Consumer complaint received 2020-10-05
Company: Navient Solutions, LLC.
State: TN
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
I took a XXXX loan originally with Sallie Mae in 1996 to pay for an education at a for-profit XXXX  college. The loans were federal loans and had been assigned to Sallie Mae. Shortly after my 6-mo. deferment ended, I was contacted by a representative who advised me that I had several loans and further recommended that she could " make things easier '', by offering 1 payment by combining the loans. I agreed without knowing or understanding what she was entering me into was a loan consolidation that locked me into an 8 % interest rate and  precluded me from moving my loans to another servicer with reasonable rates. I started receiving regular calls during the repayment period from Navient recommending deferment, and frankly, it was made to sound like an easy thing to do, stress-free without knowing the 8 % interest rate was compounding daily. Navient would initiate the calls conveniently prior to the end of the deferment period which soon became a bi-annual courtesy call. 
During this time, Navient took over the Sallie Maes name and I was watching my yearly statements increase like wildfire on the balance of my loans. I had inquired about getting a lower rate, moving the loans, or payment options. Again, I was told, " it wasn't an option, because I  consolidated my loans. It was always suggested that I defer for 6mo and " see what my situation is at that time. '' I called Navient in a panic several times as to options for my loans, and the solution offered was watching my balance increase through deferment, repayments that kept increasing my balance or payoff.

I started and stopped payments so many times from the increasing payments. I even tried to make the minimum payment with my balance still increasing, this became a vicious cycle. When Navient had settled into its new position aside from Sallie Mae, I started making my student loan payments online, and Navient would take up to 3-4 days to post  payments and charge hefty late fees which always posted after the due date. This happened over and over. I called to change the payment due date and it was recommended that I get a deferment on my payments. This became a game of " cat and mouse. '' I have been making $ XXXX payments for the last 5+ years, never missing, or incurred late fees and when COVID forbearance went into effect, my loans were put into forbearance without interest accrual, or so we thought. We later found out that Navient had put my loans into automatic deferment without knowing and the interest had increased, my 5+ yr. consecutive payment history was erased, and I was assessed late fees. This coincidentally happened as I was working on my degree as part of the AUTOMATIC DEFERRAL PROCESS. When I contacted Navient and questioned WHY I wasn't eligible for the Cares Act forbearance, I was told that although I did in fact have Dept of Education loans, they weren't administrating loans back in 1996, Sallie Mae was, therefore I did not qualify. This was after the fact, despite calling Navient and being told Stafford Loans WERE eligible. 
Throughout the years I inquired about - Public Service Forgiveness ( teacher and non-profit ), refinance options from 8 %, or finding a new lender. I was either told I wasnt eligible for any of the remedies that I inquired about, or deferment was the solution. This has gone on for 24 years. TWENTY-FOUR YEARS!!! 
I have paid Navient by far, more than their fair share with a XXXX balance left on a XXXX loan. They will have received an 80 % profit on this loan by the time this is all said and done. Unbelievable! I have student loans through XXXX XXXX and NEVER experienced anything like this. 
Navient has now reached out to offer a NEW REFINANCE plan with their NEW COMPANY offering 3.99 %. I dont feel even close to comfortable doing business with a company that has used me and earned a reputation for this non-sense.

Company response to consumer: Closed with explanation