Consumer complaint received 2016-01-08
Company: Navient Solutions, LLC.
State: CT
Product: Student loan
Sub-product: Non-federal student loan
Issue: Dealing with my lender or servicer
Sub-issue: Don't agree with fees charged

Complaint:
Thank you for reviewing my concern. I am the father of XXXX recent college graduates. My concern is with both Naviant and XXXX XXXX Loans and the interest rates and the accrued interest on the student loans I co signed for. 

Part 1 : My XXXX child went to XXXX University in XXXX, XXXX, then transferred to XXXX University XXXX XXXX in XXXX, XXXX. He started college in 2008, and when we filled out the FAFSA, it was determined we did not qualify for very much financial aid and our Federal Loans were minimal. 
One year later, my XXXX child went to XXXX University in XXXX, XXXX. And again, for some reason we did not qualify for very much financial aid and again, we did not qualify for very much in Federal Loans. 
Two years later, my XXXX child went to the XXXX XXXX for one year then transferred to XXXX University XXXX XXXX, and the same result occurred with Financial aid. 

Part 2 : Because we did not receive very much Financial Aide, My wife and I had to co sign onto various private loan organizations to pay these tuitions for XXXX children in college. We applied to many loan organizations and were turned down by some and accepted by others. Basically, we took whatever loans we could sign for so that our kids could go to the colleges of their choice. 

The good news is they have all graduated college, and are working now. 

Where we are now My wife and I are now co signers to over {$400000.00} in private student loans in addition my children have Federal Student Loans they are responsible for. 

The XXXX children have jobs and are starting to pay back some of the student loans. 
The interest rates on the multitude of student loans are between 3 % and 12 % annually. 
The interest expense on these loans is growing tremendously, and in some cases the loans now due are double the amount that we took the loan out because of the interest rates. 
However, the income the children earn is not sufficient to pay off the student loans. 

When I have asked both Naviant and XXXX to ask if they can reduce the interest rates, they deny that they can do this. 

When I have asked if I sell my home to pay off some of these loans, can I just pay off the principal and they forgive the interest. Again, they deny this request. 

Options to go forward : My options to go forward are to continue to try to pay off the student loans the best I can on a monthly basis with the help of the children. But this does not seem to be working as the debt keeps growing and growing even after making payments based on income. 
Or I have read if I default on the student loans for over 3 months, they may be able to renegotiate the terms of the payments. 

My complaint is that for the last 8 years, the prime rate has been very close to 0 % and yet for these student loans many of the interest rates are at or very near double digits. 
I do not see us paying off these loans for maybe 30 years or until XXXX of us dies and we can collect the life insurance. 

Furthermore, sometimes I can not make these monthly payments and late fees are accruing and it is wrecking my and my wife 's credit score. 
Is there some action the CFPB can take to help us with this mess we are in with student loan? 
Thank you for your any assistance you can provide. 

Sincerely, XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation