Douglas Olsen
If you have a Navient student loan, you may be wondering how to pay it off. Navient provides technology-enabled education finance solutions to simplify complex problems and help millions of people succeed. To manage your student loan, you can make payments, consolidate your loans, or even apply for loan forgiveness. For example, if you've made federal student loan payments, you may be eligible to deduct a portion of the interest on your federal tax return. Additionally, your federal student loans may be eligible for forgiveness, cancellation, or discharge under certain circumstances. To learn more about your specific loan and repayment options, visit the official website or contact the loan servicing company. It's important to understand the terms and conditions of your loan to make informed decisions about repayment and explore any available options for relief.
| Characteristics | Values |
|---|---|
| Who services Navient student loans | MOHELA |
| How to pay | Log in to your account at servicing.mohela.com |
| Other services | Compare offers from top providers at The Marketplace |
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What You'll Learn
Log in to your account
To manage your Navient student loan account, you must now use MOHELA. MOHELA provides loan servicing for Navient customers.
To log in to your Navient student loan account, follow these steps:
- Visit the MOHELA website at servicing.mohela.com.
- On the homepage, look for the "Log In" button. It is usually located in the top right corner of the screen.
- Click on the "Log In" button, which will take you to the login page.
- On the login page, enter your username and password associated with your Navient student loan account.
- Ensure that your login credentials are correct and secure. Double-check the spelling of your username and password to avoid any errors.
- If you have forgotten your username or password, there should be an option to retrieve or reset it. Look for links or buttons labelled as "Forgot Username" or "Forgot Password" near the login fields.
- Once you have entered your credentials correctly, you will be able to access your Navient student loan account through the MOHELA portal.
By logging in to your account, you will be able to view your loan details, make payments, and manage your student loan servicing options. Remember to keep your login information secure and update your password periodically to maintain the safety of your account.
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Payment methods
Navient student loan servicing customers have their loans serviced by MOHELA. To manage your loan, you will need to visit servicing.mohela.com to log in to your account and learn more.
MOHELA offers a variety of payment methods for customers to pay off their student loans. The first step is to log in to your account on the MOHELA website. From there, you can access the payment portal and choose from the following options:
- Direct payments from your bank account via electronic funds transfer. This method allows you to set up one-time or recurring payments that will be automatically deducted from your account.
- Payments via check or money order. You can mail these to the address provided on the website, ensuring that you include your loan account number or customer number on the payment.
- Payments via phone. You can call the customer service number provided on the website to make a payment over the phone. You will need your loan account information and the bank routing and account numbers.
- Payments through third-party services. MOHELA may accept payments through third-party payment services, but you should check the website for a list of approved services.
- In-person payments at a physical location. You can find a location near you by using the branch locator on the website.
Remember to keep records of your payments and to contact customer support if you have any questions or concerns about your loan or the payment process.
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Loan consolidation
Navient loans can be consolidated, but the process depends on whether you have federal or private loans. Federal loans can be consolidated through the Federal Direct Consolidation Loan program at StudentAid.gov. This process is managed by the U.S. Department of Education, not Navient. Consolidating federal loans may reset progress toward loan forgiveness and cause the loss of certain borrower benefits.
Private Navient loans cannot be consolidated through the federal program. Instead, they can be consolidated through refinancing with Navient's partners (Earnest and NaviRefi) or other private lenders. Consolidation of private loans can simplify repayment and potentially lower monthly payments, but it may increase the overall interest paid over the loan's life.
It is important to note that Navient does not directly consolidate student loans. For federal loans, Navient only services the loans and does not consolidate them. For private loans, Navient does not offer direct consolidation but has partnerships with refinancing companies that can effectively consolidate the loans.
When consolidating loans, it is important to understand the difference between federal and private loans, as mixing the two in consolidation is usually not advisable. Consolidating federal loans through the government's program may result in the loss of certain benefits, such as student loan forgiveness programs, income-driven repayment plans, and deferment or forbearance options in cases of financial hardship.
As of October 21, 2024, MOHELA has taken over as the servicer for Navient student loans. This means that MOHELA will now work with borrowers on repayment plans and assist with other issues related to their student loans. Borrowers can access their MOHELA online accounts and continue to use the same address for payments, updating only the payee name to MOHELA.
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Deferring payments
If you are looking to defer payments on your Navient student loan, there are a few options available to you. Firstly, it is important to note that Navient student loan servicing has now been taken over by MOHELA. Therefore, to manage your loan and defer payments, you will need to visit servicing.mohela.com to learn more and log in to your account.
Deferring your student loan payments can provide some financial flexibility, and there are a few ways to go about it. One option is to refinance your student loan. Refinancing allows you to secure a lower interest rate, which can reduce your monthly payments and free up cash flow. This option may be particularly useful if you need to build up savings, plan to buy a house, or want to contribute more to your retirement fund. Additionally, refinancing can provide the benefit of removing a cosigner from your loan and combining multiple loans into one single, easy-to-manage payment.
However, it is important to remember that refinancing your federal student loan into a private loan may result in the loss of certain benefits associated with federal loans. These benefits could include federal Income-Driven Repayment Plans, Economic Hardship Deferment, Public Service Loan Forgiveness, and other deferment and forbearance options. Therefore, it is essential to carefully consider your options and understand the potential implications before deciding to refinance.
Another option to consider is consolidating your student loans. Loan consolidation can simplify your finances by combining multiple loans into one, which results in a single, more manageable monthly payment. This option can be particularly advantageous if you want to extend your repayment term to reduce your monthly payment amount. However, it is important to note that consolidating your loans may also result in a higher overall cost of borrowing if you choose a longer repayment term.
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Loan forgiveness
As of October 2024, Navient student loan customers have their loans serviced by MOHELA. However, Navient offers loan forgiveness programs that you may be eligible for.
Public Service Loan Forgiveness (PSLF)
If you work for a qualifying public service employer, the PSLF program could forgive the remaining balance on your Direct Loans after 120 qualifying payments. To qualify, you must be a borrower with Direct Loans who works full-time for a government or nonprofit organization. You must also consolidate your FFEL loans into Direct Loans.
Income-Driven Repayment (IDR)
Navient will forgive your remaining loan balance after 20 or 25 years of making on-time monthly payments under an income-driven repayment plan.
Total and Permanent Disability Discharge
If you become totally and permanently disabled, Navient may forgive your federal student loan debt.
Teacher Loan Forgiveness
If you teach in a low-income school, you may be eligible for loan forgiveness.
Private Student Loan Forgiveness
Navient offers private student loan forgiveness for borrowers misled by their schools. Eligibility is based on school misconduct, and borrowers must submit an application explaining how their school deceived them, providing supporting documentation.
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Frequently asked questions
Your Navient student loan is now serviced by MOHELA. Visit servicing.mohela.com to learn more and log in to your account.
MOHELA accepts payments via check or electronic funds transfer. You can also set up automatic payments from your savings or checking account.
Yes, you can pay off your student loan early by making extra payments towards the principal balance.
If you made federal student loan payments, you may be eligible to deduct a portion of the interest on your federal tax return.
