CFPB Complaint

Navient Solutions – CFPB Complaint ID 2464724

Consumer Complaint Submission

Date Received: 2017-04-24T00:00:00

Product: Private student loan

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: In XXXX 2016, I ma de the decision to refinance {$6500.00} in student loans to a variable rate that was significantly lower than the fixed rate I was paying. I refinanced with XXXX XXXX , who uses Navient to service their student loans. At the time I had XXXX student loans, XXXX of which had a 5.75 % or higher interest rate. The remaining loan had a variable rate under 2 %. I secured a variable rate under 3 % to refinance the XXXX high-rate loans, and specifically requested to Navient not to apply any payments to the sub-2 % loan. When the refinance was completed Navient applied the monies to ALL of my loans equally – including the low-interest loan, against my instructions. I called Navient. They did fix it for me promptly, which led me to give Navient the benefit of the doubt at the time. I am writing to complain now after recently learning that Navient is being sued by the federal government for consistently misapplying payments by thousands of other borrowers. The fraud detailed in the lawsuit absolutely happened to me and it is now clear that their behavior was done deliberately in the hopes that I would not notice the error. I am extremely frustrated and disappointed that Navient operates in such an unethical and fraudulent manner to squeeze extra profit from its clientele, and that I now feel I have to waste precious time double-checking every transaction. I want to further shed a spotlight on Navient ‘s abusive practices and warn others to be careful in their dealings with this company.

Company: Navient Solutions, LLC.

State/Zip: CT 064XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2464724

The above data is from the Consumer Financial Protection Bureau. Keep in mind that every company will get a complaint from time-to-time, even the great ones. But there are a few key data points that will give you an idea about how well the company values their customers and handles consumer issues.

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Look at the item Company Response to Complaint: and Did Consumer Dispute Company Response: to get a better idea of how this was resolved. And the field Consumer Complaint: can give you some context of the issue.

In particular what you are looking for was that the company response was timely and that the consumer did not dispute it. The posting of complaints has proven to be a valuable resource for both companies and consumers.




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