Consumer complaint received 2021-04-21
Company: Navient Solutions, LLC.
State: AL
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Can't get other flexible options for repaying your loan

Complaint:
New Complaint : Repayment Plan reflects Extended Repayment Plan-Principal and Interest I've been paying my Standard Repayment since XX/XX/XXXX. I signed up for the Navient 's Rate reduction Program in XXXX and their Customer Service Rep ( CSR ) Supervisor just informed me today that under the Rate Reduction Program, the CSR has the option to reduce your payment for a selected timeframe or extend the term duration on the loan in order to get the payment lower. I was informed that in order to refinance my loan to get a lower payment, I would have to refinance my loan with another lender since Navient does not offer refinancing options on Private Student loans. Now as a consumer, it appears that my loan was negligently managed by Navient and I may be stuck with paying for their mistake. I've asked about refinancing my loan and I was informed that those options are not available for Private Student Loans. Now, I need clarity on if you currently don't offer those services on Private Student Loans, how can you extend the Repayment terms? I was informed that their are programs that Navient offer for financial hardships and the Rate Reduction Program is what I was introduced too. 

At the time of enrolling into the Rate Reduction Program, the CSR is required to inform the consumer that the term will be extended but I only agreed to the Rate Reduction Program and not an extension of my Contract Repayment terms. I explained to the supervisor on XX/XX/XXXX, I only agreed to the Rate Reduction Program to lower my payment for a period of time and not to extend the term of my loan. I explained to the supervisor that I am requesting the call to from XXXX to be pulled to validate that I agreed to the Extended Repayment Plan. 

I asked the supervisor if an error is found that Navient extended my terms without my consent, will they reduce the remaining terms and dissolve the increase in my payment? The supervisor stated, " Your payment would be increased and you would be responsible for paying the increase. '' That is unfair to a consumer who was deceived about the pretenses of a program for financial hardships. 

The supervisor agreed to have the call reviewed and provide a response back within the next 7 days but I want to file a complaint as a formality to get a documented resolution. I am requesting my terms to be reduced and any overages due to miscalculations be dissolved due to Navient 's error. 









Initial Complaint : XX/XX/XXXX I applied for a {$12000.00} student loan in XXXX to attend XXXX XXXX XXXX, Ga with XXXX. When I signed for this student loan, I wasnt told that this was credit base and that there was d/ifferent stipulations but that it was a federal student loan to help cover school expenses. On XX/XX/XXXX, it was transferred to Navient. I have been repaying this loan since XX/XX/XXXX without any breaks in payments and due to this variable interest rate, it has become challenging to pay this loan off. I cant refinance the loan because of my credit and I'm exhausted of attempts to refinance my loan to get a fixed rate. The balance of my loan is over $ XXXX and if I have been paying on this loan since XXXX, the loan should not still be astronomical if it originated at $ XXXX. My loan has accrued at least $ XXXX of interest and it still increasing. I have spoke with Navient about forgiving my loan but there are no alternatives. I asked about forgiveness of my loan, refinancing my loan for a fixed rate and I was educated that there is no loan forgiveness for private loans and that Navient doesn't offer refinancing options for Private loans. If I was educated back in XXXX, I would have never signed for this loan. So I'm out of options. I need some help on refinancing my private loan and I need my account researched to see if the interest was calculated accurately. I feel that my balance should be lower than it's current amount. Since I left XXXX XXXX XXXX, GA, I have accomplished two ( 2 ) XXXX, one ( 1 ) XXXX and two ( 2 ) XXXX XXXX from XXXX XXXX. I have accumulated over $ XXXX in student loans just to find an eligible job that will pay a decent salary. I had to defer my {$1000.00} payments to pay down other debt just to have the ability to refinance my student loan and that is taking some time. So I need all the help. I am covered in student loan debt. Please help me. What are my alternatives?

Company response to consumer: Closed with explanation