Consumer complaint received 2023-02-19
Company: Navient Solutions, LLC.
State: AP
Product: Student loan
Sub-product: Private student loan
Issue: Getting a loan
Sub-issue: Confusing or misleading advertising

Complaint:
The companies I'm filing a complaint about are XXXX XXXX XXXX and Navient formerly known as Sallie Mae. 

Regarding the claims stated by Navient, the tactics used to secure the loans were fraudulent. At the time of signing, Navient was not the original loan holder, and the representatives from XXXX XXXX XXXX never explained the documents that were being signed, nor was it ever disclosed that the documents were for private loans through Sallie Mae. Although the documents show both signatures of the co-signer ( parent ) and myself, there's still neglect that the representatives failed to reveal that the documents were for private loans. 

In terms of repayment, the co-signer and I believed the payments were being applied toward federal loans secured by the Department of Education. Only within the last two to three years was it revealed that the loans held by Navient were private. When this information was revealed, it was due to the lawsuits by students. The payments were made because the co-signer and myself could not afford to have negative remarks on our credit reports which is why we continued to make payments. When contacting Navient for financial assistance, I was offered a program that would lower my monthly payment. Until recently, it has been brought to my attention that I'm no longer eligible for any program to lower payment. When looking at the finical records, it shows that with the last payments made, nothing went to the principal. 

From XXXX - XXXX there was a point where the loans were in default due to unemployment. When Navient reached out for payment, scare tactics were used to secure payments. These tactics are unprofessional and deemed to scare students into paying when students have no income to pay. Lastly, I still stand that the money received never touched my hand, nor did a direct deposit hit my bank account. 

In the case of Villalba vXXXX Navient, as stated, the loans held by Navient should be canceled, whether private or federal, as several fraudulent tactics were used to secure loans that solely went to XXXX XXXX XXXX for financial gain. Nor do I believe that the bases of going into default should be a requirement of having loans canceled. Maintaining a positive credit report has been a requirement in life. 

Lastly, the hardship that'll I'll have to continue to endure, along w/ retirement approaching and my mother being on a fixed income, will result in disaster. However, I believe I should not be held liable for loans taken out by misleading the borrowers, and the loan agreement terms are robbery. Based on this ongoing litigation, I believe, like many other former students, I should not be held liable for loans as the terms were misleading and misguided into signing documents that were never appropriately disclosed for their true intent. 

Finally, I'm paying for XXXX XXXX XXXX ' negligence which I should not be held liable for as XXXX XXXX knew and made a considerable profit receiving loans from the Department of Education and other private financial entities for financial gain. Leaving myself and many other students with college credit hours and degrees that hold no value and are not recognized by accredited higher learning institutions. Leaving myself to seek and obtain a degree from an accredited university. From this, I've been put into more debt, having to seek a college degree from an accredited university. 

I'm asking for the Attorney General 's help and assistance to combat the claims that Navient is in the right. Navient was never the original loan holder, so my loans were bought and sold to Navient with outrageous terms. Although Navient holds the loans from XXXX XXXX XXXX, the Department of Education has recognized in a court of law that student claims are valid and should serve the same outcome for private loans. should be canceled.

Company response to consumer: Closed with explanation