Close X

Navient Student Loans To Be Assumed by Maximus

Posted by Ryan D. Peterson | Nov 01, 2021 | 0 Comments

NAVIENT STUDENT LOANS TO BE ASSUMED BY MAXIMUS

A leading servicer of federal student loans, Navient, recently announced it will transfer its current student loan portfolio and withdraw from the U.S. Department of Education's federal student loan servicing system. Navient plans to transfer the accounts to a company called Maximus

This change will only impact government-held federal student loans serviced by Navient and will not affect private student loans. 

If you are one of the 5.5 million borrowers currently doing business with Navient, it is important to be aware that this change is coming and there may be updates to current policies and repayment procedures. In a 2015 report conducted by the Consumer Financial Protection Bureau,  “servicing transfers can create confusion. In addition, when errors occur during servicing transfers… this can affect every aspect of the student loan repayment process, leading to problems.”

Department officials are working hard to reassure borrowers that the transition will be efficient and no action will be required on the part of the borrower. 

While there has been no official announcement on when the Department of Education expects this transfer to be complete, account holders may see statements issued by Maximus as soon as the end of the year. 

About the Author

Ryan D. Peterson

Attorney Ryan D. Peterson Ryan D. Peterson is a former debt collection attorney turned consumer rights expert and advocate. After graduating from William Mitchell law school in 2008, Ryan opened his own criminal defense firm. In 2010 Ryan joined a Minneapolis-based debt collection firm. Ther...

Comments

There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Peterson Legal, PLLC Is Here for You

At Peterson Legal, we focus on Collection Agency Defense, Credit Report Errors, Debt Collection Harassment, Identity Theft, and Student Loan Collections and we are here to listen to you and help you navigate the legal system.

Contact Us Today

Peterson Legal is committed to answering your questions about Collection Agency Defense, Credit Report Errors, Debt Collection Harassment, Identity Theft, and Student Loan Collections issues in Minnesota.

We offer a Free Consultation and we'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.