What’s taking place

If Navient was your federal mortgage servicer, your loans have been transferred to Aidvantage.

Why it issues

With the federal mortgage pause ending in September, you may need to know the right way to log into Aidvantage’s web site to view your pupil mortgage account.

What’s subsequent

The cost pause could possibly be prolonged once more, however we advisable verifying your Aidvantage account now, simply in case.

Have you ever logged into your pupil mortgage account currently? If you happen to had Navient federal pupil loans, you could be shocked to search out your loans have vanished. However your pupil loans aren’t really gone — they moved to a brand new mortgage servicer.

In 2021, Navient exited the federal pupil mortgage servicing trade, transferring its caseload of 5.6 million pupil loans to Aidvantage, which is owned by pupil mortgage large Maximus.

Federal pupil mortgage repayments have been paused for over two years, because the begin of the pandemic — and it is attainable the pause might be prolonged once more. However, with funds at the moment set to renew in September, it is a good suggestion to log into your pupil mortgage account now, particularly if you have not checked in because the cost freeze started.

Here is every little thing it is advisable to learn about what occurred to Navient, and the right way to log in to your new Aidvantage pupil mortgage account.

Why did Navient exit the scholar mortgage trade?

Navient was lengthy underneath fireplace from the Shopper Monetary Safety Bureau, which sued the mortgage servicer in 2017: It claimed that the corporate had pushed debtors into expensive, subprime personal loans they might be unable to repay. In January, Navient canceled $1.7 billion in personal pupil loans for almost 66,000 debtors after coming underneath scrutiny for partaking in abusive and misleading practices, together with focusing on college students the corporate allegedly knew could not pay again loans. 

In 2020, the US Division of Schooling introduced modifications to mortgage servicing in an effort to modernize the federal pupil mortgage system. As a part of the Subsequent Gen Initiative, the Division of Schooling prolonged its partnership with 5 of the 10 present mortgage servicers, which might proceed servicing federal pupil loans, however underneath stricter authorities rules. Navient, together with FedLoan and Granite State, opted to finish their participation in federal pupil mortgage servicing on the finish of 2021.

Michael Lux, a pupil mortgage skilled, lawyer and founding father of the Scholar Mortgage Sherpa, mentioned that the “improve in federal regulation and authorities scrutiny over federal mortgage servicing is nearly actually responsible for Navient’s departure.” 

What does Navient’s departure imply for debtors?

In case your federal pupil loans had been beforehand serviced by Navient, here is what it is advisable to know:

1. Aidvantage is your new pupil mortgage servicer

By now, it is best to have been notified of this alteration by mail or e-mail from Navient, Aidvantage and the Division of Schooling. You probably have not acquired a notification, it is best to log in to your present Navient account and double-check your contact data to ensure it is appropriate. Even when your handle was outdated, it is best to be capable of log in to your new account. 

2. You may entry your Aidvantage account along with your Navient credentials

If you happen to attempt to log in to Navient, you may discover a $zero steadiness — this steadiness is just exhibiting that your loans have been bought by Aidvantage. To log in to your new account, go to aidvantage.com and enter your Navient login data.

The method is almost an identical to Navient’s. When you enter your login and password, you may be prompted to enter your Social Safety quantity or account quantity and date of delivery to substantiate your identification. From there, you may be taken to the Aidvantage account residence web page, which appears similar to the Navient touchdown web page, proper all the way down to the left-hand navigation choices.

If you cannot bear in mind your login data, choose “Forgot consumer ID” or “Forgot password” and ensure a private identification query to have a brand new one emailed to you. If you happen to nonetheless cannot get in or now not have entry to the e-mail on file, attain out to Aidvantage for help at 800-722-1300.

3. Your cost preferences ought to be the identical, however it’s value checking

Any cost phrases you arrange with Navient — autopay, deferment, income-driven compensation plans — ought to have transferred seamlessly to Aidvantage. After all, since federal pupil mortgage funds have been paused for over 20 months, you could have to evaluate the cost particulars, significantly with the tip of forbearance approaching. And, in case your job scenario has modified because you final reviewed your mortgage compensation choices, you could need to apply for income-driven compensation or different compensation choices by way of Aidvantage now, so that you’re able to go when compensation begins in September.

So after logging in to Aidvantage, it is best to discover that your most well-liked cost methodology and autopay choice have transferred over, alongside along with your cost historical past and file of loans paid in full.

4. Compensation is at the moment scheduled for September 2022

Federal pupil mortgage funds stay on pause by way of Aug. 31. If you have not already been paying your loans through the forbearance interval, be certain you know the way what your month-to-month cost might be now, so you may issue this into your price range. You may also discover the compensation choices if you happen to want extra help. 

If you wish to discover additional deferment or forbearance choices, you are able to do this by way of your account on-line underneath “Compensation choices.” You may also converse to Aidvantage straight at 800-722-1300.

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