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whose student loans will be forgiven by navient ?

### Will Navient Forgive Your Student Loans? Here’s What You Need to Know

In recent news, the student loan servicer Navient has initiated a plan to forgive a significant amount of student loan debt. Specifically, Navient plans to forgive the debts of approximately 66,000 borrowers. This is excellent news for many struggling borrowers, but who exactly qualifies for this relief? In this post, we’ll break down the criteria and provide some guidance on what this means for you.

#### Who Will Have Their Loans Forgiven by Navient?

According to various news sources, including NBC News, CNBC and Reuters, Navient is targeting borrowers who took out subprime private student loans, particularly those who attended certain for-profit schools between 2002 and 2014. These borrowers were often placed into long-term repayment plans due to their financial situation.

#### The Settlement and Its Impact

The loan forgiveness is part of a resolution between Navient and 39 state attorneys general, which also includes paying over $50 million to the states that initiated the investigation. The legal action was prompted by alleged predatory practices related to the handling of student loans, including mishandling loan servicer contacts and misleading borrowers about their repayment options.

#### The Catch for Borrowers

While Navient is indeed forgiving a large amount—$1.7 billion specifically—eligible borrowers represent only 0.15% of all student loan borrowers in the country. This is because forgiveness is restricted to a particularly vulnerable portion of the student loan market.

#### Applying for Loan Forgiveness

If you believe you may be one of the fortunate few whose loans may be forgiven, it’s important to stay vigilant. Navient will reach out directly to these borrowers, notifying them of their eligibility and the steps to take next. Borrowers in this special group will also be refunded for any payments made after June 30th, 2021.

Moreover, Navient will offer the option to settle the remaining balance at a discount and issue refunds for payments made since July 1, 2021. The company is expected to notify these affected borrowers no later than July 2022, providing them a detailed plan for debt relief.

#### Non-Eligibility: What Now?

If your loan doesn’t qualify for Navient’s forgiveness program, you might still have other options for debt relief. Even though Navient will not automatically forgive your loan, you can still investigate other student loan forgiveness programs, forgiveness due to death, or eligibility for income-based repayment plans.

For those interested, the Navient website includes a range of resources and updates on debt-relief updates, with more general student loan forgiveness and discharge information provided by loan servicers and federal agencies.

#### Conclusion

The Navient forgiveness program is a small yet highly significant relief for those who have been burdened with excessive student loan debts. While the scope of this relief program is targeted and limited, it still amounts to a substantial sum for those directly impacted. Understanding one’s eligibility and the conditions under which it will occur is crucial for anyone concerned about their student loans from Navient. Keep in touch with Navient for further updates and consult educational resources on student loan forgiveness to explore all options available to you.

The journey towards debt relief is often complex, and sometimes the path to a better financial situation is paved one small step at a time. Whether you’re one of the few who qualifies for Navient’s forgiveness program or not, taking the time to understand your options and navigate the system can help you find a way to manage your student loan debt effectively.