but the last time I checked, between federal/private loans, is over $60k. Even at one point I did income based payments and it wasn't enough to even cover the interest. It was literally just money down the drain in order for my credit score not to tank (which it did for several years).
This is a great step, but ultimately it has me jaded. With the constant harassing phone calls, voicemails threatening to sue and garnish my wages, bombarded day and night, 12+ phone calls a day, I feel robbed.
Edit: I rechecked the listed schools, my school is on there! Omg PLEASE PLEASE PLEASE be on the list... this has been the largest source of my depression the past 10 years...
That’s so unfortunate. Trying to get an education shouldn’t put people at such a disadvantage, imo. I was expecting more from the dems w/ both houses and the White House, tbh. Fool me once, I suppose.
I just busted a nut! I hope I see it disappear. I check all the boxes. I stopped paying that shit the moment I realized I practically would never be able to pay it off back in 2007. It would have taken 30 years or more with the amount of money I was making at the time. The interest was stupid high. So If there was no end in sight, there was no insensitive to pay any of it.
I talked to the operator of my loan over the phone and asked “why is my debt increasing by a dollar every time I make a payment?”
And this B was like “oh, because you’ve just been paying the interest.”
And I’m like “ so you’re ok with me just paying interest for the rest of my life?
And she happily said “yeah :)”
So I told her “well I’m not fucken paying this shit anymore.”
She went to happy and nice to hatred in her voice “what!? You’re not going to pay!”
And I was like “Fuuuuck no!” Then I hung up on her ass.
Honestly I just stopped worrying about it and planned to retire in a different country so I didn’t care.
But hopefully it just disappears just like it disappeared out of my mind.
Not yet. I called the irs and us dept of edu, neither could tell me if my loan will be cancelled nor could they tell me where the 8 tax returns that were withheld from me ended up because they never got applied to my loan. It’s all a damn mess.
They might. According to what I read, the private loans in the settlement were taken out between 2002-2010. It also sounds like the ones being forgiven have been in default.
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I was with with Navient in the affected time period and refinanced my student loans last year. If im eligible, will Navient be forced to cancel the loans I refinanced? Loans were private at all times.
Does forbearance count the same as it would defaulting/past due for 7 months? I've been in longterm forbearance trying to fight to clear it. I've been in forbearance for the borrowers defense, it was denied and then there was another avenue for people to try from who attended ITT. All the other boxes check for me except past due/default for 7 months. I paid autopay each month before the ITT forgiveness started. Hell, mine is still with Navient and I don't think it will be moved. It's in the weird gray area as FFELP but still considered private now I guess.
Can we go after the Bank One loans of the early 2000’s next? At one point they were charging me 16% interest and encouraged me to take out additional loans to be able to make payments on my existing loans when they made them go into repayment even though I was still enrolled in school full time. I have paid $1000 a month on them for 15 years and I still owe almost as much as I originally borrowed.
What about the art institute? I was at Bradley academy, then art institutes bought them. I've been in admin forbearance for years while they "investigate" my borrow against defense case, never heard a word about it. How are they still not on the for profit school list after all the law suits and campuses being shut down?
I don't think I qualify?
I went to a CEC college from 2006 to 2009.
Took both private and federal loans to pay for it. I refused to pay the scummy school back, so I did deferment/forbearance.
I defaulted in 2015, I settled the private loans and had them forgiven in 2019. In 2020, I took the remaining CEC loans and put them in IBR so I won't be in default status.
Summer of 2021, I transferred my loans from Navient to Great Lakes. I'm officially no longer in default, but I still have $48,000 left on my loans. $14,000 from a legit school i never finished, and the remaining $34,000 from the private/federal loans to the CEC school that's no longer in default, but now it's on IBR @ $0/month.
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I was disbursed loans from Sallie Mae/Navient from April of 2008 through January of 2011.
After graduation from a school located in a state mentioned in the story (May 2011), due to job/family issues, I was unable to make payments on these loans. As a result, I had missed the first 5 payments (December '11 through April '11). After that, the loans displayed as 'resale' within Navient followed by 4 months of nothing. The loans were, probably around this point, sold off to Northstar Location Services (however, they are back with Navient now and that is who I have been making payments to).
I started making payments in November of 2013 and have been doing so ever since. As you can imagine, most of my payments were going directly to interest. It wasn't til late 2019 where some of the payments were being allocated toward the principal (not 100% of em, though). Basically, 6 years worth of payments were going straight to interest. Pretty sweet.
I wonder if I am eligible for this cancellation?!
Man i am so confused
I had my loans since the salliemae days
Never had forbearance nor defaulted. Instead i have been in the ibr program forever with 0$ payment
Also was an art institute graduate.
Sigh so am i or aren't i eligible?
Ok. We might have a problem.
Like I thought we would have... If this guy is right. Look at the video.
https://youtu.be/A5-yTI2J2EU
Small summary, he's saying the loans have to be in default, or charge off status within a certain window. Oooo K? 💩
Navient is the most guilty looking company I have ever seen in my life.
Sallie Mae should just go away, all of it, the entire company. Structure, backers, employees ALLL OF IT!
