do i qualify for the navient lawsuit navient recently agreed to cancel 1.7 billion dollars in private student loan debt for borrowers who attended certain for-profit schools between two thousand two to two thousand fourteen live in certain states and were over seven months behind on their loan payments before july thirty first twenty twenty one borrowers with federal student loans direct loans ffel loans parent plus loans consolidation loans won’t have their debt eliminated navient recently announced that as part of a settlement it was writing off the balances for sixty six 000 borrowers who borrowed high interest predatory private student loans between 2002 and 2014 the main question people have is do i qualify for the navient settlement probably not is the short answer the settlement which clears 1.7 billion dollars in debt will benefit less than 0.15 of all borrowers ahead learn what the navient loan forgiveness settlement is and if you qualify how do i know if i qualify for the navient settlement you’ll have to wait until july 2022 to know if you qualify for the navy and settlement that’s when the company will notify its borrowers whose debts will be forgiven eligible borrowers will receive a letter substantially similar to this one until then you can check your eligibility by looking at your student loan servicer the company that holds your loans is a key indicator of whether you qualify for relief if your loans are with sally may the settlement agreement doesn’t cover your loans because they were likely made after the eligibility period 2002-2010

check out student loan refinance options to get a lower payment amount if your loans are with navient you may qualify to have your private student loans cancelled but only if your account was delinquent seven straight months before june thirtieth twenty twenty one and you live in one of the participating states remember that navy and still services federal student loans made under the federal family education loans your ffel loans won’t be wiped out because the settlements terms do not cover them read more is navy and a federal or private student loan if your loans have been transferred to advantage your loans won’t be eliminated even if the loan started with sallie mae or moved to navient and now are with advantage those loans are federal student loans to get relief check out the student loan forgiveness programs offered by the education department if you settled loans with navient or sally may it’s unlikely you’ll get a refund the settlement seems limited to loans with an outstanding balance however if you get a notice that your loans are cancelled it doesn’t hurt to ask navient to refund the money you’ve paid check out appendix a of the proposed settlement to see the complete eligibility criteria for loan forgiveness learn more how to get out of student loan debt legally what is the navient student loan settlement the navy and student loan settlement is an agreement between navient and attorneys general for 39 states and the district of columbia to resolve lawsuits that accused navy and of giving high-interest loans to students who would knew likely could not repay the debt steering federal student loan borrowers into forbearance rather than offering them relief options like income based repayment and public service loan forgiveness navient denied all allegations and said in a statement that it’s settled to avoid additional burden expense time and distraction to prevail in court as part of the agreement navient will erase 1.7 billion of subprime private student loans that its predecessor sally may gave to students who attended for profit schools many of whom had low credit scores many of these schools have now shuttered their doors it will also cut a small check to 350 000 federal student loan borrowers whose loans it serviced learn more how to get rid of navy and private student loans navy and settlement eligibility who qualifies for cancellation few borrowers will qualify to have their loans cancelled as part of the navy and settlement here are the eligibility criteria you must have borrowed a private student loan from navient or its predecessor sally may between 2002 and 2014 while attending certain for-profit schools like the art institute itt technical institute and others you can see a full list of schools at navi your loan must have been delinquent for at least seven months or charged off before june 30th 2021 you must live in a state participating in the settlement more on that below in most cases only loans that are still collectible or were being reported to credit bureaus as of june 30th 2021 are eligible if the loan is passed the statute of limitations for the state navient shows as your last known address then it won’t be eligible for cancellation for example if your address with navient was in missouri the statute of limitations is 10 years for breach of