Consumer complaint received 2018-02-01
Company: Navient Solutions, LLC.
State: LA
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Problem lowering your monthly payments

Complaint:
The following is a summary of my interactions with Navient, my private student loan lender : On XX/XX/XXXX the sum of {$1600.00} was automatically withdrawn from my account. As a graduate student working part time at a XXXX XXXX, this was an extremely large amount of money that brought my balance well below XXXX. When I contacted Navient, I was informed that I had exhausted all of my options for deferment or forbearance. I was not aware that there was a limit to the amount of deferments or forbearances available for private student loans. I asked to be put on a repayment plan. 

On XX/XX/XXXX, I spoke with a represenatative and a member of the management team. After several conversations they had with me, as well as my father and mother, reviewing details of our financial situation, they offered to put us on a repayment reduction plan with the repayment amount of {$810.00}. This was still an extremely high amount for me and my parents, who are both retired. But since they assured us that this amount was the lowest they could offer and since it was significantly lower than the full, original amount, we agreed. The contract was for a year, after which, our financial situation would be reviewed once again. We hoped that if we kept making payments for a year, without hassle, we would be rewarded with a chance to renew our contract with a lower monthly payment. At that time my parents had ample savings. 

However, early last year, around XXXX of XXXX, my uncle decided to sue my father over an inheritance dispute. This lawsuit has cost him nearly {$60000.00} - so far, since it is still on-going. The savings is being drained, nearly gone. They can not afford to help me with my student loans. 

On XX/XX/XXXX, I was given notice that my repayment reduction plan would expire in XXXX. I called Navient on XX/XX/XXXX and XXXX and asked for the plan to be extended. I had to provide details overviewing my financial situation. ( I am employed hourly, making an average of {$1000.00} a month, my rent and bills not including food or day-to-day expenses total about {$500.00} a month. ) So did my father, who explained his legal as well as financial situation. ( My father and mother have a combined income of roughly {$2000.00} from social security. ) At first, we were offerred a repayment of {$850.00}. After much protest, that amount was lowered to {$780.00}, starting in XXXX, but that was as low as they would go. I called again on XX/XX/XXXX to make sure but still the amount wouldn't budge. 

Furthermore, the amount of my total payment due listed on the home page of my online account fluctuates a great deal, sometimes as low as {$650.00}. However, since we agreed to the fixed payment amount of {$780.00} ( currently still {$810.00} ) that's the amount that gets withdrawn from my account each month, no matter what I owe. 

I don't understand why payments can't be lowered. We are willing to pay but we simply can't afford that much.

Company response to consumer: Closed with explanation