Consumer complaint received 2017-01-18
Company: Navient Solutions, LLC.
State: MI
Product: Student loan
Sub-product: Non-federal student loan
Issue: Dealing with my lender or servicer
Sub-issue: Received bad information about my loan

Complaint:
I attended the XXXX College of XXXX ( part of XXXX XXXX University now ). Then XXXX, now Navient, refused to release my cosigner due to a " failure '' to make " 24 consecutive principal and interest payments, in the first 24 months '' when I have proof of more than 24 on time payments in that timeframe, with the only issue being that every XXXX payment, after beginning repayment, was only applied to principal by XXXX XXXX, thus disqualifying me from ever being able to release my cosigner. This eschews the fact that also, because they had misinformed me, I was paying DOUBLE what I was required to. This was fortunate in the aspect that it got me roughly a year ahead of repayment schedule, and was a boon when my car broke down, giving me some breathing room, but it still did not favor me when trying to release my cosigner. 

Later, after my loans were handed over to Navient for servicing, they changed the qualification of my " cosigner '' to a " co-borrower '' without any sort of paperwork etc. needing a signature. Now, because of this, my student loan debt is being assessed as debt to my cosigner, and preventing them from financial pursuits such as mortgage refinancing etc. because they now appear to have significantly more debt than they so. 

Lastly, a word of caution, when I consolidated my XXXX XXXX XXXX loans into XXXX consolidation loan for easier repayment, they converted the loans from Federal loans to Private loans, thus removing my ability to act upon special federal provisions and laws that would help me. I do not recall and explanation of this change occurring, nor did myself or cosigner receive any paperwork alerting us to this VERY significant change. It was years before I saw the change reflected on the Sallie mae servicing site, and not with them being sent to Navient for servicing, I fear there are simply too many levels of convolution ( not to mention corruption ) to adequately deal with any of these issues. 

In general, my payments have always been on-time, with the only significant lapses being the end of 2015, when I eventually defaulted in XXXX. I was out of work, not even able to pick-up odd jobs, was struggling to find a job which was going to cost me more in childcare than I was going to be paid, I had already a year or so prior, cashed in any retirement funds I had, and while my wife is paid a decent wage, it was n't ( and still is n't ) sufficient for our household of XXXX to survive on. But that default lead to a year in Navient 's rate reduction program, which coupled with me finding gainful employment, has allowed me to actually afford their payments, but beginning again in XXXX, I return to the XXXX higher interest rate and a {$100.00} increase in payment. I will thus be breaking even at best each month, so no savings or hope for travel, extra retirement, new cars, new house, or really any other expense aside form the bare necessities of modern life.

Company response to consumer: Closed with explanation