Consumer complaint received 2023-02-22
Company: Navient Solutions, LLC.
State: IL
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Trouble with how payments are being handled

Complaint:
I originally started out with a private loan through XXXX. I borrowed {$8000.00} in XXXX, {$8000.00} in XXXX, and {$25000.00} in XXXX ( {$41000.00} ) I did put my loans in deferment while I was in school finishing my degree, however I graduated in XXXX of XXXX and started the repayment process in XX/XX/XXXX. After deferment my loans were {$10000.00} ( 12.25 % interest rate ), {$10000.00} ( 9.75 % interest rate ), and XXXX ( 10.06 % interest rate ) all with separate interest rates but billed together for convenience total principle balance of {$50000.00}. Then in XXXX XXXX sold my loan to XXXX XXXX XXXX and XXXX stated my original principle amounts were {$8400.00}, {$8400.00}, and {$25000.00}. The two {$8400.00} amounts are my first issue. That information is incorrect, and I am not sure if it has affected my repayment in some way however my first payment to XXXX in XXXX of XXXX states my principle balances were {$10000.00}, {$10000.00}, and {$27000.00}. So in 3.5 years I only paid a couple hundred dollars towards principle? My monthly payment in XXXX of XXXX was {$500.00}. Even if only 1/2 of my payment was going to principle I would have paid {$3000.00} in one year to principle. Possible problem number two. THEN in XXXX XXXX sold my loans to NAVIENT. I am currently still waiting for them to send me/ show me what the original principle balance was when they purchased my loans because they cant seem to give me that information.They can only tell me what my original principle balance was from my original loan from XXXX . *unreal* Today I had a phone conversation with an agent from NAVIENT about how my payments were being allocated because every month a different amount is being applied to principle and the payment and interest rate changes every 3 months SO AT MINIMUM for 3 months at a time the amounts should be the same or at least within a couple dollars of each other due to the daily interest rate and what day you actually make your payment. The agent could not seem to understand or answer why there was such a significant difference in allocation *some months theres a difference of over $ XXXX Some months less than {$60.00} out of {$500.00} is being applied to principle. He just kept saying " The system allocates your payments automatically ''. I also asked about the months that show {$0.00} went to principle and ALL OF MY PAYMENT WENT TO INTEREST ( XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX ) how can that even happen? Another month ( XX/XX/XXXX ) only {$5.00} went to principle and {$520.00} went to interest. Something is not correct in the allocation of my payments and no one can seem to answer me on what is going on. I also have asked for consolidation or repayment options and all the agents say is " you seem to be making your payments just fine '' " theres nothing available to you at this time '' ... Since XXXX when NAVIENT took over my loans XXXX XXXX XX/XX/XXXX ( 5 years ) I have paid a total of {$30000.00} to my loans and I still owe {$35000.00}. *Even if my principle balance was what it was originally with XXXX in XXXX ( $ XXXX ) when I started with NAVIENT *which it should not have been because I had already been paying on my loans for 7 years before NAVIENT became the holder* I should be much farther in my repayment process. I actually should be DONE paying my loans. I have paid OVER {$65000.00} to these loans since XXXX and I originally borrowed {$41000.00}.

Company response to consumer: Closed with explanation