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My loan was sold from (Sallie Mae) to a third-party (Navient) that doesn’t seem to have income-based repayment. Are there other options that will allow me to lower my minimum monthly payments?
When your Federal student loans are sold from one servicer (Sallie Mae) to another (Navient), they remain Federal student loans and eligible for all federal student loan benefits including income-driven repayment, unless they’re in default. Navient is another federal student loan servicer.
That’s good news because you have the option to access income-driven repayment plans including the Income Based Repayment plan if your income is low relative to your eligible federal student loan debt.
To get on an income-driven repayment plan you’ll need to complete an application on the Federal Student Aid website. The application is completed through the Dept of Ed not through your specific loan servicer. Here’s the link to the income-driven repayment plan application.
The process is really short and takes 10 minutes or less. It does require you to submit income information but the website is equipped to pull through information from your most recent tax return and it will automatically pull through your federal student loan information.
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