Repayment Options

NaviRefi loans are private refinance loans made by a lender to qualified applicants for the purpose of refinancing their student loans.

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Below are some common options for a NaviRefi loan. Please call us at 844-381-6621 to see which options are available for you. 

Standard (Level) Repayment

The standard (or level) plan is the repayment schedule assigned in your promissory note – typically a level monthly payment amount of principal and interest – for the contractual repayment term.

Experiencing Difficulty?

If you are experiencing difficulty, options may be available to you depending on your circumstances. Some plans may require a review of your financial situation and ability to pay.

 

Be sure to contact us at 844-381-6621 so we can help you select the right program for your situation.

Rate Reduction Program

The Rate Reduction Program is an alternative payment program for private student loan borrowers experiencing difficulty but who can afford to pay a reduced amount. The program provides a reduced interest rate for a 6-month period. As a result, the monthly payment amount is also temporarily reduced.

By making reduced payments for a period of time, your total loan cost may be higher compared to a level repayment schedule. That’s because during the program, your principal balance may be paid down at a slower rate compared to a level repayment schedule.

Eligibility for the program is dependent upon your financial information. Proof of income may be required. Three (3) qualifying payments may be required prior to enrollment in the program.

Term and Rate Modification Program

The Term and Rate Modification program combines an extended repayment term with the Rate Reduction Program.

Postponing Payments

In School, a Training Program, or the Military?

If you’re going back to school at least half-time, or you’re receiving training through an internship, residency, or fellowship program, you may be eligible to defer -- that is, postpone -- making your NaviRefi loan payments for a period of time. Keep in mind that postponing payments usually costs more as unpaid interest may be capitalized (added to the principal balance) at the end of the deferment period.

If you’re in the military, there are also deferment or forbearance options that may be available to you.

Please call us at 844-381-6621 so we can help you request the right program for your situation.

Learn More About Military Benefits

Forbearance

Forbearance temporarily suspends or reduces your monthly payments. Although payments can be postponed, interest will accrue during the forbearance period.

Unpaid interest may be capitalized (added to the principal balance), which will increase your total loan cost. See your loan agreement for details relating to capitalization of interest.

Forbearance may require a review of your financial situation and ability to pay, and if approved is typically limited for a specific period of time. For instance, a forbearance may be used on a limited basis to bring an account current or to reduce delinquency. Additionally, you may be required to demonstrate your intent to repay your loan by making one or more payments prior to approval of a forbearance.

Be sure to contact us at 844-381-6621 so we can help you select the right program for your situation.

Loan Forgiveness and Discharge

We work with borrowers and families in the event of disability, loss of life, and certain other circumstances. Please call us at 844-381-6621 if you meet the requirements for potential discharge of private student loans described below.

Total and Permanent Disability (TPD) Discharge

If you have a total and permanent disability, you may qualify for a total and permanent disability (TPD) discharge. TPD means the inability to work in any occupation due to a condition that began or deteriorated after the date of disbursement of funds and the disability is expected to be permanent. If you receive a TPD discharge, you will no longer be required to repay your loan(s).

To apply for TPD, you must complete the TPD application and provide one of the following:

  • A physician’s certification that you are totally and permanently disabled.
  • If you are a veteran, you can submit documentation from the Department of Veterans Affairs showing that you’ve been determined to be unemployable due to a service-connected disability.
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Discharge Due to Death

NaviRefi loans may be discharged due to the death of the borrower. Documentation of death is required.

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