Thousands of student borrowers will have their Navient loans forgiven, do you qualify?

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NEW YORK STATE (WSYR-TV) — When it was time for Kathy Longest’s son, Hayden, to go to college, they did what most families do, take out student loans.

“We were sort of blindfolded.”

Kathy the longest, naviente customer

Their student loans originally went through a company called Sallie Mae, but one of their federal loans was eventually transferred to Navient, one of Sallie Mae’s spin-off companies, a transfer that Longest never was. informed.

“We didn’t get any answers but to maintain his credit we had to pay them but we had no idea what they were for. Till this day we still don’t know what they were for. serve,” she said.

More recently, Longest received notice from Navient that their loan was being reassigned to another loan agent called Aidvantage in August 2021.

So when she learned about Navient’s $1.85 billion settlement with 39 states that would forgive student loans, she had a few questions.

“But when I heard with you guys that they were actually paying debts, I thought to myself why was ours sold then? Why don’t they pay his debt?

Kathy the longest, naviente customer

Well, the answers to his questions are quite complicated. Only certain loans through Navient are actually eligible for the discount and the criteria are extensive.

To qualify for the discount, here are some of the conditions your loan must meet:

  • The student loan must have been dispersed between 2002 and 2014
  • Student loan must have been in arrears for at least seven monthly billing cycles by June 31, 2021
  • Eligible borrowers must have attended certain for-profit educational institutions

“It got complicated very quickly.”

Maximo flint-morgan, director of financial aid, lemoyne college

The settlement also included about $95 million in compensation for about 350,000 federal borrowers. When this is split among the 39 states, each borrower would receive a payout of around $260 if they met certain conditions, such as forbearing on a loan.

“But the thing is, what’s 200 and something dollars going to do?” The longest said.

Especially when her son still has thousands of dollars in debt over ten years later.

“It’s heartbreaking to see them, you know, struggling to make a living…it’s just not fair,” she said.

However, if you meet the criteria for a payment, you will be notified directly by Navient or the state Department of Education, so be sure to keep a close eye on your mail and emails. Also, make sure your contact information on your Navient profile and on Studentaid.gov is up to date to ensure you receive the notice.

For more information on your eligibility, click here.

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