Consumer complaint received 2018-04-26
Company: Navient Solutions, LLC.
State: NC
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Trouble with how payments are being handled

Complaint:
I currently have a private student loan from Navient that I and a cosigner applied for back in XX/XX/XXXX. The original loan amount in XXXX. I had the loan deferred until XX/XX/XXXX. I spoke to someone on XX/XX/XXXX XXXX requesting a reduction or some type of payment plan because the loan amount was going to be XXXX per month. Instead of paying that amount per month, the customer service rep stated I could do an interest only payment plan making my payments XXXX per month. I was not aware at that time that, that payment was just daily interest payments not going to the actual past interest. I called and spoke to someone in XX/XX/XXXX inquiring on why I have made payments sinceXX/XX/XXXX and my balance was not reducing nor did I see the interest decreases. The representative told me I was only paying on " daily interest '' and that my loan was XXXX of interest and principal and I also had XXXX of interest that accumulated while I was in school deferment. I asked the rep because my loans are split I could technically try and get a loan from a different company to pay off the principal side and make small payments to the XXXX interest side if I wanted to. The Rep said that was correct. The loans would be separate and any future payments would go to principal and once that was paid the additional payments would go to the XXXX that accrued while I was in school ... I guess he was wrong. I then called XX/XX/XXXX to find out how I can make principal and interest payments because my loan was not decreasing. I have made 31 payments and my balance of the loan has not changed. My main goal for the call was to set up principal payments. I spoke with a Representative then I was transferred to a Supervisor XXXX ( Agent # ) he then helped me set up payments that would be principal and interest. He was to remove me from the interest only payments and set my monthly payments to include the principal and interest. He told me my payments would be XXXX per month. Which was a huge difference from the original amount of XXXX per month. I still agreed because I need to get this loan taken care of. I asked if I could set it up on a biweekly payment schedule he said yes. He set my payments up to draft XXXX biweekly, giving me that 1 extra week that I will receive a check to catch everything up. He told me at that time I will be on principal and interest payments.! month later I check my account and nothing has posted to the principal. I call them immediately. XX/XX/XXXX I spoke with rep XXXX, then was transferred to a Supervisor XXXX. He then tells me that the Supervisor never put in the request to remove me from interest only payments and he would get that corrected for me and review the call. He called me back 2 days later and said he had time to review the call, he would make sure my payments went to interest and principal and he would put in a complaint and have someone return my call because the payments I scheduled weren't enough to cover my monthly obligation amount. Because it had been a month and I was still in the " interest only '' plan my monthly amount due would be XXXX per month. I explained that the Supervisor I spoke with on the XX/XX/XXXX should have made that change and all the money should be going towards principal and interest. Why would I increase my payment to go towards interest only. I feel like my XX/XX/XXXX-XX/XX/XXXX payments should have went to the principal and interest. They continue to give me the run around and have no intentions of helping me decrease this loan. Now they're trying to tell me that all payments will go towards the XXXX of unpaid interest that is not combined with the principal and interest that is XXXX, has to paid first. My total loan is XXXX. I'm sinking with this company and at this rate I will never get this paid. No one has ever contacted me from the complaints dept and when I requested it, they said there osbuzman? dept looked into and feels as though it's not necessary to contact me.

Company response to consumer: Closed with explanation