How to apply for Navient Student Personal Loan
Finance your future with a low-interest student loan
If you’re a student looking for ways to finance your college education, Navient Student Loans is a really good option.
The company is now one of the largest student loan servicers in the United States, with over 10 million clients across the country.
Navient Student Loans
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Here’s what you need to know about Navient Student Loans, including how to apply and eligibility requirements.
Who Can Apply for Navient Student Loans?
To apply for Navient Student Loans, you must meet the following requirements:
Be a U.S. citizen or a permanent resident;
Be enrolled at least half-time in a degree-granting program at an eligible institution;
Have a good academic history, as defined by your school;
You must have a creditworthy co-signer or have sufficient income and credit history to qualify on your own.
Applying Online for Navient Student Loans
The application process for Navient Student Loans is straightforward, can be completed online, and you can get an answer within minutes. You will need to provide the following information, such as:
- Personal information, including your name, address, and Social Security number;
- School information, including the name of your school and your program of study;
- Financial information, including your income and expenses, and the amount of money you need to borrow;
- Your co-signer’s information, if applicable.
After you submit your application, Navient Student Loans will review your credit history and financial information to determine if you are eligible for a loan. If you are approved, you will receive a loan offer with the interest rate, monthly payment, and repayment term.
Navient Student Loans also offers loan consolidation with no application or origination fees. You can consolidate your federal student loans through Navient to make one payment each month.
Navient vs. Discover Student Loan
If you did not like Navient Student’s options or could not qualify for their loans, you can check out the Discover Student loans.
Navient and Discover are both financial institutions that offer loans to help students finance their education.
However, there are some key differences between those loans, and you should be aware of those when deciding which lender to choose.
- Interest Rates: Interest rates for Navient student loans can vary depending on the type of loan and your credit score. Discover offers fixed and variable interest rates for their private student loans, which can also depend on your creditworthiness.
- Repayment Options: Navient offers a wide range of repayment options, including income-driven repayment plans, deferment, and forbearance. Discover also offers several repayment options, including in-school deferment, interest-only payments, and full principal and interest payments.
- Loan Limits: Navient and Discover have different loan limits. Navient’s limits vary depending on the type of loan and the student’s year in school. Discover’s loan limits range from $1,000 to $200,000, depending on the program of study.
- Cosigner Release: Both Navient and Discover offer cosigner release options, but they have different requirements. Navient requires that the borrower have made 12 consecutive on-time payments, while Discover requires 36 consecutive on-time payments.
Both companies now only offer private student loans, with Navient standing out for its flexible repayment options. While Discover may have lower interest rates for some borrowers.
How to apply for Discover Student Loans?
If you’re interested on the Discover Student Loan, take a look at our article on how to apply for the company’s services.