Posted Date:October 14, 2014
| Author: | Jana Hernandes, Service Director, Operations, Federal Student Aid |
Subject: Loan Servicing Information - Servicing Transition to Navient Completed on October 13, 2014
In a February 25, 2014 Electronic Announcement posted on the Information for Financial Aid Professionals (IFAP) Web site, we informed the community that Sallie Mae was splitting into two companies—Sallie Mae and Navient. In a subsequent October 2, 2014 Electronic Announcement, we informed the community that effective October 13, 2014, Sallie Mae would begin servicing its own private student loan portfolio and Navient would begin operating and servicing loans, including federal education loans.
On Monday, October 13, 2014, the servicing transition to the new company, Navient, was completed. Navient is now servicing the following loans:
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William D. Ford Federal Direct Loan (Direct Loan) Program loans
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Federal Family Education Loan (FFEL) Program loans owned by the Department of Education (the Department)
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FFEL Program loans not owned by the Department
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A majority of Sallie Mae private loans that existed prior to the change
In this announcement, we reiterate important information on the minimal impact that the servicing transition has on Navient customers and the financial aid community.
We present the information in this announcement as follows:
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Federal Student Loan Servicing Under Navient – Necessary Actions for Navient Customers
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Federal Student Loan Servicing Under Navient – Updates to Other Systems
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Federal Student Loan Servicing Under Navient – Additional Information
Federal Student Loan Servicing Under Navient – Necessary Actions for Navient Customers
As explained in the October 2nd announcement, the minor, but important, changes outlined below affect Navient customers. If Navient customers have not yet taken these actions, they must do so now.
Necessary Actions for Borrowers
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Change the servicer’s name from Sallie Mae to Navient with bank or bill paying service if used to make federal student loan payments.
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Change Web site bookmarks to go to Navient’s Web site (www.Navient.com), as applicable.
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Make written checks payable to Navient.
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Change the addressee on mail correspondence to Navient.
Notes:
Payments made through automatic debit are continuing automatically without any action required by borrowers.
Telephone numbers and mailing addresses remain the same for borrowers.
Loan account numbers, terms, borrower benefits, and repayment plans remain unchanged.
Necessary Actions for Schools
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Change the servicer’s name from Sallie Mae to Navient in systems, Web sites, and contact resources, as applicable.
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Change Web site bookmarks to go to Navient’s Web site (www.Navient.com), as applicable.
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Use Navient’s e-mail address (collegeserv@navient.com) to contact Navient via e-mail.
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Change the addressee on mail correspondence to Navient.
Note: Telephone numbers and mailing addresses remain the same for school customers.
Federal Student Loan Servicing Under Navient – Updates to Other Systems
In addition to this Electronic Announcement for the financial aid community, we have posted a message about Navient on StudentAid.gov/Announcements.
We and members of our federal loan servicer team have begun updating systems and Web sites by changing “Sallie Mae” references to “Navient.” We expect that all applicable changes will have been made by December 31, 2014. Navient’s contact information is now reflected accurately on IFAP and StudentAid.gov.
Federal Student Loan Servicing Under Navient – Additional Information
For borrower information about the federal student loan servicing transition to Navient in question and answer format, reference the message on StudentAid.gov/Announcements.
If you have additional questions about the transition to Navient, visit www.Navient.com/future.