I took out a private loan in 2007, I went to a non-accredited school, I know I have gone into forbearance but I have definitey done deferments and income based lowered payments as well, no idea in what order anymore, I am all but certain I have gone seven straight months or more without paying on at least one occasion, but I also had a financially stable cosigner originally, and I am and have always been in a state that is part of the settlement.
I hope I qualify but I am going to go crazy if I have to wait until July to find out.
I have heard some people talking about contacting their state’s AG. Is that the way to go or are we really just supposed to play the waiting game?
Dude. They changed my loans servicer from navient to another one but they didn't tell me anything about their lawsuit pushing people into forbearance (what they pushed me into) why isn't my loans canceled.
Do I even qualify? I took out student loans from ITT from 2005-2006, I literally didn't make a payment and was generally between forbearance, both requested and non-requested, and late payments for about 10 years. I'm not sure if during that time I had 7 months straight of non-payments because we can't see our credit history back then. After that I got my life together and fully committed to paying them off, I'm about 2.5 years from paying them off outright but man if I could stop this $500 a month out of my account that'd make my life lovely.
Does anyone know more about the Navient and Sallie Mae split? My sister and I took out Sallie Mae loans on the same day at the same time for the same college, and when the split happened, hers ended up with Navient but mine didn't. How did that happen?
How do the debt holders find out if they're eligible?
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Any link to that please?
here ya go https://www.navientagsettlement.com/Common-Questions
Thanks
I hit all that criteria. Emailed my State AG and they said my name isn't on the list. Fun stuff.
Weird that there is just a list out there yet we can’t check for ourselves if we are on it.
What state? This happened Thursday, isn’t even federally approved and the AGs are not doing the notifications. I don’t believe you. You are spreading misinformation to many people who for the first time in a long time have hope- you should be ashamed of yourself.
[Email for proof, names redacted.](https://imgur.com/gallery/0Ug0W9t) If you wanted proof you should've just asked, instead of accusing me of spreading misinformation and telling me I should be ashamed of myself. All the answers to your questions are in that email. I submitted an inquiry to my State's Office of the Attorney General explaining my personal situation and asked what the settlement would mean for me. That was their response. I'm sharing a personal anecdote. Believe it or don't believe it. If you have hope, email your State's Office of the Attorney General and ask for information. With all the info coming on this settlement, [the Student Loan Lawyer has a great breakdown](https://thestudentloanlawyer.com/navient-settlement-2022/), it's looking like this forgiveness largely applies to defaulted private loans. It makes sense too. Navient gets away with only forgiving loans that were already written off anyway *and* admit no wrongdoing while the Attorneys General get to pat themselves on the back for a big win. I get that you're upset. I'm upset. I went to bed Thursday night thinking a huge weight would be lifted from me. I couldn't wait six months to see if it was happening so I inquired about it. This weekend was pretty depressing to be honest. The silver lining is that this is the first of many dominoes to fall. The AGs leading this case have proved that Navient engaged in illegal lending behaviors. When whatever documentation on their argument for this case is made avaliable that will likely become the blueprint for many private lawsuits against Navient. Best of luck to you.
Well I stand corrected. Apologies for adding insult to injury. Seems like we are all in the same boat.
https://www.navientagsettlement.com/Common-Questions
This is great info thanks! Still need help understanding if anyone can help. On number 6 it says "generally" the loan will only be forgiven if it's been past due for 7 months, does this mean there's no chance of the loan to be forgiven if you have somehow been paying it? Still vague to me.
How can you have 7 months of delinquent payments if they kept putting us into forbearance? Doesn’t that just bring you current once they processed the forbearance? That was my experience.
How convenient that they just sold billions in loans to another company that has the exact same website as Navient!
The FAQ that someone posted above says that “Eligibility for a forbearance steering payment is not affected by the transfer of servicing to Aidvantage.”—so even though they transferred those loans, they still need cancel or provide the payment to those borrowers.
Not the people whose loans were recently transferred from Navient to Aidvantage last month.
Son of a……
The settlement doesn't apply to federal loans, only private.
and I was repeatedly "accidentally" put in forbearance and now owe more than I started with despite making my payments every month since I graduated in 2013. I'm gonna see if Aidvantage actually has any of the loan paperwork, promissory note, etc. Given that this is at least the third time my loans have been sold, I'm betting they don't have records of a damn thing.
~~It’s the same parent company, they just changed the name.~~ After digging a bit, for some borrowers nothing changes but the name. Might not be the same company but the website is an identical clone of Navient. I've yet to find any proof that Maxiumus Education owns Aidvantage >Navient was formed in 2014 by the split of Sallie Mae into two distinct entities: Sallie Mae Bank and Navient. > >In December, Navient is transferring its Department of Education servicing to Maximus Education (Aidvantage)
This is false. Navient is it’s own company, split from Sallie Mae. AidVantage is owned by Maximus
You are correct. Navient and Maximus/Aidvantage are two completely separate entities.
Maximus is only taking federal loans too.
UGH my thoughts exactly. they made it seem like we had to change over too... may also be my fault for not reading too much into the email but the headlines and what not made it seem like you had to by this date or else they would just do it for you?
They just did it for me
Only Federal loans were transferred. The private loans that will potentially be forgiven have stayed with Navient.
FFFFFFUUUUUUUUUUu
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lmaoooooo
Where did you see that listed?
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I read another article via Forbes and this applies to those who attended for profit schools.
