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UPDATES ON COVID-19 AND YOUR STUDENT LOANS

0% Interest Rate Update – As part of the White House announcement earlier this week, your Department of Education owned loans now have an interest rate of 0% effective March 13, 2020.

We think it’s important for you to know that we’re monitoring the news and staying abreast of the changing developments with COVID-19 (coronavirus).

体育比赛投注We want to assure you that the health and safety of our customers and employees is our top priority.

体育比赛投注Should we experience any interruptions in service, we’ll post updates on this website.

If you have federally held student loans owned by the U.S. Department of Education (ED), go to The page includes information for students, borrowers, and parents about the interest rate waiver announced by President Trump and availability of an administrative forbearance authorized by Secretary DeVos to provide student loan relief to borrowers during the COVID-19 national emergency. Please visit regularly for updates.

IF YOU ARE IMPACTED

If you’ve been impacted by the coronavirus and are having difficulty making payments, we’re here to help you explore your options to reduce or postpone your payments.

While we are doing our best to ensure our call centers are sufficiently staffed, you can always access your account 24/7 on our website or automated voice response system.

You can make a payment or learn about different repayment options – including deferment – online. Just log in to your account and go to Repayment Options in the left menu. Learn more about repayment options.

Log in to your account to:

  • View payments due and recent payment status
  • Make a payment or enroll in Auto Pay
  • Upload documents and get documents we sent you
  • Get answers in the Help Center, or email us with a question

Additional options to explore online for federal student loans:

  • Apply for a different repayment plan option
  • Apply for or recertify an Income-Driven Repayment (IDR) plan
  • Request a deferment to postpone payments

FREQUENTLY ASKED QUESTIONS

White House Interest Waiver

What is this student loan interest waiver?
体育比赛投注 In response to the impact of the coronavirus outbreak, on Friday, March 13, 2020, President Trump announced that the U.S. Department of Education (ED) will waive interest on all federally held student loans.

When will the waiver begin?
The student loan interest waiver program will be effective Friday, March 13, 2020. The waiver will be automatically applied to all ED-owned student loans as of that date. It may take some time for the change to show up on your account, but when it does it will be retroactive to March 13.

What loans will the waiver apply to?
The 0% interest rate will apply to only those student loans owned by ED – including all Direct and ED-owned Federal Family Education Loans (FFELP) in any status (in repayment, in school, grace, deferment, forbearance, etc.).

Are private education loans eligible?
体育比赛投注 This interest rate reduction applies only to loans owned by ED.

How long is it in effect?
The 0% interest rate will remain in effect until student loan servicers are notified by ED of an end date.

Do I need to do anything to get the waiver if I have eligible loans?
No action is required to be part of the interest waiver program.

Does this change my payment amount?
No, your monthly payment amount will remain the same even if you are in an alternative repayment plan, such as Income-Driven Repayment. If you’re currently in a deferment or forbearance you will remain in that status through your scheduled end date and you will continue to not have a payment due until then.

What if I’m still struggling to make payments?
If you’re having difficulty making payments, we encourage you to call us at 888-272-5543 to explore your options to reduce or postpone your monthly payments. Depending on your loan type, you may be able to benefit from both a reduced payment and the 0% interest rate. Even if your loans don’t qualify for an interest waiver, there still may be other options to address your needs.

What happens if I consolidate during the waiver period?
Your servicer will certify the loans for consolidation using the statutory rate (not this temporary rate).

National Emergency Disaster Forbearance (ED-owned loans)

What does this mean for me?
体育比赛投注 As a result of the COVID-19 pandemic, ED has announced they will provide relief to federally held student loans in the form of a "non-capping" administrative forbearance. The non-capping forbearance will be in addition to the previously announced 0% interest rate directive provided by the White House.

What is a "non-capping" administrative forbearance?
Forbearance is an option that temporarily postpones payments on your loan. With a non-capping administrative forbearance, the interest that has accrued during the forbearance – which may be 0% as long as the interest waiver is in effect on your federally owned loans – will not be capitalized (added to your principal balance).

What loans will this forbearance apply to?
This forbearance will apply to only those student loans owned by ED – including all Direct and ED-owned Federal Family Education Loans (FFELP) in repayment.

If you have other loans (not ED-owned), and are having difficulty making payments, we can help! You can contact us to postpone your payments with a temporary forbearance.

Alternatively, you can also explore repayment or deferment options to lower or postpone your payments. You can apply online by logging in to your account – go to Repayment Options – or give us a call.

How do I request this forbearance?
体育比赛投注 If you are 31+ days past due, we'll process this forbearance automatically on your ED-owned loans and postpone your payments until 3/31/21. There's no action needed from you. This forbearance end date may be shortened or extended based on ED direction.

Note: ED recently announced you can postpone payment for at least 60 days from March 13, but based on ED direction, we will be processing this forbearance initially through 3/31/21 for past due loans. This forbearance end date may be shortened or extended based on ED direction. You can also request to have this forbearance shortened at any time.

