Navient: Private Loan Monster

Navient

 

Hey everyone!
Today I’m going to share information on my big, bad Navient student loans. These are all private loans and are unfortunately unable to be forgiven or paid off for my military service. However, in order to paint the full picture of my debt problem I have to include it.
IMPORTANT: The point is not to complain about my debt problem…quite the opposite in fact. I’m making it public for several reasons:

1. To share my experiences-maybe someone out there will benefit from my mistakes. And it feels good to write about and face my problem head on!

2. To hear other peoples’ experiences-what have you seen/heard/dealt with in working w/Navient??

3. To share debt repayment strategies-maybe there’s something I should be doing or am not aware of!
Overview: Navient (originally Sallie Mae) has got me on the hook for $101,183.00 as of the date of this post. Holy crap! How did this happen?? Well…
1. I went to a private, out of state college that cost too much money

2. I did not sit down with my parents and discuss how we were going to pay for college. We never created a plan. We hastily filled out the FAFSA and threw caution into the wind. The only discussion about loans I remember was dear old dad telling the 18 year old Student Loan Soldier, “You know you’re gonna have to pay these back right”? I scoffed. No problem! College=good job=money=no worries. TOO EASY!

3. I was clueless as to how funding for college worked. I did not understand how much I was borrowing or what an interest rate was. I did not know the difference between federal and private loans. All I knew or cared about was that I was headed to college and life was awesome.

4. I graduated with a Bachelor’s Degree in the spring of 2008. I am ashamed to say that I still had no idea how much money I owed or who my lenders were.

5. I graduated with a Master’s Degree in summer of 2010. Still no idea who I owed money to. (or why I went to college for that matter)

6. I finally compiled all the info I needed. I got Navient together, but stupidly got on an Extended Repayment plan (30 YEARS) so I could lower my monthly payments and try to keep up with my friends.

7. Deferments, forbearances, and interest oh my! I ran and ran and looked desperately for a way out.

8. I broke down in fall of 2012 and came to terms w/what I owe to everyone. My total Navient debt at this time was about $110,000 (more on federal debt later). Overweight, depressed and clueless I walked into a recruiter’s office…

Where do I currently stand?

Well, it hasn’t changed dramatically, but we are finally headed in the right direction. Just take another look at that screenshot up top.

Practically criminal I know. I’ve made payments of $1,000 the last two months only to see the balance creep right back up. I think only around $200 was applied to the principal. 😦

My strategy:

THE DEBT SNOWBALL!!! I’m a big Dave Ramsey fan so I’m doing my best to apply the debt snowball technique. My monthly payments are actually $838 a month, but I rounded up to $1,000 and put the difference toward the Tuition Answer loan-which is about $2,700. It’s a slow grind, but once I get this small one out of the way we’ll really start to see some progress. All I know right now is that high interest rates SUCK.

So that’s it for now! Is anyone else out there “working” (HAHA) with Navient? Are you aware of anything that I’m not? Does anyone have any good strategies?
Thanks everyone and keep grinding! I know I will!

6 thoughts on “Navient: Private Loan Monster

  1. Navient is the absolute freaking worst! I just refinanced all of my private Navient loans through MEFA – Massachusetts Educational Financing Authority, and felt like a million bucks when I was able to say good riddance to those a-holes. I was also pumped to release my cosigner (my poor Pep) from those loans, and start over on my own without the pressure of someone else’s credit hanging over my head. MEFA gave me a much better rate overall, and dropped my monthly payments almost $200. Have you considered getting rid of Navient completely, and looking for a better rate with another lender?

    Like

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