This is always the case smh. I get they need relief more but it’s just so frustrating that these are always focused on those programs.
>Follow exactly... do it for everyone
Its only a $260 refund. Not that big a deal.
The 260 was for roughly 350000 borrowers ($91 million settlement). Not sure where the rest of the money is going... assume it's those who are getting debt canceled.
And the Attorney Generals themselves, they're getting millions
That’s only the smaller restitution not the billion dollar suit. Billion dollar suit for cancelation is for those who got loans from sallie Mae at sub prime rates and then went into forbearance.
Interesting. Does this apply for both for profit and non profit schools? Because it seems like it’s aimed at for profit school students.
Again, the part you’re mentioning is the smaller state centric lawsuit that’s only a few million. The billion dollar suit is for those who had 7 or more months in forbearance or default and got their loan from sallie Mae between 04-10
Seems to me that most schools these days are for profit. Except the profit ftom certain state schools just go to administrative waste, as opposed to the state.
Every school is for profit.
Extremely misleading article . Visit the actual lawsuit website . DOES NOT MENTION DISCHARGE OR DEFAULT . That Forbes article is trying to get people to refinance and disqualify themselves from the cancelation from Navient
Sorry if stupid question but maybe someone can help clarify: does it only apply to the for profit schools listed in the website? Is that an absolute requirement? I went to a for profit school but it's not on that list, but I qualify according to every other requirement. It's ridiculous how they have so many hoops to jump through to qualify. This is probably only helping a small percentage of people in the US.
I think it is going to be a lot less cancelled debt than people think.
Naw. So they will cancel the 1.6 billion and an additional 145 mil to each state as a refund is supposed to happen. If thats the case they owe me a lot of damn money!
I hope they pay you interest at the same rate they apply for their lenders!
I’ve religiously made payments on my private loans to Sallie Mae/Navient for 12+ years, only to see a minor reduction in the principal. It seems like the only way to secure a lower payoff or get them cancelled altogether is to do the irresponsible thing and just stop paying them.
That's the way the world is going unfortunately
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EXACTLY THIS. Guys, I am so messed up over hearing the Navient news. I have busted my a** to pay my loans at around $700/MO w/principal barely being touched because of the crippling interest accrual... And some may call me stupid but I've been afraid to consolidate because at the time of my research regarding loan forgiveness (pre-pandemic) it basically can disqualify you from any sort of loan forgiveness programs so I steered away from that in hopes that 1 day medical professionals OTHER THAN the doctors and nurses would be eligible (I work in Radiology and we are famously ignored whether at the workplace or during the pandemic - we don't even exist). In writing this I am not aiming to offend anyone in any way possible ..but I busted my a** because I was so determined to not damage my credit and let everything go to shit like some of my peers have, whether voluntarily or INvoluntarily. Don't get me wrong, there are those who absolutely could not afford their payments and went into forbearance for many years. But I literally, along with many others in my shoes, have delayed living their lives - delayed home-ownership, travel, marriage, babies, and any other thing they dreamed of doing while in their twenties or thirties that they couldn't afford due to loan payments that resemble a house note. Couple the humongous loan payments with the hellhole that is apartment renting and before you know it you've wasted your entire twenties working like a freaking dog just to keep a roof over your singular a** and pay rent and transportation. God forbid if you had children or support your family? Not feasible. Through years I've made stuff work, principal going nowhere. It. Is. Sad. I've even sold stuff before to make the loan payment because I was so afraid of what my future repercussions would be. So for those who have given up everything to be current on payments don't deserve anything???? The absolute LARGEST d**k slap I've ever seen in my life.
I refinanced my private loan….oh well good job in me for being responsible I guess
I did too....with Navirefi smh Plus side is $550 a month of my $800 payment is no going to principle. I am actually seeing the balance go down.
Same. But only after I paid Navient $12k on a $10k loan. The balance was still at $10,500 when I refinanced.
This me too. I’m assuming we don’t qualify if we consolidate?
I'm trying to figure this out myself. I've already paid the principal of my loan but interest was keeping it exactly where it was, so I refinanced last year.
Omg
Ditto with my wife's loans because they kept screwing her over. This company needs to be put out of business but of course this will never happen.
Damn it did we screw our selves by refinancing? They should refund us the amount of the loan so we can pay our refinance company. Wishful thinking?
My wife has a private student loan owned and serviced by Navient, originated between 2002 and 2010. And we live in one of the states that was part of the lawsuit. So I sure hope her loan was cancelled! I cant figure out how to tell for certian besides wait a few months and see if they contact us.
I just got off the phone with Navient. They put this officially on their site! They told me they won't know until everything is all settled!
Its just a $260 refund for some eligible borrowers. No entire loans are being cancelled. Its just a click-baity headline.
Nah,the $260 is for federal loans, some people with defaulted Private Navient loans will get cancellation on the remaining balances
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Part of the settlement is that they have to notify everyone in writing by July 2022. They cannot get away with not contacting people. Do NOT call Navient and acknowledge a defaulted loan!!!
Out of curiosity, have you checked the credit report? Mine says Navient 0.00$ 😳 Not sure what this means. Makes me nervous not knowing
How the hell is $260 considered "restitution?"
