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We will keep you updated as we learn more. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. Are private education loans included in the August 24 loan cancellation announcement? You had to enter student loan repayment on a Direct Loan or FFELP student loan before January 2015. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Heres their emails below. Navient (NAVI) Stock Falls on Student Loan Forgiveness Threat Navient and the Navient logo are registered service marks of Navient Solutions, LLC. Navient has settled the class-action suit filed against it and repaid borrowers in many states. LendKey will automatically transmit $750 to your checking account after the final disbursement. If you have private student loans and dont qualify for any of the above programs or even if you do you may want to consider refinancing your Navient student loans. C.H. All products subject to credit approval. More than 400,000 student loan borrowers will get some debt relief from Navient, according to a $1.85 billion settlement agreement announced Thursday. This offer is not valid for current LendKey clients who refinance their existing LendKey loans, clients who have previously received a bonus, or with any other bonus offers received from LendKey via this or any other channel. NOW WATCH: 6 creative strategies to deal with student loan debt. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $173.51) and an 13.03% APR would result in a total estimated payment amount of $22,827.79. If you dont qualify for student loan relief from the Navient settlement, remember that temporary student loan relief for your federal student loans wont last forever. You have to have qualifying loans, work for a qualifying employer, and be on an income-driven repayment plan. So, even if you receive financial relief or student loan debt cancellation, you may still sue Navient for any legal claims that you have. Please be aware that a skipped payment does count toward the forbearance limits. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042.39. So if you earned $120,000 in 2020 but got a big raise in 2021, you still qualify. Hey Marty, sorry to learn this. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). Upon disbursement of a qualifying loan, the borrower must notify Student Loan Planner that a qualifying loan was refinanced through the site, as the lender does not share the names or contact information of borrowers. If You Don't Qualify For Student Loan Forgiveness From Navient, Try The loan would be eligible for cancelation under the settlement. Attorney General Josh Shapiro Announces $1.85 Billion Landmark