CFPB Complaint

Navient Solutions – CFPB Complaint ID 3067216

Consumer Complaint Submission

Date Received: 2018-11-06T00:00:00.000

Product: Private student loan

Issue: Struggling to repay your loan

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: During my 4 years of college I was studying to enter the XXXX XXXX XXXX XXXX. I took out several loans to help, both private and federal. The issue is that the Private loans, now owned by XXXX XXXX XXXX XXXX have variable rates. I have worked on and off during raising my Child and I am expecting to be out of work for my XXXX child. The reality is that my work does not cover the cost of childcare so it is more affordable and just as beneficial to the children to stay home with them. There are currently 4 private loans amounting to {$40000.00} with rates of 11.25 %, 11.75 %, 10.625 % and 11.125 %. I have paid these since graduating in XX/XX/2011 but can no longer keep up having made no dent in the principle and only affording to pay the outrageous interest rate each month. How can they get away with not lowering these rates to a fixed lower rate that is achievable. This is predatory lending to a young XXXX girl with little/no financial background. In addition to this, the school provided no education on the risk of lending, nor did they make any effort to find a lower rate federal loan that would not create such hardship for students futures.

Company: Navient Solutions, LLC.

State/Zip: OH 431XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 3067216

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