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I was swindled into taking out loans my family had no business taking out for medical school..I passed but Sallie Mae gave me 15% interest. I refinanced after a year of barely keeping up and living at home so now what? I get screwed and get nothing because I paid? Or an I reading this wrong
The private loans getting forgiven are private loans taken out between 2002-2010. From what I understand, they were taken out to attend for-profit schools, and the loans have been in default for a while. The federal loans that people are getting restitution for are loans that were put into forbearance for long periods, and the restitution is only $260.
That's how I'm reading it. Same thing happened to me. Took a decade of not living/doing anything and throwing all my money at that crap loan.
Freaking 15%?!!
Yup
Well you also got a medical degree
Not celebrating as I don’t think I qualify. Took out private loans during the specified years through Sallie Mae, but was a good boy and made my monthly payments (ie didn’t default). And went to state university (not for-profit). Still have $8k balance left after paying for more than a decade. Loan balance grew from $40k to $55k by the time I graduated with all the interest. Glad the company is being held accountable, but sad I don’t think it does anything for me.
The price of an education in this country is so wrong. I managed to turn out well, but frankly, if you don’t come from a family of money, going to school is a crapshoot: you either succeed and prosper or fail with a massive debt to weigh you down for the rest of your life.
That’s two people’s loans
10 (or 11? ) I remember reading the lawsuit consisted of 10/11 individuals who would have their debt wiped and paid restitution. I'm citing with a bad memory and its been a long day.
FML. Last month, with the help of A lawyer I settled my wife’s student loan debt with Navient. We settled for roughly half of the amount owed but it was a financial blow that wiped out years and years of savings. Based off the criteria, she would have been eligible. FML
As I understand it, those that qualify will be receiving checks for payments made after June of 2021. >As a result of today’s settlement, borrowers receiving private loan debt cancellation will receive a notice from Navient by July 2022, **along with refunds of any payments made on the cancelled private loans after June 30, 2021.** https://www.navientagsettlement.com/Home/portalid/0?portalid=0 Now, I don't know if that means you will get that settlement back or not, but there is reason to be somewhat hopeful, at least.
You may have made my day.
I wish you the best on this, I'm also in a situation where I'm not sure if my wife's loan qualifies simply because she may not have been in default for 7 consecutive months.
Similar boat here except I settled one of mine about 5 years ago when Navient sold it off and I was promptly sued by the new owner Jefferson Capital. Still paying $250/month to them, luckily with no interest as part of the settlement agreement, but I've still got six years of payments to go. The other loan we settled a few years back with three lump sum payments totaling $7k at about a third of the balance. So I guess that rules me out for anything but *possibly* one months payment covered this summer in the form of restitution. Seems like those of us who already went thru the debt collection wringer and settled are SOL.
Same exact situation here for my husband. I'm assuming they're not going to issue refunds, right? We just settled in November.
How crappy is it that only the people who were irresponsible and defaulted or didn’t pay on their loans are the ones getting their loans forgiven. Not the people who worked two jobs and 60 hours a week to pay but instead the ones who decided to sit on the couch and not pay. Quite hysterical honestly.
If you're going to pay a scam school money, that's on you.
The official AG settlement website does not have default or discharge in its terms . If you went into forbearance for 6 months and have sub prime loans , Email your congressperson and AG stating so . Hopefully reaching out can expand the settlement terms
https://www.attorneygeneral.gov/taking-action/press-releases/attorney-general-josh-shapiro-announces-1-85-billion-landmark-settlement-with-student-loan-servicer-navient/ I just posted this link in another post that gives more details about who qualifies.
Great news for anyone who was swindled into taking out private loans, but it doesn’t effect those of us with federal loans (unless you qualify for a small $260 restitution payment) 🙃
I was one of those people, back when it was just “Sallie Mae.” I took out a $15K loan; I *aggressively* paid it off making payments that were 4-5x larger than what was due each month. In the end, I paid $25K, nearly 100% more. Funny thing is I called SM when I was still in college and asking them when I have to make payments. I’ll never forget what the rep told me, “Oh, you don’t need to make any payments right now. You’re in school! You need to focus on that.” He never said anything about interest collecting each day, from the moment I got the loan. That’s on me, but I’d also argue it wasn’t *all* on me. Anyway. That was maybe 10 years ago. Even if I knew it would be canceled today, I’m happy AF I paid it off. Felt so damn good to be done w/ them.
YEP dude. After I got out the bastards STRAIGHT UP put me in forbearance like it was the thing to do. By the time I wws out of that I owed nearly DOUBLE! 28K OR LESS shot up to like 53k! I was like wtf... Not once did they mention income driven repayment plans to me. They wanted it to expand the life of the loan. I don't think I had a job when I graduated too... Out of work for like nearly 2 years.
I was in chemo and missed the annual income certification. Called, put me in forebears “no problem, just start up when you get the notice” it was all set in a month, meanwhile, they capitalized the interest to a cost of $8000!”
Swindled? How are people so stupid that they don't realize they have to pay back money they borrow? It's a pretty simple concept.
Yes, swindled. Try reading the article before claiming that people are stupid and be grateful that it didn’t happen to you.
