Product: Student loan

I attended the XXXX XXXX under the XXXX XXXX XXXX ( XXXX ) from XXXX to XXXX. Like many other students, I was misled into securing predatory private loans for this " education. '' My original principal loan amount on my private loans was {$85000.00}. Despite making regular payments on these loans over the last 15 years, my current balance is {$110000.00}. This is due to exorbitant interest rates ranging from 13.5 % to 19 %. To date, I have paid more than {$150000.00} toward these loans. 

XXXX XXXX XXXX  and its parent company, XXXX, were subject to investigations by various state attorney generals and were found to have engaged in deceptive and predatory recruitment practices. In response to these widespread allegations of fraud and misconduct, the Biden Administration recently announced a comprehensive loan discharge for students enrolled at these for-profit scam schools from XX/XX/XXXX, to XX/XX/XXXX. This led to the discharge of my federal loans. 

Navient, which the attorney generals of XXXX states sued for its role in facilitating these predatory private loans, had an arrangement with for-profit schools during the early XXXX, making it a " preferred '' lender. Despite this lawsuit, the settlement terms provided by Navient were inadequate, as it excluded many borrowers who were coerced into taking these loans to attend for-profit scam schools like XXXX XXXX XXXX  unless they resided in certain states or had not defaulted for at least seven months during a specified period.

The only period during which I could reduce the principal amount on my loans was during the pandemic when interest rates were lowered to between 0.5 % and 1 %. However, once the regular interest rates resumed, my balances quickly accelerated. This financial strain has led me to forgo health procedures, home ownership, and having a child.

Navient has also faced multiple lawsuits for other predatory lending and illegal collection practices. Navient is currently distributing " applications '' to select students who may qualify for Borrower Defense claims against their schools. However, this process feels intentionally opaque and unnecessary, as Navient knows about the school misconduct and the affected students. I am unable to receive any information as far as eligibility, and the only information I do have is from leaked copies of the School Misconduct Discharge application. Based on these copies, the application requires excessive documentation like correspondence from the school, marketing materials, advertisements, course catalogs, manuals, and school web messaging from loans that are over a decade old. Since then, XXXX  XXXX XXXX has lost its accreditation and closed. The application also threatens borrowers with perjury for providing incomplete information.

Despite this, I requested an application and was told, " If it is determined you are eligible for further review, in the coming weeks we will mail you an application to submit a claim. '' Again, I do not understand the need for this process or its lack of transparency.

To make matters worse, with the recent news that Navient is exiting the federal student loan servicing business amidst legislative and advocacy scrutiny following allegations of steering borrowers away from income-driven repayment plans towards forbearance, I am concerned that the application process for a discharge based on school misconduct is an attempt to defer action until MOHELA takes control of their loans.

Under the FTC 's " Holder Rule, '' Navient is accountable for these predatory loan issues associated with for-profit scam schools. As time is critical, Senator XXXX XXXX has urged Navient 's CEO to discharge these loans immediately. As she stated in her letter, " Given XXXX  failure to follow guidance on canceling predatory federal loans, it is hard to believe that it will behave any better in canceling similar private loans Navient will transfer to them. '' Navient must be held accountable and take responsible action by discharging all such predatory private loans associated with for-profit " education. ''