Navient Loan Forgiveness

[alienfico]

So I applied for a loan forgiveness, and they put it in deferment until I submitted a new application with more info.  I was told that I was 

granted the forgiveness, it is just that my years of employment have to be exact and not state from 0/00/00 to present....as was written

in by my administrator.   I believe they are phasing out the teacher student loan forgiveness program in 2016 or 17?  Not sure.

Here's my question, when it is forgiven how does it read on your CR?  Are any lates wiped off?   Does your payment record stay on there?

Have you seen a decrese in your scores if this is your only installment loan?  Most importantly is the balance included as part of your

income and reportable?  I imagine a big YES to that last question....uncle Sam will consider it income.

Thanks!

[Anonymous]

Any luck with this? 

I heard they are so hard to work with. I have a loan that is from 2011 and am looking for a way around it. Navient bought this loan a couple of months ago from another collection company that we were working with and making payments. 

[alienfico]

Sorry on the late response, was out of the country for two months, and while checking my email I saw that my I received a payment confirmation amount on my loan of $11,000 stating that it was paid in full....I jumped for joy.   Now to see if I get anything about this being considered income, I certainly hope not since it is supposed to be a "loan forgiveness" program. 

It works, so if you can go for it, I would certainly do it 😀😀😀😀

[Anonymous]

Navient just recently added my loan dent on my credit report, my credit was in repair stage so most of my account were less than 6 months old, Navient reported that my account was opened in 2007 last reported date for Navient was 09/30/2015 pays as agreed changing my AAOA to 3 years. While it increased the amount of installment debt I owe to 11k it raised AAoA. Every open acct has been paid as agreed, 2 revolving cc CL 500 the other 600. I now have 4 installment acct 2 from Navient, 1 car loan, and fingerhut which changes to a revolving acct in Feb. I'm wondering g if this adadditional debt has hurt my chances of obtaining a little more revolving debt.

[Anonymous]

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@alienfico wrote:

So I applied for a loan forgiveness, and they put it in deferment until I submitted a new application with more info.  I was told that I was 

granted the forgiveness, it is just that my years of employment have to be exact and not state from 0/00/00 to present....as was written

in by my administrator.   I believe they are phasing out the teacher student loan forgiveness program in 2016 or 17?  Not sure.

Here's my question, when it is forgiven how does it read on your CR?  Are any lates wiped off?   Does your payment record stay on there?

Have you seen a decrese in your scores if this is your only installment loan?  Most importantly is the balance included as part of your

income and reportable?  I imagine a big YES to that last question....uncle Sam will consider it income.

Thanks!

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How does one apply for loan forgiveness? Or does it ony apply to teachers?

[Anonymous]

I believe the loan forgiveness applies to people who work for non profit organizations for a minimum length of time (10 years?) while still making the monthly minimum payment on the loan for the entire period. At the end of that period (10 years) the remaining balance will be discharged. I think these were the terms the last time I looked into it, however private school loans are not eligible for loan forgiveness (which is what I had).

[Anonymous]

I was wondering how this worked out for you?  When your loans were forgive... it reported as PIF?  Any score increase?  I'm only eligible for $5k off of my 50K in loans, but I'm curious if it would bump my score up a bit, as it will look like a decrease in balance.