Consumer complaint received 2019-12-29
Company: Navient Solutions, LLC.
State: CA
Product: Student loan
Sub-product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
Its The Incredible Never-Never Loan! 

Lets look at this case study of my XXXX student loans that originated with Sallie Mae, which is a loan lender/servicer now known as Navient. Please see attached documentation from Navient for this account. Please note that Navient could not provide me with any of the original loan paperwork that is twenty years old because they claimed they know nothing about the original loan lender/servicer Sallie Mae. 

Through the course of this loan, I have been advised by Sallie Mae and Navient to consolidate my loans, and use high interest accruing unemployment forbearance instead of more economical plan options that I was not made aware of until a much later date. Ultimately, I was made aware of and advised to change plans to the Income Based Repayment plan about seven years after it was available. Although this last move did decrease the loan payment amount to something manageable without the higher cost of forbearance interest it also ( without my knowledge ) extended the length of the loan term, which will again accrue more debt. 

Through the advisement of Sallie Mae and Navient, and with the compliance of our Federal Government I have a lifetime of debt with ever-changing rules and regulations. This is why student loans are the incredible never-never loans because borrowers will never-never pay them off. This arrangement is a great financial benefit for the lender/loan servicer, and a great detriment to the borrower and the American taxpaying citizenry. 

If student loans do not have a hard end date from the loan origination date, a low fixed interest rate, and a cap on total interest for the life of the loan there is no other way to perceive this arrangement than either gross mismanagement/lack of oversight or corruption of our Federal Government to enrich the lending institutions because ultimately the result is a lifetime of financial abuse for borrowers, and generational theft of the American taxpaying citizenry. 

In my particular case, my loans originated in XX/XX/XXXX, and I graduated in XX/XX/XXXX. My loans should be discharged soon as it is now XX/XX/XXXX. I am at the twenty-year mark. However, because the lender and loan service provider have all the mechanisms of manipulation at their disposal my new end date according to Navient is XX/XX/XXXX, and even that date has an asterisk next to it on my account because they may move the goal post once again to cheat the game a little more in their favor to quench their never-ending thirst for a greater return on compound interest. 

If you had to cut a fair deal for the American taxpaying citizenry would you allow a loan like this that will essentially be with me for life ( assuming I live as long as the loan is on the books ), and cost double or triple the original loan amount? That is a 100 200 % profit to the lender/loan servicer for their professional financial advisement and service. I do not believe there is any other financial product on the market that is as costly, and causes as much financial harm to the public as student loans. 

I would like to request complete paperwork for my loans that originated with Sallie Mae before Sallie Mae advised a consolidation to move the loans to Navient, a complete review of the loan history including the advisement/awareness/consent process, and potential participation in any legal remedy for fraud as my end date/discharge date on these loans is now, not maybe XX/XX/XXXX, but we are not sure. It has been twenty years. Enough is enough. 

For any Federal Government employees that are not on the take, and are honest, well intentioned professionals that dont want fraudulent student loan debt added to your tax bill or your children or grandchildrens tax bill, I thank you in advance for looking into this, and providing legal remedy/regulation to stop the abuse.

Company response to consumer: Closed with explanation