Sallie mae not consolidating loans
These are clearly great programs for people who choose careers in public service or education, but if that’s not you, they won’t do you any good.
There are also a number of federal loan repayment plans that can ease the burden for borrowers facing tough economic times.
For example, under the Public Service Loan Forgiveness Program (PSLFP), your Direct Loan balance may be eligible for forgiveness after 120 payments if you’ve worked in the public sector that entire time.
Similarly, the Teacher Loan Forgiveness Program is available for teachers who work in schools that serve low-income families full-time for five consecutive years.
“I will hold companies accountable when they treat borrowers unfairly.” The lawsuit, filed today in King County Superior Court, accuses Navient, the nation’s largest student-loan servicer, of a number of unfair and deceptive practices.Borrowers who did not realize the significance of these generic emails were often penalized with significant monthly payment hikes.Applying and allocating payments is one of the core functions of a student loan servicer.Those practices included improperly steering financially distressed students toward short-term forbearances, engaging in aggressive and misleading collection tactics and more.
The lawsuit may potentially impact thousands of Washingtonians, including anyone who received private student loans from Sallie Mae prior to 2009 and anyone who has their loan serviced by Navient and has experienced the alleged conduct.For example, the government’s Pay As You Earn (PAYE) and Income-Based Repayment (IBR) programs allow borrowers to make reduced monthly payments based on financial hardship.