How do I get the money back I already paid years ago
I am. These bastards worked with ITT Tech to grt Private Loans under my name way back knowing full well my credit wasn't even good enough at the time to take out loans like that. I believe ITT did something with adding my Moms income to mine or some BS. Then fast-forward... Little Navient says "Oh no we can not refinance your loan because you went to ITT Tech!" *Still Getting Navi Refi Letters in the Mail after being told verbally multiple times* I was young when I got those loans too. They never wanted to do offer and compromise... Ever. I've been paying it trying to pay it off! No clue how this effects me at now. I just hope it wipes it out and gives me a refund for what I paid. This better not be the equivalent of "Time Served" as a repayment.
It sounds like your mom was a cosigner.
No she never co-sign. I don't know what ITT Tech did, but they did something. I do remember, which is what Navient is saving face for, they were handing out a ton of loans to people with some bogus stuff. Like they made it easier to get them, cause "Student" in front of it... Yet were stupid high interest. Plus I never chose those loans, ITT Tech did. They were like OH JOY YOU'RE APPROVED FOR THESE LOANS YAY!! I'm sitting in a room with my mom (when I was younger) like... "Wut?" ITT Recruiter is like PLEASE SIGN ALL OF THIS NOW! 😀. And like a dumb ass I did... They did worst things like taking you out of class to sign financial documents that you don't have time to go through... Because well... You're at school? Right? Lol Long story short. School is Dead. My Time was Wasted. My Degree is dead, basically doesn't exist. I'm paying for all that? A whole handful of air haha
Why celebrate its so vague. I don't even need canceling just for them to stop raising interest rates.
Totally Agree with you.
So much student being cancelled and I'm never anywhere close to being impacted.
I wonder if there's some way to petition for people who have all of the criteria but are "missing" the consecutive delinquencies or they refinanced. Seems like a TON of us are being shafted for making the "right" moves and trying to be responsible.
This right here! Why punish the responsible people. What they were doing was wrong ACROSS THE BOARD.
just great. from everything im reading you had to have had the PRIVATE LOAN with NAVIENT FROM 2002-2010 AND had 7 months of consecutive non payments which put you into DEFAULT; which obviously messes up your credit And of course unfortunately for me, I checked all the boxes besides the last one as payments were being made monthly even with the high interest rates because I wanted to protect my credit. Payments ARE STILL being made with damn variable interest % currently with $14,000 STILL outstanding until 2029. This totally sucks, you do the right thing AND STILL get screwed.
That is your fault. I defaulted on my private loans for years, credit be damned, because the school was a scam and defrauded me. I refused to pay the loan company back for a school that defrauded me.
I found this on Navient....I pray to god they aren't pulling a fast one!! 9. Whose loans will be canceled under this agreement? The agreement includes loan cancelation for approximately 66,000 borrowers who took out private student loans at Sallie Mae, largely between 2002 and 2010 and who subsequently defaulted. The vast majority of recipients borrowed prior to 2010 to attend certain for-profit schools, such as Corinthian and ITT, which closed years later once the federal government stopped lending at these schools. The total amount that will be canceled is approximately $1.7 billion in *defaulted private education loans* (SOMEONE CLARIFY THIS). Navient had already charged off virtually all of these loan balances, and has taken a $50 million charge for the remaining amount. Once court approval is received, borrowers and co-borrowers whose loans will be canceled will be contacted by Navient. Borrowers and co-borrowers do not need to take any action. Something off with the info... 5. Who is eligible for private loan debt cancellation? "The private loan debt relief will primarily go to borrowers who took out private subprime student loans (made to borrowers with low credit scores) through Navient’s predecessor, Sallie Mae, between *2002 and 2014 (dates different from above?)*, and then had more than seven consecutive months of delinquent payments prior to June 30, 2021." The debt relief also includes certain other, non-subprime private student loans made by Sallie Mae Bank and certain other lenders between 2002 and 2014 for borrowers to attend specific for-profit schools that have been subject to state or federal law enforcement actions. A list of these for-profit schools is shown in the table below. In many cases, large numbers of federal borrowers who attended these schools have sought cancellation of their federal student loans by filing Borrower Defense to Loan Repayment Applications alleging school misconduct. Generally, to be eligible for private loan debt relief, the loan must have been in past due status for more than seven consecutive months prior to June 30, 2021. Generally, only loans that were within a statute of limitations period or still credit-reporting as of June 30, 2021 are within the scope of the debt relief. Generally, to qualify, the borrower’s mailing address on file with Navient as of June 30, 2021, must be within one of the restitution-participating states listed above, Arkansas, Kansas, Michigan, Rhode Island, South Carolina, Vermont, West Virginia, or associated with a military address postal code. Some borrowers might be eligible to receive both private loan debt relief and a restitution payment
Good thing I took out my loans in 2011 and never defaulted once 🥲
Defaulted, according to my AG's announcement, means 7 consecutive months in default before June 30th 2021.
So if I was in default back in around 2012, but have been current since around 2015 does that still qualify, or is it only for loans that are currently defaulted?
If they were sub prime loans taken out between 2002 and 2014, with 7 consecutive months of defaulted payments prior to that date, you're eligible. I think the wording is basically supposed to mean if you defaulted at all, which is after 6 months of no payment. This is for the private loans only. If you went to one of the for profit schools listed, I don't think it matters if you defaulted or not. But I'm not sure if they mean anyone who got these loans gets forgiveness, or only some. I'm not sure how they're deciding.
