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Navient Solutions – CFPB Complaint ID 3054700

Date Received: 2018-10-24T00:00:00.000

Product: Federal student loan servicing

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: In XX/XX/XXXX, I was having difficulty making my student loan payment to Navient. Subsequently I used 3 years of forbearance time. Rather than being advised on a payment through an Income Based Repayment plan, I used all my forbearance time towards the beginning of paying off my student loans. So, in XX/XX/XXXX, a total of {$18000.00} of capitalized interest was added to the total of my loan. At that time, I re-entered an Income based payment plan which I have been paying from XX/XX/XXXX until now. I have missed a few months payments, but am doing the best I can to make all payments timely. Unfortunately due to the excessive forbearance time I used and subsequent capitalized interest, the payments I am making are not even covering the interest that is accruing. Therefore, the total balance of my loan is growing despite all the payments I am making. I believe if I was properly informed at any time during the 3 years of forbearance, I would not be in this situation. Now, if there is an imminent need to use forbearance time during a short-term financial struggle, I would not even have that available.

Company: Navient Solutions, LLC.

State/Zip: NY

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 3054700

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