Consumer complaint received 2017-08-02
Company: Navient Solutions, LLC.
State: CA
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
Salutations, Over the past three years I have experienced considerable frustration with Navient student loans.
I took out student loans, through   XXXX   XXXX  , in  XX/XX/XXXX  and  XX/XX/XXXX , with payments beginning in  XX/XX/XXXX . I set auto pay for this account, in order to take advantage of an offer for an immediate loan reduction of .125 % ; bringing my initial APR to 3.375 % - Due to three-years of uninterrupted on-time loan payments my interest rate was subsequently reduced to 2.125 %.
Just prior to the   XXXX   XXXX   transfer to Navient I went online to see what my current loan balance was ; which came to a little over one-thousand dollars. Immediately following the change to Navient I decided to review my current balance ; which had now ballooned to nearly four-thousand dollars. I know that I had never missed a payment, due to the auto deduction I set up back when I first took out the loans, so I rushed to the phone to find out what the   XXXX    happened.
When I finally reached Navient their agent explained that my current balance was the product of a consolidation I made in  XX/XX/XXXX , of {$12000.00}. I tried to explain to the agent that I had never requested a consolidation of my student loan, I had never missed a payment, and my original loan amount was for {$12000.00}. The agent insisted that my information was incorrect and that my current balance was now just under four-thousand dollars. The agent agreed to send me a copy of my loan agreement ; which arrived three weeks later, and was based on the  XX/XX/XXXX  consolidation agreement I never made.
I decided to wait until the term of my loan had ended before reaching out to Navient again ; hoping their misunderstanding was a glitch in their newly established system. When I finally reached out to Navient, at the end of my original loan agreement, I was informed that not only where the standing by their original assessment, but my percentage rate was 3.375 %, compounded daily ; I dropped the phone, called Navient back, and a new agent calmed me down by explaining that the previous agent was mistaken about the interest rate, but was correct about the terms of my loan ; she volunteered to send me out another copy of the loan agreement, which was a carbon copy of the one sent out the year before.
Due to lifes twists and turns the time had finally come for me to address this issue head on. I reviewed my records, performed a simple equation on  XXXX , and came up with a current loan amount of - {$2100.00} ; which I assumed would get Navients attention considering they where now guilty of grand-theft.
I emailed Navient the following : Good day, Per my request, Navient provided a copy of my current loan agreement ; said agreement correctly notes original loan amount, of {$12000.00}, a payment of {$90.00}, and an original APR of 3.375 %, with a total principal and interest of {$16000.00} ; but for some reason said document notes Date Interest Begins to Accrue of XX/XX/XXXX - account  XXXX .
I began making payments to this loan in  XX/XX/XXXX  and have now paid a total of {$16000.00} ; which is substantially more than the {$16000.00} noted in the " Principal and Interest You Will Have Paid '' section, of the   XXXX   Disclosure Agreement. My APR was reduced to 2.125 %, in  XX/XX/XXXX , due to my three years of uninterrupted payments ; which means that I have now been overcharged {$1500.00} - based on my calculations.
I believe the disconnect happened after Navient spun off from   XXXX   ; somehow accounting my automatic interest rate reduction as a consolidation of an existing loan - my loans still show as two separate loans on the Navient Website.
Now, if you could be so kind as to please show me when my original loan of {$12000.00} transformed into a loan amount of {$15000.00} I could stop thinking about how a multi-billion dollar corporation was holding my credit rating hostage - when did my fifteen year loan transform into an eighteen year loan?
Im trying to be calm here ; but I see nothing that tells me why my payments from  XX/XX/XXXX thru  XX/XX/XXXX  count for nothing.
Thank you for your time and consideration.
Note : this my third attempt to reach out to Navient regarding this issue  XX/XX/XXXX  Navient responded via the attached pdf.doc ; maintaining their previously stated position, and asserting their right to an additional {$1600.00} bringing their potential theft to about {$5000.00}.
I contacted Navient when I got home from work that evening and after having to endured the same explanations I had received the previous attempts I asked if the agent would be so kind as to tell me what my original loan amount was back in  XX/XX/XXXX . The agent was kind enough to review my records, of the past sixteen years, and informed me that my original loan amount was in deed {$12000.00}. I then asked the agent how my original loan could balloon to {$12000.00}, after three years of payments, to which the agent began to explain that there was a disbursement made in XX/XX/XXXX to your schoolwaitoh my The agent assured me that a form would be sent out in the few weeks explaining why Navient did what they did.
At this point I want more than just the money Navient has stolen from me, more than interest and penalties they would have charged me, and more than a simple slap on the wrist from one executive to another I still do not know if Navient plans on making good on their obvious and deliberate mishandling of our contractual agreement.
Thank you for your time and consideration,

Company response to consumer: Closed with explanation