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Navient Solutions – CFPB Complaint

By on November 23, 2017

Date Received: 2017-09-23T00:00:00

Product: Federal student loan servicing

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I am on auto pay and I would like to have more taken out each month so I can get ahead on my loan automatically. Navient does not support this – per their help file ” Your recurring Auto Pay amount ca n’t exceed your monthly payment due at this time, ” I feel that is is misleading. Currently to make an extra payment I have to remember to manually do this each month. The only way I could increase my auto payment amount is to change my loan term to a shorter term which is not what I want to do. If I went that route and I ca n’t make the revised much larger payment – I am in default and will owe fees. ( I did go that route about 5 years ago for a {$100.00} increase before I understood this would change my loan term. ) This feels intentionally like a way from stopping me from paying my loans early and should be stopped. I also find the details very confusing and for uneducated consumers it really might set them up to fail- they think wow I am doing great paying more each month – only to realize there is no going back to smaller payment terms without going into some sort of alternative payment option, forbearance or hardship.

Company: Navient Solutions, LLC.

State/Zip: CA 940XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2682453

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.

READ  KelKris Associates Inc - CFPB Complaint

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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