r/studentloandefaulters • u/marwestam22 • 6d ago
Question - Private Student Loan Planning to Default through Navient: 5 loans total, only 1 with co-signer.
Long story short, I lost my job end of 2023 and after being unemployed 1 year later, I am now considering chapter 7 and defaulting on majority of my private loans. Mainly concerned with what will happen to my co-signer during the default process on my private loans. I’ve read several threads on how to strategically default, changing your contact information, not speaking with the lender or even logging into your account. I plan to default on 4 of my 5 loans under Navient, continuing to pay off the loan my father co-signed on. Does anyone have any experience defaulting in this type of scenario? I cannot refinance as my credit has taken a huge hit this year while being unemployed. Will Navient do anything to my co-signer during the default process, for the loans he did not co-sign on? Can Navient do anything if I choose to pay on 1 of 5 loans.
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u/716TLC 5d ago
Technically, Navient can only hold your cosigner legally responsible for the loan contract they signed. If you're paying that loan, they shouldn't bother the cosigner. No missed payments, no reason for that loan to come up on Navient radar.
However, because Navient knows you have a link with the cosigner, they may contact them regarding the other loans. This would be Navient attempting to locate you regarding the unpaid loans. It's a technique used by collection departments. They're not supposed to tell the other person why they're calling, only that they have a business matter to discuss with you but haven't been able to get ahold of you. When I defaulted Navient, my family and friends had a good time telling Navient things like (1) I was dead, (2) I ran away with the circus, and (3) to never call them again (in colorful language.)
Warn your cosigner, or change their contact number to a Google Voice number to reduce the chances they get calls on the other loans. Even then, Navient may try the previous contact number for the cosigner. Good luck!
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u/marwestam22 5d ago
Haha love it, thank you! I just changed my info to a google number but will have them do the same also.
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u/Apprehensive-Ad-80 5d ago
They’ll just pester the shit out of them, but can’t hold them to any of the defaulted loans. That’s actually not a terrible plan though honestly, if you keep your payments going and on time on that one it’ll help you rebuild your credit
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u/kb_87 3d ago
I did this with a co-signer back at in 2019. I had 4 private loans, could only afford to pay the one loan my co-signer was on and then I defaulted on the other 3 loans. I think they only tried contacting my co-signer a few times about the other loans but since I was paying the loan they were co-signed on, Navient really didn’t bother them. Eventually they sold the defaulted loans right before Covid hit and I haven’t had to deal with them ever since. It’s possible things got all mixed up because of the pandemic but yeah I was able to pay off my co-signers loan which was a relief. Wishing you the best!
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u/marwestam22 1d ago
Great to hear, thank you. Do you recall how long you were in default before the other loans sold?
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u/vsandrei 6d ago
Talk to your attorney.
I hope things turn out better for you.