CFPB Complaint

Navient Solutions – CFPB Complaint ID 3082532

Consumer Complaint Submission

Date Received: 2018-11-25T00:00:00.000

Product: Federal student loan servicing

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: On XX/XX/2018 I contacted Navient to explain that my current IDR loan repayment plan was based on incorrect assumptions about my income pulled from my joint tax return from the previous year. I was told to redo my application and submit documentation of my actual situation. I was told that my account would be placed in forbearance for 3 months while this was processed while this was processed. On XX/XX/XXXX, I completed my income-driven repayment plan application and submitted it with supporting documentation directly to Navient. On XX/XX/XXXX, I received an email from Navient stating that my interest had been capitalized and my new repayment amount at the end of forebearance would be greater than my previous amount. My complaint is that I was not given the option to continue to pay a specific amount to cover interest and not have it capitalize and accrue – which according to the email now equates to an additional almost {$1000.00} just for this forbearance period. It would seem like the best practice would be to ask the borrower if they would like to pay the interest and not have it accrue and capitalize and add to the principal by such astronomical amounts, just because their formula did not accurately pick up my current income situation.Forbearance sounds like a helpful term, but in this case it only helped the loan servicer, not the borrower.

Company: Navient Solutions, LLC.

State/Zip: VA

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 3082532

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