Consumer complaint received 2018-04-30
Company: Navient Solutions, LLC.
State: MA
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Problem lowering your monthly payments

Complaint:
I have been going through the process of getting on a rate reduction plan with Navient since XX/XX/XXXX. When I called then, knowing my plan was up in XXXX, they told me their computers would not allow them to process anything that far in advance and told me I had no options at that time aside for to wait it out. When I called back in XXXX, I submitted a financial statement and was told that, based on that, I would be able to keep my payments around {$1000.00} a month. I was told to call back at the end of XXXX/beginning of  XXXX to officially process the plan. 

I called back in XXXX and began the process. I was told, that there was no way for me to keep my current rate and it would, without a doubt go up. Well, they processed my request and suggested a {$1100.00} payment, but said it would be a couple of weeks until it was officially approved or denied. They also informed me that these new plans didnt last a year anymore, but only 6 months so I would need to go through this again. 
During this time they acquired a loan of mine from XXXX. When it was acquired I was in the process of a rate reduction plan with XXXX so I called navient to ask about a plan and was told at no time, under any circumstances could my rate be changed. I asked for my promissary note to be sent and they said they would. Two weeks later I got a letter in the mail stating they didnt have this document available yet for me and would try to provide it soon. 

Well, shortly after, my initial claim came back denied because they said I needed to have my cosigner provide a financial statement ( even though I was told in XXXX that wasnt necessary since he is retired and has been for at least 15 years so his statement hasnt changed from the previous year when I applied ). I had him call and provide the information. During that time, the amount they approved me for was charged to my account and I paid two cycles for the XXXX   loan. All the while, my account showed delinquent. I called expressing concern and was told not to worry, it just hasnt been updated yet, everything should go through just fine, it just takes time. 
I was contacted today, after nearly 5 months of communication and told again, it was denied. They said they could approve me at around {$1200.00} a month, but only if I double the terms of my XXXX loan to 300 months ( which would only bring my payments down about {$30.00} a month ). That would make my total monthly payments set at around {$1500.00} a month, but, with extending those XXXX terms, I would end up paying a ridiculous amount more. I asked if I could keep the XXXX loan as is, paying more each month, and was told the rest of the plan wouldnt be approved. I asked how it was so dramatically different each time I spoke to someone and unfortunatly the phone call was dropped before I could speak to a supervisor. I called back, asked to speak to the same person and was told they went on break.

Company response to consumer: Closed with explanation