If you are looking to consolidate Navient loans there are two processes you can go through. There are major differences between the two choices, so it is critical you make an informed decision.
Because there is no way to “undo” a consolidation, any mistake you make is permanent.
If you are unhappy with your repayment plan, interest rates, or Navient customer service but unable to pay off your loan, consolidating your loan could be the solution to your problems. At its most basic level a new lender pays off your old student loans. Borrowers can consolidate some or all of their loans. At the end of the consolidation process, your old loans are paid in full and you now how to pay off a new loan with newer, and hopefully much better terms.
If you’re struggling under the pressure of your student debt, you’re not alone.
According to the Institute for College Access & Success, 69 percent of seniors who graduated from public and nonprofit colleges in 2014 had student loan debt — to the tune of an average of ,950.
By slashing your interest rates you can lower your monthly payments and get your loan paid off faster.
All loans are eligible for private loan consolidation, even federal.