Consumer complaint received 2022-02-01
Company: Navient Solutions, LLC.
State: AZ
Product: Student loan
Sub-product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
I have been adversely affected by the predatory lending practices brought to light in the latest CFPB and XXXX XXXX XXXX lawsuit against Navient. I am an Arizona resident who attended medical school between the years of XXXX at Midwestern university in XXXX Arizona XXXX During school I took out a mix of federal and private student loans with XXXX XXXX. Following my medical education, I completed my post doctorate medical residency in XXXX XXXX at the University XXXXXXXX XXXX  in XXXXXXXX XXXX 

Currently I have two outstanding XXXX student loans held by Navient. Between XXXX and XXXX I had a balance of $ XXXX in subprime private student loans which originated with XXXX XXXX. My private loans were in default status and eventually settled for a lump sum cash payment of which was borrowed to pay XXXX XXXX to settle those debts. I was issued 1099 for amount forgiven and have since paid taxes on the amount charged off. I have attached the details for my current federal student loans to illustrate the history, confusion and exponential ballooning of my loan balance resulting from the continued forbearance steering by Navient. 

Note the number of times capitalized interest is listed in the details on my account and the number of unavailable line items compounding confusion regarding account status. From the time of loan origination up to today, I have been in frequent contact with my loan servicer including multiple times when I experienced economic hardship both during my medical residency training as well as following my residency training. At every level XXXX XXXX/Navient steered me into forbearance. By doing so, the interest on my original loan balances ballooned each and every month my account was in forbearance status. After doing my own research, I later found out that the months my loans were put into forbearance status, I would have qualified for a {$0.00} or low $ monthly payments had I been offered an income driven repayment plan ( XXXX ) putting me closer to meeting the requirements of my current XXXX plan. 

Had Navient advised me differently, I would have had an XXXX additional months of credit counted towards my XXXX repayment plan and my current financial reality would be very different. As it stands now, I will never be able to get out from under the debt I owe and as such have sought counsel from a student loan advisor and been told to pay only the bare minimum required for the next XXXX years until Im eligible for loan forgiveness. Oh but keep in mind, I will owe taxes on the amount forgiven most of which resulted from XXXX predatory lending practices? How is it someone could get out from under a balance on loans like this or be able to be financially responsible? 

To be clear that I am not looking to not be responsible for my student loans but I do feel borrows like myself should be given credit towards months of payments toward an XXXX payment plan at least equivalent to the the number of months they were subject to forbearance steering by Navient. I am XXXX XXXX XXXX, completed my medical school education at XXXX University in XXXX, Arizona. Following my education, I completed my post graduate training at the XXXX XXXX  XXXX in XXXX, XXXX Because of my loan balances I experience times of XXXX, have never owned my own home and likely never will. I have a XXXX who is a freshman at XXXX who I have not able to help financially further perpetuating the student loan cycle.

Company response to consumer: Closed with explanation