Consumer complaint received 2019-06-02
Company: Navient Solutions, LLC.
State: FL
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Problem lowering your monthly payments

Complaint:
Accepted the original loan with Salliemae on XX/XX/XXXX while attending the XXXX XXXX XXXX XXXX XXXX  XXXX in XXXX, FL. I was told that I would be able to refinance the loan for a lower interest rate at any time, however the Salliemae and the current owner of the loan, Navient has never allowed me to do so. In XX/XX/XXXX I offered to settle the loan with {$20000.00} that I was able to save while on XXXX in the XXXX but was told that they do not settle for less than the full amount. Since then I have still been affiliated with the XXXX as a XXXX while working as an XXXX XXXX up until XX/XX/XXXX before I XXXX again, while still working on my XXXX which I just completed on XX/XX/XXXX. In early XX/XX/XXXX although I was working, I really struggled to make my monthly payments. I was threatened with my loan being reported as defaulted and losing my vehicle and being sued. I have never resisted repaying the loan due to negligence, I simply just cant pay an amount that I do not have. Only after 3 months of phone calls, did they finally offer me a reasonable repayment plan but only temporarily and after months of damaging credit which has hindered my ability to refinance with anyone else because of the delinquent history. Even while under the interest rate reduction program with automatic payments from my checking account, I have encountered issues with them not withdrawing the money. Specifically, in one instance after hurricane Irma and Maria, I called to inquire as to why they did not debit my account for the agreed monthly payment? I was told that the payment was waived because of a natural disaster declaration, but the next month when I called because I noticed the date had passed from when they would have charged my account, nothing was pulled. This time when I called, I was told that I had violated the terms of the program and had to pay a provide information to be accepted into another program which required a higher monthly payment. As a current XXXX, I am trying to find better employment to be able to meet my obligations, but currently I can not support what they are asking monthly for {$56000.00} loan gown 4 times the original amount with a 15.375 % interest rate. The school that I obtained the loan counseling through doesn't even exist anymore so there is no one available to challenge about the information they explained to me and now there is a different institution listed as the school where the original loan was acquired. I very seriously doubt that they have any interest in making things simpler for me, really just want to make more money on a smaller loan principle 15 years old. Any information that would help to just obtain reasonable terms at the least would be greatly appreciated. I understand that there are very little regulations on private loan servicers but I am a 13-year veteran still XXXX  in the XXXX XXXX, with a family of XXXX that I have to support. I have every reason to comply and pay my debt, just difficulty doing it with varying terms.

Company response to consumer: Closed with explanation