Consumer complaint received 2017-01-24
Company: Navient Solutions, LLC.
State: WV
Product: Student loan
Sub-product: Federal student loan servicing
Issue: Dealing with my lender or servicer
Sub-issue: Received bad information about my loan

Complaint:
I obtained multiple student loans from XX/XX/XXXX to XX/XX/XXXX totaling approximately {$13000.00}, during which time I obtained XXXX degrees and graduated on time. During this time the student loan servicer sold my loan to several different loan servicers and incorrectly placed me into a repayment status, even though I was a XXXX and in good standing with the university during this entire time. As far back as my first semester in college XX/XX/XXXX I started receiving harracement from credit collectors hired by the student loan servicer at the time. They would call a harrace my parents and even call me at work when I started my first job XX/XX/XXXX. Also during this time, they began charging penalties and interest to my account balance and by the time I graduated XX/XX/XXXX my principal balance had increased to approximately {$23000.00} and I was not given my 6 month grace period after graduation, as was promised by the lender. Furthermore, because I was being harraced so frequently by the credit collectors, I obtained a XXXX XXXX Smart Consolidation loan as I was advised to do so by my loan servicer at the time. At that time they told me this was my only option or they would begin wage garnishment. They also told me that they could then go back and correct the situation with the penalties and interest that were incorrectly applied to my account balance. Which, they never did. So I began making payments on this loan in XX/XX/XXXX until I got laid off from my job in XX/XX/XXXX, when the payments were so high that I could not make them. From XX/XX/XXXX to approximately XX/XX/XXXX I requested 60 months of voluntary forbearance to keep the loan from going into default during the time I was laid off and had to take a XX/XX/XXXX cut in pay. During this time my loan balance increased to approximately {$32000.00}. FromXX/XX/XXXX to XX/XX/XXXX I began making regular payments on my loan as I got back on my feet financially. I never let my loan go into default at any time. I always managed to make the payment and catch up whenever I got behind. However, my loan continued to increase during this time because of capitalized interest that XXXX XXXX was charging to my account. XX/XX/XXXX my loan balance increased to {$42000.00}. In frustration because the loan balance increased by {$10000.00} while I was making payments, XXXX XXXX changed the loan terms toXXXX payments of {$400.00} per month and ending on XX/XX/XXXX. From XX/XX/XXXX to XX/XX/XXXX I made XXXX of the XXXX payments totaling approximately {$48000.00} of which, approximately {$46000.00} was charged to interest. XX/XX/XXXX I received notice that Navient was concerned that I was not paying my loan off quick enough and they were raising my payment to {$670.00} per month and extending the terms to XX/XX/XXXX. Which defies all logic if they were concerned I was not paying it off fast enough. So as of the current date, I have paid over {$60000.00} toward my loan and I still have a principal loan balance of {$43000.00} and they want me to pay approximately {$60000.00} more through XX/XX/XXXX. If I agree to continue paying I will have paid over {$100000.00} toward a {$13000.00} loan. I believe that they give you the run-around on purpose to keep you confused and paying. They threaten you constantly that if you do n't pay, they will ruine you financially. So I keep paying. However, because of how this has affected my credit over the years, it has caused me significant financial harm. When I call and ask why I was charged 100 % interest for a period of 10 years, all they will tell me is that the interest accrues daily. I have hours of audio and video evidence of them giving me the run-around, as they put very little in writting. What they are doing is a crime and they should be punished for this activity.

Company response to consumer: Closed with explanation