CFPB Complaint

Navient Solutions – CFPB Complaint ID 3062941

Consumer Complaint Submission

Date Received: 2018-11-01T00:00:00.000

Product: Federal student loan servicing

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I am a XXXX University XXXX XXXX XXXX ( XXXX ) alumni and was there from XXXX-XXXX. I am having what I think amounts to a financial crisis and could use your assistance.

I received all federal loans for my XXXX education, as recommended by XXXX, never with any private loans.

In XXXX-XXXX, I received federal student loans through the FFEL program. In XXXX and XXXX I received ” direct ” federal students loans.

My plan since graduation from XXXX in XXXX has been public service loan forgiveness. Everything has been by the book. I have been in income based repayment since then, working at qualified employers ( I have submitted several certification of employment forms to the PSLF folks and have been on track ), and never missed a payment. Thus I was expecting my current ~ {$280000.00} in XXXX school debt to be forgiven in approximately XXXX.

I was on the phone with PSLF folks earlier today, just checking in that all was on track, and was told that the FFEL loans from XXXX and XXXX did not qualify for PSLF. This is ~ {$140000.00}. I was told that I could consolidate the FFEL loans to direct loans, but that I would then have to make 120 monthly payments all over. This would mean the last 7 years of IBR payments ( with interest accruing ) were a complete waist and I would have to start over. Thus {$140000.00} in loans I thought were going away in XXXX would be growing and not eligible for PSLF until XXXX at the earliest. This is a huge deal financially.

I feel I have been completely XXXX financially. At no point was I made aware that FFEL loans were ineligible, not from XXXX, Navient ( my current loan servicer for the FFEL loans ) ; not until I called 7 years later and checked. If I had known to consolidate to direct loans in XXXX I would have done so, but now I have been making payments on the FFEL loans that are ineligible for PSLF. 7 years lost, which is probably multiple {$10000.00} ‘s.

READ  ERC - CFPB Complaint ID 2472198

Company: Navient Solutions, LLC.

State/Zip: VT

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 3062941

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