Navient Student Personal Loan Full Review
If you're looking for a way to finance your college education, Navient Student Loans could be the answer to your problems.
Are you planning on attending college or pursuing a new degree but concerned about your budget?
If so, meet Navient Loans, one of the major companies on the US when it comes to financing college education.
Explore below to discover all the rates, benefits, exclusive perks, loan amounts, and much more offered by Discover.
More about Navient
Established in 2014, Navient was created as a spin-off from Sallie Mae, specializing itself in student loans.
Navient serves millions of borrowers across the United States, providing them with a range of services related to student loans.
As of the the end of 2020, Navient managed over $300 billion in student loans for approximately 12 million borrowers, highlighting its substantial customer base and widespread influence in the industry.
The company offers various services to borrowers, including loan origination, payment processing, customer service, and loan modification assistance.
How Navient Student Loans Work?
The primary objective of Navient Student Loans is to provide financial support for students and their families in covering various college expenses such as tuition, room and board, books, and other education-related costs.
These loans allow borrowers to secure funds ranging from $1,000 to $200,000, enabling them to cover up to 100% of their school-certified cost of attendance.
The repayment terms for Navient Student Loans range from 5 to 25 years, depending on the loan chosen and the amount borrowed. You can choose from several repayment options, including making interest-only payments while in school or deferring payments until after graduation.
Navient also offers a cosigner release option, which will remove your cosigner from an existing loan after at least 12 consecutive on-time payments.
Navient offers a variety of student loan options, those include:
- Undergraduate Loans: Available to students enrolled at least half-time in a degree-granting program at an eligible institution.
- Graduate Loans: Available to students enrolled at least half-time in a master’s, doctoral, or professional degree program at an eligible institution.
- Parent Loans: Available to parents, grandparents, and other creditworthy individuals who want to help finance their child’s education.
Benefits of Navient Student Loans
Navient Student Loans offer several benefits to help you achieve your educational goals, which include a low APR, the interest rate you pay per year, repayment options, and fewer fees.
Check out some of Navient Student loans pros:
- Competitive interest rates starting at 3.99% APR;
- Flexible repayment options to fit your budget;
- No application, origination, or late fees;
- Cosigner release option available;
- Customer service available 24/7;
- Access to online tools and resources to help manage your loan.
Are There Any Disadvantages to Navient Student Loans?
While Navient Student Loans offer many benefits, there are some potential disadvantages to consider, beginning with their eligibility. Currently, the company’s loans are only available to U.S. citizens, permanent residents, or international students.
However, international students will require a creditworthy cosigner who must be a U.S. citizen or permanent resident to secure their loan.
And even if you’re a U.S. citizen, depending on your degree area, family history, or college location, you also must have a good credit history or a creditworthy cosigner to qualify for a Navient Student Loan.
How to Apply for Navient Student Loans?
The process for Navient Student Loans is simple and straightforward, and you can receive a credit decision within minutes.
Once you submit your application, Navient will review your information and credit history to determine your eligibility.
Tap the green button below and check out our article that outlines the process step by step.