Consumer complaint received 2020-10-19
Company: Navient Solutions, LLC.
State: CA
Product: Student loan
Sub-product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
I have been repaying my student loans since XXXX, and I consolidated them in XXXX with Navient ( formerly Sallie Mae ) and that resulted in 2 loans. 

Loan Type - DIRECT School - CONSOLIDATED Current Owner - U.S. DEPARTMENT OF EDUCATION Guarantor - DEPT OF ED/NAVIENT Disbursement Date - XX/XX/XXXX Original Principal - {$28000.00} And Loan Type XXXXDIRECT School - CONSOLIDATED Current Owner - U.S. DEPARTMENT OF EDUCATION Guarantor - DEPT OF ED/NAVIENT Disbursement Date - XX/XX/XXXX Original Principal - {$11000.00} In XXXX, XXXX I was advised that in order to pay off my loans in the time that was originally agreed to by both parties ( me and the Dept. of Education ), my student loans would be increased from {$260.00} per month to {$330.00} per month. ( At some point they were at {$260.00} and reduced slightly at Navient 's direction to me after they did whatever calculations they do to determine the repayment amount ). The increase from {$260.00} to {$330.00} was significant to me and I tried to dispute it with them several times ; I asked for my complete loan payment history and at that time they would not provide it. They would only provide a summary of all loan repayment activities. With all of the changes to student loan repayment and in light of the recent law suit they settled, I decided to try to dispute the interest they are charging me with your agency because if they calculated my repayment amount to be that much lower at the start of the loan, they were collecting a lot more interest than they should have been for 6 years! The interest I pay on 6 years is very significant. I tried to get them to tell me the difference so I could dispute the additional amount of money I will end up paying in interest due to their faulty calculations and they absolutely refused to do so. After about 5 phone calls I gave up, feeling helpless and very much victimized. I even told them I was waiting for someone to initiate a class action lawsuit based on this issue because I was sure I am not the only person they did this to. It made no difference to them. I have a printout of all my payments and the rate hike now and I'd like to know how I can formally dispute the additional interest they will inevitably collect from me and have that amount removed from my responsibility since it was them who calculated my repayment amount and I simply followed their directions and set up that amount for automatic payment. I cant easily estimate the over-payment amount, but my interest rate is 5.75 %, with a .25 % break when I pay through auto-pay. The loan is estimated to be paid off by XXXX/XXXX/XXXX now and I can't figure out how much I am overpaying because if there has been no change in interest rate ( which I was not advised there was ) then it seems they charged me less money at the start when interest was highest, and not even {$0.00} went toward repaying the principal unitl after the first 13 months. All this seems wrong to me. When I ask them direct questions about it, in XXXX and XXXX, I never receive straight answers.

Company response to consumer: Closed with explanation