CFPB Complaint

Navient Solutions – CFPB Complaint ID 2769630

Consumer Complaint Submission

Date Received: 2018-01-02T00:00:00

Product: Private student loan

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I called NAVIENT regarding the two account ( s ) on which I am co-signer in XX/XX/XXXX. On two occasions I was given different information regarding accrued interest fees and late fees. I made a payment and was advised that all accounts were ” up to date ”, only to learn that there were still outstanding late fees. This impacts my ability to keep the loans ” in good standing ” for other re-payment programs.
Also, I was deceived into thinking that my daughter would receive a lower interest rate on her loans if I called and updated my personal and financial information. It became clear to me that NAVIENT simply wanted my updated information so that garnishing wages could take place for both me and my daughter, if necessary Customer service made no attempt to reduce her interest rate.
Our interest rates are ” variable ”, but there have never been any adjustments in lowering them when the federal interest rates were lowered over the past 7 years.
Finally, my daughter is now in ” interest only ” payments which still allows the high interest rates on the loans to grow exponentially. Her loans have doubled since she took them out.

Company: Navient Solutions, LLC.

State/Zip: MA 010XX

Company Response to Complaint: Closed with monetary relief

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2769630

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