Consumer complaint received 2021-03-22
Company: Navient Solutions, LLC.
State: TX
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Don't agree with the fees charged

Complaint:
I recently received an updated payment schedule for my loan and I need to understand the information you provided. 


Point 1 ) On XX/XX/XXXX statement my balance was {$80000.00} + {$1300.00} in accrued interest for a total of {$81000.00}. 

Since I paid {$3100.00} since XX/XX/XXXX, it leaves me with a balance of {$78000.00} which shows on the XX/XX/XXXX statement. 

However you wrote to me in XX/XX/XXXX that I had 120 payments left at {$940.00} a month and my estimated interest over the life of the loan was {$32000.00}. 

On XX/XX/XXXX you still show 120 payments remaining at {$940.00} per month and you estimate my future interest payments at {$34000.00}. 

That is an increase of {$2500.00} in interest!! 

How is it possible that the full amount of my interest over the life of the loan is increasing even though I am making payments and no interest is being added because there has been a freezing of interest on the student loan by the Federal government? 

Point 2 ) In addition I had previously requested, in my email on XXXX XXXX to the XXXX, an amortization schedule showing how my monthly payments are being applied and how the interest is being calculated. What interest rate am I really paying!! I am entitled to transparency. XXXX, a Loan Servicing Specialist responded via letter and writes " We are unable to provide calculations regarding how this payment was calculated '' That is absurd! 
I need an amortization schedule. 

Point 3 ) I did my own amortization schedule and based on the principal, payment amount, and 120 months the interest rate was almost 7.85 %!! That is exorbitant and way above current market conditions. I need to reschedule the loan at a lower interest rate or forgiven. 

Point 4 ) My XXXX student loan was {$80000.00} and you deducted 4.248 % as origination fee and on my XXXX loan of {$20000.00} you again deducted about 1 %. So you lent me {$100000.00} total but you only gave XXXX {$96000.00} a difference of {$3600.00}. You also charged me accrued interest {$1300.00} on Loan # 1 and {$310.00} on loan # 2!! totaling {$1600.00} while I am still in school ( I have not graduated as yet ). Also even though I am making payments my interest seems to be increasing. I needed help to be able to further my career and I am left with a toxic loan that doesn't allow me to follow my dreams. 

As I am just about to start my career with the tools that I learned at XXXX over the last 2 years, you have really made my life unnecessarily difficult by charging me so much at this crucial time in my career and at an important moment in the history of the United States as well. My income is very low and I am having difficulty making ends meet. I need some large help with the loan repayment. Please respond with compassion by providing me a plan that takes all this into consideration and affords me a way to create a path for success. 

Thank you XXXX XXXX XXXX

Company response to consumer: Closed with explanation