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Navient Solutions – CFPB Complaint

By on July 25, 2017
Consumer Complaint Submission

Date Received: 2017-04-28T00:00:00

Product: Federal student loan servicing

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I took out loans to get a XXXX from XXXX XXXX University – at the time, I did not know that the interest rates being charged were insanely high ( between 6 % and 8 % ). The original amount of my loans were about {$90000.00}. As a newly graduated XXXX XXXX , I was only making about {$55000.00} per year and living in XXXX XXXX XXXX – I could not afford to make payments, so needed to go into forbearance. Because of capitalized interest, I now owe {$140000.00}. I am currently making payments of about {$900.00} ( this is a huge monthly burden ), and I am not making a dent in the balance – this is all going toward interest. I have pulled are report of the payments I have made, and over the years that I have been in repayment, I have paid close to {$250000.00}, but my balance remains the same. I feel that I will never be able to pay off these loans – at the rate I am going, the balance will remain the same for my entire life, and I am struggling to afford these payments.

Company: Navient Solutions, LLC.

State/Zip: NY 112XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2469866

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.

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.

READ  Convergent Resources, Inc. - CFPB Complaint

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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