Consumer complaint received 2017-01-21
Company: Navient Solutions, LLC.
State: TX
Product: Student loan
Sub-product: Federal student loan servicing
Issue: Dealing with my lender or servicer
Sub-issue: Don't agree with fees charged

Complaint:
I found out earlier today that my loan servicer, Navient, was not honest with me. The company is not fair in the way they conduct business and never disclosed any details about my loans nor offered any type of documentation or reminder that interest on my student loans would accumulate daily. I had suspicions about this company from the get-go, however, today I found out they were being sued by the Consumer Financial Protection Bureau. While I already contacted the CFPB and a representative was kind enough to share details about the lawsuit, it was a lot of information to take in. XX/XX/XXXX, I called Navient to obtain information about repayment options. It was then that I found out that approximately {$6300.00} in interest had accumulated on XXXX particular loan ( XXXX Direct Parent PLUS ). I originally requested the student loans XX/XX/XXXX. Obviously I was shocked and disgusted by this that I thought to myself, " How can this happen, why was n't I notified and who is responsible for this? '' Obviously I complained to Navient, however, they only made excuses and blamed the U.S. Department of Education and blamed me for not reading the fine print. I called the XXXX Department of Education to find some answers and they were worse and came up with more excuses and at times blamed the government and Navient. Navient was very quick to tell me that they can place me in deferment or forbearance until i was ready to pay. However, after finding out that interest accumulates daily I said, " absolutely not ''. On XX/XX/XXXX, I started making payments to Navient for some of the student loans. On XX/XX/XXXX, I paid a huge chunk of the loan which totaled {$25000.00}. If it had not been for the outrageous interest fees, my balance would be much less, in fact the original principal amount was {$19000.00}. That is a difference of {$6300.00}. Outrageous! Keep in mind, I paid with money I saved over the last 15 years. In my opinion, this is fraud at its worst. I also believe that this is the reason Navient is being sued, however, I am not clear about this whole lawsuit thing. I am asking that my complaint be taken seriously and not fall on deaf ears. I am requesting a refund for the interest that has accumulated since XXXX on my paid student loan. I also believe something needs to change in the way loan servicers such as Navient conduct business with consumers. To be honest, I never knew that interest would accumulate daily on my student loans. Please keep in mind, when I paid for my biggest loan ( {$25000.00} ) on XX/XX/XXXX, the new loan balance for the remaining loan numbers ( XXXX, XXXX, XXXX, XXXX and XXXX ) was now {$28000.00}, give or take. Since making my monthly payments beginning XX/XX/XXXX for the remaining loans, to this date the loan balance has only been reduced to approximately {$27000.00}. I am making a sacrifice to pay back these loans and at this rate, it will be impossible to pay off the loans during my lifetime, if Navient is allowed to continue doing business in this manner. I struggle each month to pay for these loans along with having to pay back medical bills, hospital bills, utility bills, other loans, etc. Also, XX/XX/XXXX, I found out that Navient had placed my loans on deferment without my singed permission. Obviously interest accrued for this time frame and it is very upsetting that they did this without my authorization. On the document I submitted where it shows my account history, please make note of pages XXXX & XXXX where it is dated XX/XX/XXXX for Direct Parent Plus Loan XXXX. Here you can clearly see the interest in the amount of {$910.00} and {$5400.00} for a grand total of {$6300.00}. I also included a document which shows my current loan balance on the remainder of my loans. Take a look at the interest that has already accrued. Please, I am turning to you for help on this matter.

Company response to consumer: Closed with explanation