Consumer complaint received 2016-02-04
Company: Navient Solutions, LLC.
State: NJ
Product: Student loan
Sub-product: Non-federal student loan
Issue: Dealing with my lender or servicer
Sub-issue: Received bad information about my loan

Complaint:
Personally, I would like to stop paying because of XXXX reasons : 1. A large part of my debt does not fall under the classification : " Qualifies Higher Education Expense '' The XXXX XXXX Private Signature loan paid for tuition and living expenses. I received a check to pay for all of my living expenses off-campus because XXXX XXXX University does not have dormitories. The check I received paid for the condo unit, electricity, Internet/TV/phone, washer/dryer rent and groceries. I still have copies of what I paid each month and what I received from XXXX in a check towards those expenses. 
I believe that the amount needs to be readjusted due to their incorrect information received from XXXX. 
2. The manipulation of arbitrary, capitalized interest rates while I was studying at XXXX. XXXX, the exit interview for financial aid counseling, whereby the counselor had already typed in the Federal % rate but wrote in the percentage rate with a pen for XXXX XXXX. The Promissory note from XXXX XXXX does not say the interest % on there and none of the documents I signed stated the interest written on any document. I did not see any statement until the quarterly interest form then the payment schedule and disclosure statement. They increased the interest rate for no apparent reason. I have attached the document that explains this. 
1. Full Sail Signature Student Loan for Academic Year XX/XX/XXXX-XX/XX/XXXX through XXXX XXXX XXXX XXXX. ( XXXX/XXXX/XXXX ) Amount $ XXXX 4 % fee at disbursement = {$41000.00} XXXX. XXXX XXXX Alternative Loan for Full Sail from XX/XX/XXXX to XX/XX/XXXX. 
Amount {$17000.00} + 4 % at disbursement= {$18000.00} List of months and interest rates : XXXX XXXX, XXXX : Quarterly Interest Statement # XXXX Loan Date : XXXX XXXX, XXXX Annual Percentage Rate : 12.00 % Original Loan Amount : {$40000.00} Outstanding Principal : {$41000.00} XXXX XXXX, XXXX : Received Payment Schedule and Disclosure Statement # XXXX Annual Percentage Rate : 12.458 % Financed Charge : {$44000.00} Amount Financed {$49000.00} Total Payments : {$94000.00} # XXXX Annual Percentage Rate : 12.458 % Finance Charge {$26000.00} Amount Financed : {$17000.00} Total Payments : {$44000.00} Current Index : 8.75 % School : 3.750 % Grace : 3.750 % Repayment : 3.750 % XXXX XXXX, XXXX : Quarterly Interest Statement # XXXX Loan Date : XXXX XXXX, XXXX Annual Percentage Rate : 12.00 % Original Loan Amount : {$40000.00} Outstanding Principal : {$41000.00} # XXXX Loan Date : XXXX XXXX, XXXX Annual Percentage Rate : 12.00 % Original Loan Amount : {$17000.00} Outstanding Principal : {$18000.00} Outstanding Interest : {$3700.00} on # XXXX & # XXXX XXXX XXXX, XXXX : Capitalized interest on principal of {$59000.00} as of this date is {$5500.00}. Interest while in school 11.5 % XXXX XXXX, XXXX : Capitalized interest on principal of {$59000.00} as of this date is $ XXXX.Interest after completing school and during Grace Period. 11.0 % XXXX XXXX, XXXX : Capitalized interest on principal of {$59000.00} as of this date is $ XXXX.Interest after completing school and during Grace Period. 10.250 % ***I sent 2 letters explaining the information below to the Office of Customer Advocate and received an answer without even discussing the discrepancy. I know they do not want to deal with this. 
**Payment Totals as of XXXX/XXXX/XXXX I have paid the following : Principal : {$16000.00} Interest : {$35000.00} Total : {$51000.00} According to Navient : Principal Originally ( Loan # XXXX XX/XX/XXXX/Loan # XXXX/XX/XX/XXXX ) : XXXX Principal Now ( Loan # XXXX/Loan # XXXX XX/XX/XXXX ) XXXX Total : {$4400.00} There are discrepancies and I believe I have paid more than enough due to what I have outlined. I would appreciate any and all help to end this and/or get a refund. Lawyer? 
XXXXXXXXXXXX I am a prisoner in my own life. 
This is the story the magazine did about me : XXXXt

Company response to consumer: Closed with explanation