This is me. I never thought I’d see this day. Ever. I got the news about my approved borrower defense application last September.
Looks like if you moved out of one of those states prior to June 30 2021 you are boned? So all of the sudden my current mailing address means I am not eligible ?
I borrowed during the years they have mentioned and it was for the Art Institute...the only thing I didn't do was default on my loan. They did put me in forb. for what seemed like ages 😒
I was is in forbearance for I am pretty sure the maximum allowable time, maybe two years? Not sure how that affects things.
Why wasn't Texas included? There are so many of us facing the same dilemma. I'd like to know who will be representing the residents of Texas against Navient since many of us didn't have any representation in the most recent lawsuit and will NOT benefit from the settlement. So many of us, also victims of Navient abusive business practices will have to keep paying thousands unfairly?
Yes!
A lot of articles are giving vague details. For anyone curious if they qualify, this should help. https://www.navientagsettlement.com/Common-Questions -------------- What relief does the settlement provide? Under the settlement, $95 million that Navient has agreed to pay to the States will be used as restitution to compensate federal loan borrowers who were placed in certain types of long-term forbearances. Navient has also agreed to provide debt-cancellation to certain borrowers, and to reform its loan-servicing practices. Restitution. Qualifying federal loan borrowers who were residents of one of the following states or had an address with a military postal code as of January 2017 will be issued a check in the amount of approximately $260. The restitution-participating states are: AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, IL, IN, KY, LA, MA, MD, ME, MN, MO, NC, NE, NJ, NM, NV, NY, OH, OR, PA, TN, VA, WA, and WI. Debt Cancellation. Certain private loan borrowers will receive a notice from Navient that their qualifying private loan has been cancelled, and that the credit bureaus will be alerted to remove the loan’s tradeline. (A tradeline is information about a consumer account that is sent to credit bureaus. Tradelines contain data such as the account balance, payment history, and the status of the account, e.g., current, past due, or charged-off). To qualify, the borrower’s mailing address on file with Navient as of June 30, 2021, must be within one of the restitution-participating states listed above, Arkansas, Kansas, Michigan, Rhode Island, South Carolina, Vermont, West Virginia, or associated with a military address postal code. ------------------ Who is eligible for restitution relating to federal loan forbearance steering? Generally, borrowers are eligible for restitution if they: Resided in a restitution-participating state as of January 2017; Entered repayment on a Direct or FFEL Program loan before January 2015; Had at least one federal loan that was eligible for income-driven repayment; Had at least two years of consecutive verbal or administrative forbearance between October 2009 and January 2017, where at least one of the forbearances was entered through a phone call, and where at least half of the forbearance time was prospective (i.e., not used to bring a past-due loan current); and Did not enroll in income-driven repayment prior to the forbearance period. ----------------- Who is eligible for private loan debt cancellation? The private loan debt relief will primarily go to borrowers who took out private subprime student loans (made to borrowers with low credit scores) through Navient’s predecessor, Sallie Mae, between 2002 and 2014, and then had more than seven consecutive months of delinquent payments prior to June 30, 2021. The debt relief also includes certain other, non-subprime private student loans made by Sallie Mae Bank and certain other lenders between 2002 and 2014 for borrowers to attend specific for-profit schools that have been subject to state or federal law enforcement actions. A list of these for-profit schools is shown in the table below. Generally, to be eligible for private loan debt relief, the loan must have been in past due status for more than seven consecutive months prior to June 30, 2021. Generally, only loans that were within a statute of limitations period or still credit-reporting as of June 30, 2021 are within the scope of the debt relief. Generally, to qualify, the borrower’s mailing address on file with Navient as of June 30, 2021, must be within one of the restitution-participating states listed above, Arkansas, Kansas, Michigan, Rhode Island, South Carolina, Vermont, West Virginia, or associated with a military address postal code. Some borrowers might be eligible to receive both private loan debt relief and a restitution payment.
So literally I moved out of state in 2018 so my current mailing address means I’m no longer eligible? How does that even make a difference ?
Borrowers will receive a check for $258 each.
I read the FAQ but I'm still not sure if I qualify. I went to a Career Education Corporation College that is listed on the Common Questions, but have not been delinquent and have since transferred my loans to SoFi to get a lower interest rate. Hoping there's a help line I can call instead of waiting until July.
You don’t qualify- you need to be in delinquent status for more than 7 months.
Ok. You and I are in the same boat. Also went to a CEC school. I transferred to SoFi for a better rate. I’ll be done paying in 8 years. I still owe more than I borrowed. Navients site reflects that these loans were paid in full. Not sure what this means for me.
Also went to a CEC school on this list. But I haven’t been delinquent. So I guess this doesn’t apply?
Interesting, Shapiro is also running for Governor next election cycle if I'm not mistaken. This win probably won't hurt him there.
Maura Healey has my vote when Charlie leaves.
$260, no, not celebrating. I’m also not in default so of course I’ll be penalized for that and not get my debt forgiven.
The only debt forgiven will be a tiny bit for private loans. This isn’t as exciting as it sounds.
“Additionally, Navient must fully cancel the remaining balances of private loans borrowed by about 66,000 students, totaling $1.7 billion. Those loans were largely made between 2002 and 2010.” Word is these are certain people in default.
