WILMINGTON, Del., Jun 19, 2020 (GLOBE NEWSWIRE) – Navient (Nasdaq: NAVI), a leader in education loan management and business processing solutions, today announced it will help further people to learn more about Public Service Loan Forgiveness, a government program that cancels outstanding student loan debt for nonprofit and government workers after 10 years of payments, through a settlement reached with members of the American Federation of Teachers representing public service workers. Navient will also implement improvements to its call center, building on contributions from the American Federation of Teachers.
“We understand that the federal student loan cancellation process can be complex,” said Lisa Stashik, Navient’s vice president of the Office of Client Experience. “We want to do what we can as a non-federal organization to implement and support critical resources for our clients, which is why we are working with the American Federation of Teachers and their members, through this agreement, on the important mission of improving borrower awareness, education and access to successful loan repayment and forgiveness options. “
The Public Service Loan Forgiveness was established by the federal government in 2007 and allows people employed by the government and some non-profit organizations to make payments on direct government loans based on their income. After 10 years of one-off payments, under some repayment plans, any remaining loan balances are written off. Many borrowers have found the government utility loan forgiveness process complex, due to the government’s detailed requirements regarding eligible loan types and payment plans.
In its role as the federal student loan manager for the government, Navient uses data-driven information to support clients’ success when they repay their federal student loans. Over 400,000 clients repay their student loans each year using Navient’s customer service and online tools.
The business improvements, along with a $ 1.75 million contribution to a non-profit organization that will provide education services and student loan advice to public service workers, resolves a lawsuit originally filed by members of the American Federation of Teachers.
Navient (Nasdaq: NAVI) is a leading provider of education loan management and business processing solutions for education, healthcare, and government clients at the federal, state and local levels. We help our clients and millions of Americans succeed with funding, technology services and support. Learn more at Navient.com.
Media: Paul Hartwick, 302-283-4026, [email protected]