Navient Solutions – CFPB Complaint ID 3113859

Date Received: 2019-01-01T00:00:00.000

Product: Federal student loan servicing

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I am filing this complaint against Navient due to their failure in offering repayment options and advising my loans to be placed in forbearance. When my loans came out of deferment in XX/XX/XXXX, it was suggested by a representative of Navient that consolidation was my best option, even though some of my loans ‘ interest rates were extremely lower than my current interest rate. After consolidating in XX/XX/XXXX, a representative calculated my monthly payments. Based on those calculations, my payments were just over {$1600.00}, which I struggled to pay. After asking a Navient representative if I could get those payments reduced, I was advised that forbearance was the only option until I could determine how I could afford those over {$1600.00} payments. I was not given any other option for a reduced monthly payment. In fact, I sought financial help, and it was at that time I Iearned of the different repayment options available. When I eventually enrolled in a repayment program in XX/XX/XXXX, my payments were extremely low, about {$100.00} to {$150.00} a month. When I questioned the payments, I learned that they were calculated on tax returns from year XX/XX/XXXX, I was still in school, and my income was vastly different in XX/XX/XXXX than in XX/XX/XXXX. How could Navient overlook this error? Was it intentional? Upon recertification in XX/XX/XXXX, I learned that my payments had ballooned to over {$1000.00}. This was due to yet another failure of Navient to thoroughly inspect paperwork properly. There are multiple failures by Navient and their representatives that have led to capitalized interest of over {$50000.00} in 2 years. These failures on behalf of Navient are predatory lending practices, that have truly caused me severe XXXX. I have become sick, and even fell into a XXXX state, as this dark cloud of debt does not seem to be clearing at all. I have been forced to move in with family as I struggle to make these monthly payments.

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What can be done to correct the failures and predatory practices that I have experienced with Navient?

Company: Navient Solutions, LLC.

State/Zip: IL

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Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 3113859

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