Consumer complaint received 2023-10-27
Company: Navient Solutions, LLC.
State: KY
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:
I took out a private Tuition Answer loan with Sallie Mae back in 2006 to go to graduate school for a XXXX XXXX in XXXX XXXX XXXX. When I went over the documents with the loan officer by phone, at the time, I asked if the loan was a fixed interest rate or a variable interest rate. They assured me that it was fixed. It wasnt until years later that I learned that it was a variable interest rate. When I took out the loan, I completed an application but never received a Note. I was told by Navient just recently, that was how they did things back then. The loan application doubles as the Note. I was unemployed when I took out the loan as the program was double full-time, but apparently this was not an issue. I still dont know the terms of my loan and when it will be paid off. From my research, these are the perfect examples of predatory lending. 
When my loans became due to start repayment, I let Sallie Mae know that I was working in the social services field at the time and asked for an income driven repayment plan since the social services field does not make a livable wage. They informed me at this time that because my loan was considered a private loan, even though it is still a student loan, that I didnt qualify and instead steered me into forbearance. I had multiple forbearances due to my loan not qualifying. After my forbearances and deferments were maxed out, they told me that I only could do an interest only repayment plan. I have been on forbearance, deferment, or interest only repayment plans for years with significant interest piling up. My payments have been as high as XXXX XXXX monthly and I have never been able to pay them down. 
After I saw the lawsuit with Navient, I started researching my loans again. I printed out my entire account history. I even contacted Navient to ask about the interest rate changes throughout the years I have had them. They did not send me this information until I got an attorney involved this year. As I was going through my account history, I discovered that my loans went from {$40000.00} borrowed to immediately {$80000.00}. The payment history shows that even though I did pay on my loans that my loans were dramatically increasing to {$80000.00} and above. When Navient bought Sallie Mae, my loans returned to the {$40000.00} mark but did not show any improvement with payments decreasing. With all that has happened in my life, I never defaulted on my loan. I would call them and keep putting my loans in interest only repayment so that I could pay {$200.00} instead of {$500.00}. I was NEVER permitted to put my loans in an income driven repayment plan. When the pandemic hit and all student loans were supposed to stop all interest, mine continued. I was permitted to stop paying them but the interest continued to accrue. As I look into the new rules with being able to have my loan forgiven since I have XXXX years in XXXX XXXX, I still dont qualify. I do not have my XXXX XXXX XXXX from my employers because they either have closed or my social services employer does not qualify, and my loan does not qualify. I am at a point where I have paid the {$40000.00} that I owed but I have made absolutely no progress because of the interest. 
Every time I think that I have found a way to decrease my loans in order to pay them off, I find that my loan does not qualify. I have had these loans for 17 years and I have maybe paid down {$4000.00}. I dont know what more I can do, so I am reaching out to someone that hopefully can help. I dont have money to pay for another attorney for something that seems like Navient should be fixing since they have steered me to forbearance, deferment, or interest only payments instead of giving me a more beneficial option so that I could pay them off. Their predatory lending practices have affected my life for 17 years and will continue for the next 20 years or more since I still have {$36000.00} left to pay. I am now inquiring about a 2nd mortgage to my home in order to pay Navient off. This is not something that I feel that I should do but I dont feel that I have any other options. I am a single mother who has absolutely no help caring for my daughter and until last year, I was making less than {$40000.00} a year working in the XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 
I appreciate you reading this and hope that you can help me and others like me. As of today, my loan is at 10 % interest and {$36000.00} left to pay. I was told that the interest rate does not have a cap and can continue to increase. When I pay the required amount of $ XXXX, only {$200.00} goes to principle. I have an arbitration that is going to be scheduled in the near future but from what XXXX attorneys have told me ; I will not win. I am requesting the my student loans be discharged due to predatory lending. I would appreciate a refund of what I have paid.

Company response to consumer: Closed with explanation