Consumer complaint received 2022-01-20
Company: Navient Solutions, LLC.
State: CA
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Can't get other flexible options for repaying your loan

Complaint:
Hi- I am a victim of Navients predatory lending practices when I took out my first loan through Sallie Mae back in 2007. They assured me that a 10-15 % variable rate loan was a good loan and I proceeded with their guidance. I borrowed approximately XXXX to go to school. By the time I was out of school that amount had ballooned to approximately XXXX. I asked many times about repayment options and all they did for me was put me into forbearance. Everytime I was put into a forbearance I had to pay a XXXX fee and then I would have a forbearance for 6 months. The amount would balloon making my debt grow and grow and grow. They harrassed me and my cosigners, who were my parents, they made my life a living XXXX and I literally have XXXX and anxiety over this. They would tell me " well we aren't the ones who decided to borrow this money '' or they'd gaslight me and say " sir, do you know how a loan works? '' when I was trying to explain to them that my loan was being mismanaged. It made me regret ever going to school. 

Finally I was able to find a job and I had agree 'd upon making payments with Navient. They put me in a temporary reduced interest rate program that lowered my interest 10-15 % variable rate loan to 5 % but only temporarily and this too cost a fee. My payment was around XXXX a month. I had been making these payments for close to 3 or 4 years when the reduced interest rate program had ended. I paid off almost nothing over this period of time. Even with my job, this was a major struggle. Finally, I had reached a point where I had to escape this predatory lending and luckily I qualified to refinance at a lower interest rate and this would get my cosigners off. However, I now have much much more debt than I'd ever have because of these predatory loans. After approximately 8 years of paying XXXX a month, my balance is still at XXXX. I have paid for my education over the years and because of the predatory lending terms, I my debt has only grown. With this new Navient lawsuit I need to go on the record and state that just because I worked tirelessly to try and manage these loans the best I could, and did not default, does not make me any less of a victim. My life has been plagued with XXXX and XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. I am unable to buy a home, I was unable to practice my craft out of school and instead had to take the highest paying job in order to pay these loans. It has wrecked my career, my mental health, my relationship with my family and my financial life. I am 100 % a victim and will not stand by and not be seen. I have records beyond records of faulty information. It's nearly impossible to track how my money was being applied to the loan. Please help or guide with any information. I am providing documents as well. This also is not my first time contacting the CFPB about this matter and I am fully prepared to escalate this fight if it does not end here.

Company response to consumer: Closed with explanation