Consumer complaint received 2017-08-11
Company: Navient Solutions, LLC.
State: NY
Product: Student loan
Sub-product: Federal student loan servicing
Issue: Struggling to repay your loan
Sub-issue: Can't get other flexible options for repaying your loan

Complaint:
To Whom it May Concern, I 'd first like to thank you for taking the time to read my complaint and try to get an understanding of where I 'm coming from and the frustration and stress I have been under for the past 5 years. I originally took out student loans while I attended XXXX XXXX. I had two loans and here was the following information for each : 1.  Name : XX/XX/XXXX Consolidated-Subsidized Loan for {$37000.00} Current Balance : {$44000.00} 2. Name : XX/XX/XXXX Consolidated-Unsubsidized Loan for {$26000.00} Current Balance : {$32000.00} Total Original Balance : {$64000.00} Total Current Balance : {$76000.00} I would like to file a formal complain for several reasons : 1. Mislead and Blindsided : Firstly, the added interest is absolutely absurd. Looking back, I feel that I was completely blind-sided and misled into taking forbearances instead of deferments or into income-based payment plans. Who in their right mind would choose a forbearance to add an absurd amount of interest to their loan when they could 've taken a free deferment or been placed in an income-based repayment plan where interest would not continue to accumulate at a ridiculous rate? Again, the lack of knowledge their representatives showed was clearly made out to deceive borrowers and that is flat out wrong and immoral. This additional interest is single-handedly handcuffing me from my pursuit of happiness and fulfilling the American dream of saving for retirement, purchasing a home and living comfortably. I strongly feel that Navient has preyed upon young and naive college students and I am confident and hopeful that the lawsuit they are currently in will prove my points. 2. Unneeded Stress and XXXX : As if graduating from college and struggling to make ends meet as a XXXX XXXX and XXXX XXXX was n't enough, on top of the real life struggles I faced 7 days a week, I had to deal with being misled and deceived ultimately leading me to a bill that is {$15000.00} higher than it should be and unneeded stress in my life. As mentioned, I feel that this deceit has caused me a tremendous amount of stress and XXXX in present day and planning for the future on top of an extra {$12000.00} that has been greedily taken from me. 3. Unwillingness to Accommodate : Over the past 5 years, I have had several back and forth conversations with Navient and their representatives to try and find a reasonable accommodation and help. Not only were they not accommodating in clearly providing all necessary options and helpful information, I felt railroaded and misled into making horrible choices for their greedy benefit. I recently tried an income-based repayment plan in which I was paying {$210.00} per month. In XX/XX/XXXX, this number sky-rocketed to {$840.00}. How in the world do they expect somebody living on a salary of {$65000.00} per year to make these payments on top of other bills and cost of living? I politely asked for a refund and to discuss other options to make a more reasonable payment, to which they obliged. I did receive a refund for one month 's payment and was told that I would be given a lower monthly payment. Last month, I received a bill for the same amount of {$840.00}. I called them today XXXX and explained all of this information and lodged a formal complain for a. having to pay an asinine amount of interest due to being misled and b. having an unreasonable monthly payment. The representative while polite and friendly, mentioned that Navient is in a $ XXXX lawsuit and transferred me to the Department of Education loan service who stated that I needed to speak with Navient and there was nothing they could do to assist. I will no longer waste my time and efforts on dealing with their unhelpful staff out for their greedy benefit and refuse to make another student loan payment until a reasonable outcome is reached. At this point I feel lost, exploited and stressed for my present well-being and future financial planning. I truly feel that Navient has been exploiting uninformed college students and graduates for their benefit for far too long and it goes against everything our country stands for. I hope that others in my situation continue to come forward to share their stories so that we can find a reasonable solution to this stressful situation and put an end to Navient 's greed. I would be more than happy to discuss in further detail and provide any other documentation that would help with my claim. Thanks again so much for listening to my, and other 's ' stories about the stress and XXXX we have had over our heads. I appreciate all of your efforts and would be more than happy to assist with getting myself and others a fair result. Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation