Make your voice heard and make Navient pay: These are your options!
Navient is one of the biggest names in the student loan business; they both service and collect loans from those looking to improve their education. But maybe you had a bad experience with Navient, either through how their representatives have treated you or through how your loans worked out. In any case, you may need to pursue action against Navient, including:
What is it? Navient’s contracts contain the same protections that virtually all financial institutions make use of, preventing you from filing a regular claim against them. But you can file a small claims court case against Navient, which may provide you with monetary compensation if they’ve mistreated you in relation to your loans.
Claim limits: Most small claims court cases allow you to receive compensation between $2000 and $10,000 depending on the details of your case.
Court fees: Some small claims courts will require you to pay fees or other costs in order to pursue your case.
The type of relief: You’ll receive either monetary or nonmonetary (equitable) awards if your case wins. Since Navient is a student loan organization, this may include debt relief, although most small claims court cases result in monetary awards.
When it’s a good option: This is a great option if you want to bring Navient’s issues to light to the greater public or if you want to pursue financial compensation. You do need some time to spare, though.
How to do it: Pick out a local court and look over any guidelines they have about filing a small claims case.
What you can expect: You may be able to win against Navient and have some or all of your student debt alleviated based on your claim, or they may pay you to settle “out of court”.
You can find a guide on how to sue Navient in small claims court here.
What is it? The CFPB is a federal agency that regulates the activities of financial institutions, including lenders, banks and student loan services. Thus, you can use them as a channel the complaint against Navient and bring government attention to their activities.
When it try it: This may be a good idea if you aren’t interested in monetary compensation but want to alert others to what Navient is doing.
What you need to do: You can visit the CFPB and file a complaint against Navient right here.
What to expect: The CFPB is unlikely to respond directly to your complaint, but they will post it on a public database for everyone to see.
What is it? The BBB often has pages for big companies like Navient, acting like a public forum where consumers can warn each other about bad business practices and allowing companies to respond. You can use this to post your grievance against Navient and possibly get a customer service response.
When to try this: This may be a good avenue if Navient’s other customer service channels haven’t provided you with a satisfactory response, but it’s unlikely to lead to compensation.
What you need to do: Visit Navient’s BBB page and file a complaint using the instructions there.
What you can expect: The BBB may reach out for details about your case, but Navient is ultimately unlikely to contact you through this channel unless you happen to get one of their customer service reps on the same week.
What is it? You can always pursue independent arbitration against Navient. This circumvents the clause protecting them from regular claims by using an independent arbitrator rather than a regular judge. You can then pursue monetary compensation or other actions in response to their mistake.
When to try it: We’d always recommend pursuing independent arbitration, especially through our experts at FairShake. Navient is a big business, but we’re well-equipped to handle all of their legal traps and help you receive the compensation you deserve. It’s a good solution if you suspect that Navient has mishandled your loans or is charging you much higher than you’re supposed to be, or if they are in breach of your contract.
What you need to do: Simply fill out one of the forms below to get started with your independent arbitration process!
What to expect: Let us explain more about independent arbitration right here.
Check out more articles about Navient here.