CFPB Complaint

Navient Solutions – CFPB Complaint ID 2826850

Consumer Complaint Submission

Date Received: 2018-02-27T00:00:00

Product: Private student loan

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I previously had a student loan account that was managed by Navient. I had the loan re-financed XX/XX/XXXX by a new student loan company, XXXX. The loan pay off amount in XX/XX/XXXX was {$21000.00}.

Now, Navient shows that I still have an outstanding balance of {$910.00}. Navient has continued to charge interest on my account but never notified me that the loan was underfunded. It is clear that Navient benefits from underfunding consumers loans as they then are able to continue charging interest against the consumer. Interest charged is at a rate of 6.8 %. The due date for the outstanding balance is XX/XX/XXXX.

I contacted Navient to request information. Navient is blaming XXXX as at fault for not fully funding the loan. However ; my argument is that Navient has knowledge of an underfunded loan ; XXXX would not be aware of any outstanding amount. They stated that the due date on the loan is in the year XX/XX/XXXX so they were not notifying me until nearer that date. Navient failed to address my concerns and rather told me to contact the U.S. Department of Education.

I am filing a formal complaint because Navient is benefiting from failing to inform consumers when a loan is under funded. I am likely not the only consumer that has had such an experience.

Company: Navient Solutions, LLC.

State/Zip: MD 212XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2826850

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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