What are you all doing with Navient?
I assume I should switch my loans out of Navient to another lender.
You should check they didn’t add up more than your real loan balance, from what I heard.
Is there anything we would get if they are a faulty company, like the loan you owe is reduced?
If you are currently in school, Navient is not your lender. Navient is your servicer (Direct Loans - the government - is your lender). You are not allowed to switch servicers, although you are certainly free to contact the Federal Student Loan Ombudsman Group to discuss your concerns:
Online: http://www.nslp.org/borrowers/ombudsman/
Telephone: 877-557-2575
Fax: 606-396-4821
Mail: FSA Ombudsman Group
P.O. Box 1843
Monticello, KY 42633
To my knowledge, this is a lawsuit in its initial stages. Nothing is proposed in terms of relief or remedies, nor is there any indication that there will be. I anticipate that loan amounts will be audited, but I encourage you to double-check all of your loans (students should do this, regardless of their servicer - I have seen issues that needed to be resolved & only the student would have realized that it was screwed up).
Go to www.nslds.ed.gov and look at all of your loans (click on the number on the left hand side to see the details for an individual loan). Every student should retain all of their financial aid paperwork so that they know how much they borrowed and when it was disbursed to their account.
^but the amount borrowed is not the same as the amount disbursed, right? Since the origination fee is included in the borrowed amount.
Yes, it’s important to understand the difference. The NSLDS info will be the amount borrowed.