Alternative repayment plans: If you can’t afford your payments, contact Aidvantage to discuss your federal loan repayment options.Account questions: If you have questions about your account, such as how extra payments are applied or how many payments you have left until your loan is paid in full, contact Aidvantage for help.You can pay online, or you can send a check directly to the loan servicer at:Īidvantage – U.S. Payments: Aidvantage is who you will make your payments to going forward.As an added perk, Aidvantage will give you a 0.25% interest rate discount for enrolling in autopay.Īs a federal loan servicer, Aidvantage can help you with the following issues: To ensure you never miss a payment and incur late fees, sign up for automatic payments.
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If Maximus’ Aidvantage is your servicer, you can create an online account to view your loan details, make payments and download necessary forms. You can find out if you have Maximus student loans by entering your information into the National Student Loan Data System, logging into your Federal Student Aid account or by calling the Federal Student Aid information center at 1-80. If you have federal loans that may have been transferred, follow these steps: What to Do If Aidvantage Is Your New Loan Servicer According to Navient’s annual report, the transfer allowed the company to simplify its business and reduce its risk profile.Īs part of the transfer, approximately 700 Navient employees moved to Maximus’ Aidvantage to help with the transition of existing loan accounts. With the regulatory issues and litigation, Navient decided it made better business sense to end its federal loan servicing contract. Navient entered into an agreement with 40 state attorneys general to resolve lawsuits against it that were separate from the CFPB action. According to the CFPB suit, Navient created obstacles to repayment by giving bad information, incorrectly processing payments and failing to take action in response to consumer complaints.
The CFPB alleged that Navient violated consumer protection laws. Consumer Financial Protection Bureau (CFPB): In 2017, the CFPB filed an action against Navient, and that action is still pending.During the time Navient was under contract, it faced numerous regulatory issues and lawsuits. However, Navient was a controversial servicer within the federal student loan program. As one of the largest and most well-known loan servicers, many borrowers were surprised that Navient decided to exit the federal loan program. Why Were Loans Transferred to Aidvantage?Īs of 2021, Navient’s contract with the Department of Education accounted for about 6% of its annual revenue. After acquiring Navient’s student loan contract servicing federal loans, it became one of the largest loan servicers in the country.
Aidvantage, a division of Maximus, would take over the servicing of 5.6 million Department of Education-owned student loan accounts. In October 2021, Navient announced that the government approved its proposal to transfer its loan servicing accounts. But in 2021, Navient announced it was ending its federal loan servicing contract, and it proposed transferring the existing accounts to another company. Previously, one of the largest and best-known servicers was Navient. As of 2022, there are nine federal loan servicers. However, the government doesn’t service the loans it issues instead, it hires private companies to handle payments, manage accounts and provide customer service.
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