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Posts: 59
Registered: ‎06-15-2016
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Article I read this morning

https://www.thepennyhoarder.com/life/student-loan-servicers-changes/

 

Not sure if this is even something I can post. Mods feel free to delete if needed. Either way it seems important enough.

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Contributor
Posts: 101
Registered: ‎12-28-2016
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Re: Article I read this morning

Thanks for sharing!

 

My loans are through Navient and I despise them honestly. Every month I pay extra, I have to call them after my auto pay goes through. Some reason the loans I pay extra on are considered late after the auto pay goes through. I call and they adjust everything but I don't trust them. I mean what exactly are they adjusting and they are of no help when you have questions. Anyways sorry for the little rant lol.


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Regular Contributor
Posts: 131
Registered: ‎09-20-2016
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Re: Article I read this morning

I agree with you about navient.I rehabbed the 7 loans i have with navient last year hopeing i would get all the lates removed from default.I didnt get them removed.I had 7 then after rehab i paid 2 of them off in full.From my research when i pay extra on the student loans i tell them which loan i want the extra money put on and specify that the extra amount of money i send is for the principal of a specific loan.If you dont specify what the extra money is for they do what they want with it,

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Established Contributor
Posts: 855
Registered: ‎06-23-2010
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Re: Article I read this morning

Good Article.

 

I have Navient as well.  Although, I've not had any problems with may payments.  I do process mine differently than most do though.

 

1.  I am signed up for automatic payments.  But I only allow them to automatically withdraw the payment that is due.  This gives me the 0.25% discount in interest rates.

2.  For the amount over what's due, I make that payment manually at their website after my automatic payment is applied.  This allows me to identify which loan I want that over payment to go to.  This way the money is being directed the way I want it to be.

 

I have not consolidated my student loans.  I am paying mine off a bit differently.  Many people go for the loan with the higher interest rate, but I am paying off my loans with the lowest balance first.  Then when that loan is paid off, it makes the automatic payment deducted for #1 above decrease.  And I take that overage and apply it to the next loan with the lowest balance.

 

While this does cause a payment of more interest over paying off the loan with the highest interest rate first, it works for me as it allows me to decrease my "necessary" monthly expenses.


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