If you are not 31+ days past due, you will need to contact us to request this forbearance. Alternatively, you can explore your repayment and deferment options online by logging in to your account – go to Repayment Options.

Will I be responsible for interest that accrues during this 12-month forbearance?
As of March 13, ED-owned loans will receive a 0% interest waiver, therefore interest will not accrue while this waiver is in effect. Once ED removes the waiver, interest will begin to accrue. You will remain responsible for interest accrued before and after the interest waiver even if your loan is still in forbearance.

Will this forbearance affect my progress toward loan forgiveness?
Yes. Based on current rules, if you are in an Income Driven Repayment (IDR) plan, any period of forbearance will not count as a qualifying repayment toward your IDR forgiveness requirements. Payments made during periods of forbearance will also not count as qualifying payments toward Public Service Loan Forgiveness (PSLF). This means you'll stop making progress toward forgiveness until you resume repayment.

Will this forbearance count against my voluntary forbearance time?
No.

Can I shorten this forbearance later?
Yes. Contact us to remove or shorten the forbearance at any time.

Can I make payments during this forbearance?
Yes! We encourage you to make payments whenever possible.

Support for FFELP Borrowers Impacted by Coronavirus

Federal Family Education Loan Program (or FFELP) loans were originally made by banks and other financial institutions under a federally guaranteed program. Some FFELP loans were later transferred to the U.S. Department of Education, and those particular loans are now government owned. The relief programs available may differ based on whether the loan is owned by the government or by a financial institution, such as Navient. Here are some of the options currently available on FFELP loans:

Coronavirus disaster forbearance payment postponement

体育比赛投注During this time of national emergency, Navient is offering up to three months of disaster forbearance to qualified FFELP borrowers who request it. This program brings your eligible loans current and postpones payments for up to three months. During this time, interest accrues but will not be capitalized (added to the unpaid principal) at the end of the forbearance period. (Please note if the accrued interest is not paid and you use a different type of forbearance or deferment in the future, the interest could be capitalized at that future time.) While no payments are required during the forbearance period, you can always make extra payments to help lower the overall cost of your loan.

Other programs that may assist with FFELP loans:

Some of the other options that may help FFELP borrowers include Income-Driven Repayment (IDR) or Unemployment Deferment.

  • Income-Driven Repayment – allows qualified borrowers to base their monthly payment on their income and family size, subject to annual recertification. If you are already enrolled in IDR and your income has recently fallen, you can have your payment recalculated based on your new income.
  • Unemployment Deferment – if you become unemployed, you may be eligible to defer all payments for six months, in some cases with interest subsidies.

FAQs – FFELP loans and coronavirus relief

Is a FFELP loan eligible for the temporary interest waiver announced by the White House?

It depends on the holder of your loan. If your FFELP loan is owned by a bank or other financial institution, such as Navient, it will not receive an interest waiver. The interest waiver announced by the White House is for federally held loans only, and the government has not extended this relief to FFELP loans owned by banks and other financial institutions. Some FFELP loans were transferred to the federal government. If the government owns your FFELP loan, you may be eligible for the interest waiver, and if so, it would be applied automatically. .

Support for private loan borrowers impacted by coronavirus

体育比赛投注Assistance is available for qualified private loan borrowers who are experiencing difficulty due to coronavirus and related economic impacts.

Be sure to contact us at 888-272-5543 so we can help you understand options that can fit your situation.

Coronavirus disaster forbearance payment postponement

During this time of national emergency, Navient is offering up to three months of disaster forbearance to qualified private loan borrowers who request it. This program brings your account current and postpones payments for three months. During this time, interest accrues but will not be capitalized (added to the unpaid principal) at the end of the forbearance period. (Please note if the accrued interest is not paid and you use a different type of forbearance or deferment in the future, the interest could be capitalized at that future time.) While no payments are required during the forbearance period, you can always make extra payments to help lower the overall cost of your loan.

Other programs that may assist you

  • Rate Reduction Program—Navient offers a temporary Rate Reduction Program that reduces the interest rate and lowers the Monthly Payment Amount.
  • Other programs may also be available such as Interest-Only or Extended Repayment.

To learn more please visit our Private Student Loans page.

体育比赛投注Please note that these options may require a review of the borrower's and any cosigner's financial situation and ability to pay.

FREQUENTLY ASKED QUESTIONS – PRIVATE LOANS

Why isn’t a private education loan eligible for the temporary interest waiver announced by the White House on March 13, 2020?

体育比赛投注The interest waiver announced by the White House is for federally held student loans only. Private education loans are not federally owned or guaranteed. Many borrowers also have federally owned loans, and if so other options may be available for those loans.

Our Commitment

Keeping our commitment to serve you during this unfolding situation is our focus.

Please visit this page for additional updates.


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