Consumer complaint received 2017-10-23
Company: Navient Solutions, LLC.
State: PA
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
XXXX XXXX XXXX XXXX Student Loan, this is the type of account the I co-signed for, for my XXXX back on XXXX XXXX XXXX. The loan has since been transferred to Navient for management. 

In XXXX XXXX, I was reviewing my bills and loan accounts like I do every few weeks so I can plan and prepare for upcoming payments. I typically do not focus on the XXXX XXXX Student Loan because it is an account my XXXX is supposed to be paying back, but since she has not been paying on the XXXX XXXX Student Loan, I needed to if I wanted to keep up with my decent credit score. As I was reviewing the account details ( payment history, loan balance, interest paid, principal paid ), I saw something that was a little disturbing, the interest paid amount. 

I looked back at the life of the loan and made notes of some of the numbers. 

The original loan amount was {$9100.00}. As of today, XXXX/XXXX/XXXX, there has been roughly {$8800.00} paid towards interest, and roughly {$5000.00} paid towards the balance of the loan. In total, roughly {$13000.00} has been paid towards this school loan ( XXXX XXXX Student Loan ).
The reason I reference the term " roughly '' in the above statement is because I can not find this data on Navients website. So I had to download my transaction history and use XXXX to calculate the numbers  above. 

Once I saw the amounts ( loan balance, interest paid, principal paid ) for this loan, I almost had a XXXX XXXX. This loan was being paid XXXX/XXXX/XXXX - XXXX XXXX, and the loan is n't even paid halfway off?? All I could think about is how long will this need to be paid before it gets paid off? Another XXXX years? How much additional money would need paid towards the loan {$10000.00}?? 

I wanted to get a baseline, so I logged into XXXX XXXX Services. This is where I have my own student loans. In XXXX XXXX, I borrowed roughly {$18000.00} to go to school. I did not have to make payments until after I graduated in XX/XX/XXXX. I just paid off my student loans a couple weeks ago. So I thought to myself, how can I borrow twice as much for my student loans and have them paid off in XXXX years, and on the flip-side, pay on the XXXX XXXX Student Loan for XXXX years, and not even pay half of the {$9100.00} balance? I did not understand what happened or how I can have a loan twice as much get paid off, before a loan half the size. 

Since I did not understand what was happening with the XXXX XXXX Student Loan, I called Navient to find out more information and possibly get assistance in some form or another. 

When I called Navient ( XX/XX/XXXX ), I spoke with XXXX individuals. I shared my story with each individual. The story is as follows : " My XXXX is refusing to pay the loan back so I am forced to pay. I am only able to make the minimum payment since I did not budget the repayment of the XXXX XXXX Student Loan. I wanted help from Navient to ease the stress I was being overwhelmed with over this situation I was now in. I gave the details of the loan ( the original loan amount {$9100.00}, roughly {$8800.00} paid towards interest, and roughly {$5000.00} paid towards the balance of the loan. In total, roughly {$13000.00} has been paid ), and each representative denied me assistance or help on this loan. All they could recommend for me was to make a larger monthly payment so the loan would be paid off sooner. '' I was very unhappy with how the call went. Not only did I not receive any assistance from Navient, I felt like they did n't care about the situation I was in and they just wanted money for this XXXX XXXX Student Loan. 

At this point, I started to review paperworkemails regarding the contract details and the promissory note, but I never found the information on what rate was to be charged for the XXXX XXXX Student Loan. Most of the information I found was telling me how I made a good choice by obtaining the XXXX XXXX Student Loan. Some documents promised that having this type of loan would be beneficial because there were " interest-only payments and shorter repayment periods designed to save on your overall loan costs ''. 

I was able to find a letter that contained an updated payment schedule, estimating the payoff date would be XXXX/XXXX/XXXX, estimated interest paid to the loan {$5000.00} and total amount to be paid to the loan was estimated at {$14000.00} With all of that being said, I feel like we were scammed into obtaining the XXXX XXXX Student Loan. All of the information about it being a beneficial program and designed to save us money never cam into fruition. The facts are this, XXXX years of paying towards a {$9100.00} loan has left me with this, an interest paid amount of roughly {$8800.00}, principal paid amount of roughly {$5000.00}, and a loan balance of XXXX. 

After XXXX years of paying this loan the amount of interest we have paid is nearly the loan amount requested. Can someone please tell me why I was being directed to obtain a " XXXX XXXX Student Loan ''? From what I can tell this is not a smart loan to have. 

I believe we were mislead to think that this was a good option for a school loan. Nothing I have seen has proved otherwise.

Company response to consumer: Closed with explanation