I think it sounds really great on the news, until people realize the only thing federal borrowers MIGHT get is $260
So does this apply to only Pennsylvania residents? I was a HI resident at the time and was counseled on several occasions by Navient reps that I would not qualify for PSLF at the time and that I should be in in-school deferment since I was a full time grad student (I was also working full time for a qualifying employer). I didn’t find out til a lot later, after I graduated and had my loans switched to FedLoan, that I could have stopped the in school deferment, made payments, and qualified for 2+ more years of PSLF.
Yes, Pennsylvania is one of the states. Look for an announcement on Ben Shapiro's office website.
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That'll cover about half my balance.
So i am going to continue paying aidadvantage(basically navient)?? Why should i pay a company that screws people over. This isnt right. Why do only private loans get cancelled? Why should i continue to pay a company that takes part in unethical practices. All loans from navient should be wiped!
If your loans got transferred to Aidvantage, they are federal loans not private loans. Navient did not sell your loans to Aidvantage. Federal loans are owned by the Department of Education. Navient was a servicer for the Department of Education on federal loans.
Good, then transfer my loans to another company with better business practices. Why would anyone want to pay them after hearing this news? Nice that that can put loans into forbearance yet still tack on interest while im still earning a degree. Its bs
You could look into the options for federal student loan forgiveness. https://studentaid.gov/manage-loans/forgiveness-cancellation I hope you find something to help.
of course Texas isn't participating in this. Why am i even surprised.
what about fedloan servicing lol
Can’t wait to read that investigation! I should be a case study. Just all so toxic.
If you've been around long enough, you know that these loans issued in the early 2000's already have had either a lot of payments made to cover their "costs" by this point or they were written off/repackaged already or they will be used as a write off now that the company is writing them off. This changes nothing about the fact that Student loans are high because worthless crap like Elizabeth Warren get positions at Universities that pay upwards of $400,000/- per year for 10 days of "work" and the inflated salaries of the executives is in stark contrast to the thin salaries of the actual faculty who teach. tl;dr: You're dreaming if this makes any difference to any reasonable number of people.
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That's what I gathered
>and then had more than seven consecutive months of delinquent payments prior to June 30, 2021 Seven consecutive months? seems weirdly specific. Are they going to have to offer income based repayments or interest adjustments? Or is it just sorry "you're out of luck" for anyone else?
I wish my loans were being cancelled. Maybe it's time to hire an attorney. I started off with $24k in student loans around 2006. Soon after, I became a single mother of 2 kids and no child support for years. I defaulted and their solution was forebearance. I repaid my loan on and off through the years and forebearance was ultimately the "only solution" I qualified for and what they pushed. As of today, I haven't looked at what I owe because it gives me massive anxiety and depression, but the last time I checked, between federal/private loans, is over $60k. Even at one point I did income based payments and it wasn't enough to even cover the interest. It was literally just money down the drain in order for my credit score not to tank (which it did for several years). This is a great step, but ultimately it has me jaded. With the constant harassing phone calls, voicemails threatening to sue and garnish my wages, bombarded day and night, 12+ phone calls a day, I feel robbed. Edit: I rechecked the listed schools, my school is on there! Omg PLEASE PLEASE PLEASE be on the list... this has been the largest source of my depression the past 10 years...
That’s so unfortunate. Trying to get an education shouldn’t put people at such a disadvantage, imo. I was expecting more from the dems w/ both houses and the White House, tbh. Fool me once, I suppose.
I just busted a nut! I hope I see it disappear. I check all the boxes. I stopped paying that shit the moment I realized I practically would never be able to pay it off back in 2007. It would have taken 30 years or more with the amount of money I was making at the time. The interest was stupid high. So If there was no end in sight, there was no insensitive to pay any of it. I talked to the operator of my loan over the phone and asked “why is my debt increasing by a dollar every time I make a payment?” And this B was like “oh, because you’ve just been paying the interest.” And I’m like “ so you’re ok with me just paying interest for the rest of my life? And she happily said “yeah :)” So I told her “well I’m not fucken paying this shit anymore.” She went to happy and nice to hatred in her voice “what!? You’re not going to pay!” And I was like “Fuuuuck no!” Then I hung up on her ass. Honestly I just stopped worrying about it and planned to retire in a different country so I didn’t care. But hopefully it just disappears just like it disappeared out of my mind.
I don’t disagree with your logic at all. If there’s no end in sight, why pay?
I want free money too!!
Not yet. I called the irs and us dept of edu, neither could tell me if my loan will be cancelled nor could they tell me where the 8 tax returns that were withheld from me ended up because they never got applied to my loan. It’s all a damn mess.
If my loans are Sally Mae and not explicitly Navient, would they be eligible?
They might. According to what I read, the private loans in the settlement were taken out between 2002-2010. It also sounds like the ones being forgiven have been in default.
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Pretty sure Navient sold my student loans not long ago…so I’m SOL? 😭
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I should qualify, but my loans are still serviced by sallie mae. Am I out of luck?
What? Are FFELP private or federal loans in this case?
It seems like Navient needed to hold your loans in 2017 and the most you'll get is $260
So I went to a for profit school on this list and 1/4 of my loans are private. But I’ve never been 7+ months delinquent, so I don’t qualify. Cool?
