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Author Topic: Purchase of loan restarting clock?  (Read 649 times)

rnpetty

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Purchase of loan restarting clock?
« on: August 22, 2018, 11:01:58 AM »
Navient bought my loan in 2006 from another federal loan servicer and is now telling me the six years I paid before they bought my loan do not count as years of payment. Is this correct?

TheCollegeInvestor

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Re: Purchase of loan restarting clock?
« Reply #1 on: August 22, 2018, 11:06:13 AM »
Do not count as year of payment towards what? They count as payments towards the loan, but are you looking for something else?

rnpetty

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Re: Purchase of loan restarting clock?
« Reply #2 on: August 22, 2018, 11:20:14 AM »
They told me I have nine years and two months left to pay on my loan since I have to pay 20 years. My first payment was 3/14/2000. Navient bought the loan in 2006 and called that a new disbursement on 5/24/2006. However, I had no control over that. I believe NelNet sold my loan to Navient. Actually, I'm still unclear where the nine years two months is coming from unless they meant 25 years but told me 20? I have been paying on an IBR plan for 5 years.

TheCollegeInvestor

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Re: Purchase of loan restarting clock?
« Reply #3 on: August 22, 2018, 11:48:43 AM »
Your loan forgiveness under IBR starts when you started IBR (so 5 years down, 20 to go).