There is a growing student loan crisis in the United States. It’s the dream of many students to achieve a college graduation and many of the students choose to take out a private student loan. Sallie Mae and Navient are two of the largest student lenders in the USA.
Sallie Mae started off as a government organization which later, became privatized and thus Navient was established as a sister company to focus primarily on federal loans as well as to service private student loans.
Sallie Mae had already been involved in a number of lawsuits and it wasn’t long before Navient also began to develop a negative reputation as an aggressive pursuer and company whose loans never seemed to reduce, thus placing enormous strain on their student borrowers.
For those wondering if Navient or Sallie Mae forgiveness for student loans is a possible option, the short answer is that it’s not. Private loans don’t provide any forgiveness options. Going down the forgiveness route is only available for federal loans. Private student loans don’t have the same array of benefits afforded to them as do federal loans.
MyCreditCounselor.net has the following to say about the subject…
Sallie Mae does not offer any traditional “forgiveness programs” for private student loans, except for very rare cases such as the Career Education Corp fallout which, unlike other for-profit college regulatory lawsuits, dealt primarily with private loans.
Sallie Mae, and its sister company do sometimes offer settlements under certain conditions. However, borrowers attempting to settle on their own often run into issues with aggressive debt collectors, not knowing what stage of the collection cycle to maximize the savings of a settlement while minimizing risk; and making common mistakes like opening up with the offer that you want to settle for or disclosing too much about personal finances.www.mycreditcounselor.net
Having said that, there is hope as there are a few alternatives you can pursue, one of them being a settlement. It’s highly advisable though that if you decide to go down this route, you have to prepare yourself as Sallie Mae or Navient are known to apply as much pressure as possible and take advantage of a lack of knowledge (which many students have regarding the available options to them).
If you’re looking to find out more about alternatives to Sallie Mae or Navient student loan forgiveness, it’s highly advisable you seek out the service of an experienced Credit Counselor. They will be able to advise you every step of the way while providing all the support you need. They know how to talk to the lender and put them in their place. So if you want to minimise the stress, definitely look out a service that can help you get there.