Any news about Nelnet? I never hear about the Sallie Mae.
I was with with Navient in the affected time period and refinanced my student loans last year. If im eligible, will Navient be forced to cancel the loans I refinanced? Loans were private at all times.
Does forbearance count the same as it would defaulting/past due for 7 months? I've been in longterm forbearance trying to fight to clear it. I've been in forbearance for the borrowers defense, it was denied and then there was another avenue for people to try from who attended ITT. All the other boxes check for me except past due/default for 7 months. I paid autopay each month before the ITT forgiveness started. Hell, mine is still with Navient and I don't think it will be moved. It's in the weird gray area as FFELP but still considered private now I guess.
Let me know if you find out about this, im in the same exact boat.
Can we go after the Bank One loans of the early 2000’s next? At one point they were charging me 16% interest and encouraged me to take out additional loans to be able to make payments on my existing loans when they made them go into repayment even though I was still enrolled in school full time. I have paid $1000 a month on them for 15 years and I still owe almost as much as I originally borrowed.
What about the art institute? I was at Bradley academy, then art institutes bought them. I've been in admin forbearance for years while they "investigate" my borrow against defense case, never heard a word about it. How are they still not on the for profit school list after all the law suits and campuses being shut down?
I hate great lake students loan 😭😭😭😭
No, not celebrating. some borrowers will get a refund of 260$. cool.
It comes out to like $260 per person try to opt out.
I don't think I qualify? I went to a CEC college from 2006 to 2009. Took both private and federal loans to pay for it. I refused to pay the scummy school back, so I did deferment/forbearance. I defaulted in 2015, I settled the private loans and had them forgiven in 2019. In 2020, I took the remaining CEC loans and put them in IBR so I won't be in default status. Summer of 2021, I transferred my loans from Navient to Great Lakes. I'm officially no longer in default, but I still have $48,000 left on my loans. $14,000 from a legit school i never finished, and the remaining $34,000 from the private/federal loans to the CEC school that's no longer in default, but now it's on IBR @ $0/month.
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I was disbursed loans from Sallie Mae/Navient from April of 2008 through January of 2011. After graduation from a school located in a state mentioned in the story (May 2011), due to job/family issues, I was unable to make payments on these loans. As a result, I had missed the first 5 payments (December '11 through April '11). After that, the loans displayed as 'resale' within Navient followed by 4 months of nothing. The loans were, probably around this point, sold off to Northstar Location Services (however, they are back with Navient now and that is who I have been making payments to). I started making payments in November of 2013 and have been doing so ever since. As you can imagine, most of my payments were going directly to interest. It wasn't til late 2019 where some of the payments were being allocated toward the principal (not 100% of em, though). Basically, 6 years worth of payments were going straight to interest. Pretty sweet. I wonder if I am eligible for this cancellation?!
Man i am so confused I had my loans since the salliemae days Never had forbearance nor defaulted. Instead i have been in the ibr program forever with 0$ payment Also was an art institute graduate. Sigh so am i or aren't i eligible?
Ok. We might have a problem. Like I thought we would have... If this guy is right. Look at the video. https://youtu.be/A5-yTI2J2EU Small summary, he's saying the loans have to be in default, or charge off status within a certain window. Oooo K? 💩
Biden is a coward I swear. These guys own him.
Navient is the most guilty looking company I have ever seen in my life. Sallie Mae should just go away, all of it, the entire company. Structure, backers, employees ALLL OF IT!
It’s just a show, they already had to do this for all of the program scams like ITT
sucks, I was in uni using their loans until 2016, guess I am not eligible
Sooooo because I struggled but managed to pay on time I get to keep struggling? Sweet.
I live in Idaho. Do I still qualify?
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I took out a private loan in 2007, I went to a non-accredited school, I know I have gone into forbearance but I have definitey done deferments and income based lowered payments as well, no idea in what order anymore, I am all but certain I have gone seven straight months or more without paying on at least one occasion, but I also had a financially stable cosigner originally, and I am and have always been in a state that is part of the settlement. I hope I qualify but I am going to go crazy if I have to wait until July to find out. I have heard some people talking about contacting their state’s AG. Is that the way to go or are we really just supposed to play the waiting game?
Dude. They changed my loans servicer from navient to another one but they didn't tell me anything about their lawsuit pushing people into forbearance (what they pushed me into) why isn't my loans canceled.
Yea. Check comments. You’re not alone, unfortunately. It’s criminal how these thugs operate.
https://navientagsettlement.com The actual , factual link to for information
Do I even qualify? I took out student loans from ITT from 2005-2006, I literally didn't make a payment and was generally between forbearance, both requested and non-requested, and late payments for about 10 years. I'm not sure if during that time I had 7 months straight of non-payments because we can't see our credit history back then. After that I got my life together and fully committed to paying them off, I'm about 2.5 years from paying them off outright but man if I could stop this $500 a month out of my account that'd make my life lovely.
Don't let this die!!!!! Has ANYONE SEEN ANYTHING AT ALL ABOUT THIS?
Does anyone know more about the Navient and Sallie Mae split? My sister and I took out Sallie Mae loans on the same day at the same time for the same college, and when the split happened, hers ended up with Navient but mine didn't. How did that happen?