In addition to Navient, other major federal loan servicers include Fed Loan Servicing, Great Lakes Higher Education Corporation & Affiliates and Nelnet.
When it comes to student loan servicing, “consumers cannot easily take their business elsewhere,” Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement Wednesday.
By learning about the options yourself, you can be empowered to hold your loan servicer to that standard.
Keep in mind, though, that each of the following options has risks.
You can sign up for the above options on your own for free.
Log on to the Federal Student Aid website to find your federal loan servicer.
So-called student debt relief companies often advertise messages such as “Obama Student Loan Forgiveness” on Facebook and Google.
If you’re tempted by such an offer, know that you don’t have to pay for student loan help.
You can get one free credit report every year from each of the three major credit bureaus.
Student loan servicers are supposed to help you understand the various student loan repayment options.