Navient is the latest major student lender to offer students and employers the ability to make student loans with a new line of credit that is focused on those with student loans.
The new Navient Student Loan Line of Credit (SLOC) is designed to help student loan borrowers get the most bang for their buck when it comes to their monthly payments.
With a SLOC, a student can choose between a traditional student loan or an installment loan and use the proceeds from both to pay for a college education.
SLOCs are offered at different interest rates, but students can apply for a loan with a monthly payment of $1,000 or less, and apply for an SLOC with a higher monthly payment up to $1.2 million.
“With this new line, Navient has created a flexible way to make sure you get the best bang for your buck on your student loans,” said Paul Guggenheim, vice president of financial services at Navient.
“Our SLOC offers an attractive option that helps students save for college and is flexible enough to help you make smart decisions about where you invest your savings.”
The SLOC is a partnership between Navient and Navient Education Finance, a non-profit organization that provides education finance to colleges, universities, employers and others.
The SLO allows students to pay off their student loans using a combination of personal and corporate savings.
In addition to Navient, students can also apply to be on the SLO’s list of approved borrowers, which includes some major credit unions.
For more information, visit www.navient.com/sloc.
Navient said it is currently offering the SLOC to eligible students in the United States and Canada.
The SLOC program is available to all students, regardless of financial need, with the option to apply to receive a loan up to the amount they can pay with the funds in their SLO.
The maximum monthly payment for the SLOU is $1 in the U.S. and $1 per $1 of outstanding balance.
For students with the maximum monthly payments, the SLo may offer up to one installment loan at a rate of 3.8 percent.
The amount of interest paid is capped at 4.25 percent.
The SLo offers a two-year grace period, during which students can choose to either repay the loan with interest or have it automatically converted into cash, depending on their loan balance.
The loan will be applied to the student’s account on a monthly basis.
The first payment of the SLoan will be due in the first quarter of 2021 and will be a lump sum payment of approximately $1 million, Navients chief financial officer, Ben Smith, said in a news release.
Navient said the SLOP is available at its student loan and loan-related websites and by calling 1-877-833-8387 or visiting www.sla.com.
The loan is only available to current Navient students, so students who have taken out loans in the past but have not recently been approved for an installment may not be eligible to apply for the loan.
Students may not use the SLOLC for personal or corporate loans, such as mortgages, credit cards, student-loan funds, and other forms of loans.
As with any other loan, a SLo will be charged interest at a maximum rate of 5.25 percentage points per month, which is a rate that is set by the U!