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What Now?
May 12, 2016
5:52 pm

The outcome of the conversation I just held with the Navient representatives seems unethical. Per the rep, my private loans have a contracted end date (OF COURSE) and although my income may not allow the required monthly payment, (EVEN on the lowest payment program between myself and cosigner), I’m essentially screwed, because of the end date. A college student isn’t worried about this conversation when they have to fill out promissory notes to stay in school for this college degree that’s made to be so important. So to keep mentioning the CONTRACT is irrelevant to me and Navient can take this degree back.

They had me at a monthly payment of $1183. My income wouldn’t allow for that although it SHOULD, especially with a Masters. The lowest they’re seeing even with income and other bill/note restrictions is $700. He said even if my available contribution is only (hypothetically) $200 a month then they’d still expect the $700 and the loans will probably go into late payment status and so on…. He definitely tried to keep me away from consolidation with another company. So now what? Deal with it? Are there really no other options?

I planned to purchase a home this yr only to be told that the new law will now include your student loans in your debt to income ratio no matter how long they are deferred. The only way to get the real amount with Navient would to exit deferment early. So I’m possibly screwed on my home and student loan payment affordability. What type of reality is this for a single mom with a Masters degree?

May 17, 2016
11:21 pm
Forum Posts: 352
Member Since:
May 3, 2014
sp_UserOfflineSmall Offline

Have you looked into the Navient Rate Reduction Program? Generally speaking, this is the best option for people struggling to keep up on their private loans. This article should help: https://studentloansherpa.com/interest-rate-navient/

As far as the home purchase goes, you will probably have the best results once you figure out the long term plan for your student loans. The mortgage companies will be looking at the minimum monthly payment as reported to the credit agencies. If it is 0, they will want to know what it becomes when the deferment is up. The lower you can get that minimum monthly payment, the better your odds of success on the mortgage front.

June 11, 2016
9:59 am
Christie arkovich

What is your income and have you looked into the income based plans? Once you go onto one of those plans the new fha rules allow an underwriter to choose the income driven payment or 1 percent of your loan balance as your student loan payment for purposes of mortgage qualification as of June 2016. They’ll likely choose the IDR payment.
Christie Arkovich
Student loan attorney in Tampa Florida.

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