CFPB Complaint

Navient Solutions – CFPB Complaint ID 2753551

Consumer Complaint Submission

Date Received: 2017-12-12T00:00:00

Product: Federal student loan servicing

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I have a Consolidated Stafford loan with XXXX XXXX, that was recently switched to Navient as the servicer. The loan has been on an IBR payment plan for several years, but on XX/XX/XXXX I called Navient to inquire about lower monthly payments. I was told that switching to a graduated payment plan would reduce my monthly payment to around {$40.00}, so I agreed to switch. I was then told in order to switch payment plans they have to apply a 1 month forbearance, so I agreed.

A few days later I received several emailed letters. One email showed a higher payment amount than I was originally told and another email stated that a reduced interest rate incentive will be removed from my account. On XX/XX/XXXX, I called Navient to inquire on these letters and was told that the once they processed the new payment plan that the payment went up because my loan term was shorter than previously thought. I was also told that the reduce interest rate incentive was removed because of the forbearance, but would be reinstated once the forbearance ended and I was placed on the new payment plan.

After 2 payments on the new payment plan I noticed that the interest rate was still not reduced, so on XX/XX/XXXX I called Navient a third time. This time I was told that the interest rate reduction incentive can not be reinstated because it was a ‘voluntary forbearance ‘ not an ‘administrative forbearance ‘.

Again, I never wanted the forbearance, but was told I had to do the forbearance in order to switch payment plans, I was given no other option other than the forbearance, and I was never told I would lose the interest rate reduction. Had I been told any of that, or that the actual payment would be twice as much, I would not have switched the payment plan.

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Company: Navient Solutions, LLC.

State/Zip: FL 342XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2753551

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