Consumer complaint received 2016-09-07
Company: Navient Solutions, LLC.
State: MA
Product: Student loan
Sub-product: Non-federal student loan
Issue: Dealing with my lender or servicer
Sub-issue: Need information about my balance/terms

Complaint:
I have XXXX private loans through Navient which are cosigned by my mother. At the time I took these loans out, I was told that if I made two years of consecutive on time payments following a payment plan where I paid both interest and principal, that my mother would be removed as cosigner. After two years of doing so I submitted all necessary documentation to Navient and was denied via form letter. In the next 6 months after that I continued to make consecutive on time payments on a standard payment plan, got a raise, paid XXXX other loans in full and refinanced yet another that was through Navient and is now through XXXX Bank ( effectively repaying Navient in full for that loan ). I resubmitted a cosigner release application at the end of XXXX and was denied again by a form letter identical to the one I received 6 months earlier. The form letter states that I was denied for : proportion of loan balances to loan amounts too high//amount owed on accounts is too high// insufficient income. With my XXXX cosigner release application I submitted a letter addressing all of these " concerns ''. After my rejection I sent two follow up faxes asking for a response to my letter to which I received no reply. I will briefly address them here : Insufficient income : I have a stable job working for the state government. My salary is {$45000.00} per year. I receive XXXX paychecks per year, therefore, after taxes I make {$2600.00} per month on average. My monthly payment for the loans I am seeking cosigner release for is {$110.00} and {$130.00} ; combined {$240.00}. This leaves me with approximately {$2400.00} dollars left over after I pay them. It is ridiculous to state that I do not have sufficient income to make this payment by myself. Even if you consider the total of all of my student loans combined ( $ XXXX ), my salary leaves me with {$1200.00} of expendable income per month. I have no monthly expenses other than my student loan payment. I do not pay for housing, I do not have a car, I do not have dependents. The {$1200.00} a month left over after my student loan payment every month is more than enough to provide myself. 
Proportion of loan balances to loan amounts too high : The proportion of loan balances to loan amounts is exactly what would be expected after XXXX years of being on a payment plan required by Navient to make oneself eligible for co-signer release. I am not making fractional, interest only payments -- I am making substantial payments. 
Amount owed on accounts is too high : After being denied in XXXX, I took steps to reduce the amount owed on the account which contains the loans that I would like to remove my cosigner from. After refinancing a loan, the amount I owe to Navient for the account was reduced by 29 %. 
My mother, the co-signer on these XXXX loans is a XXXX whose health is being negatively impacted by the stress of this situation. My mother has never and will never be able to assist me financially in paying these loans. Due to her health issues she is not able to work , drive, or even cook for herself. 
The sole reason my mother 's name is listed as co-signer is that I took these XXXX loans out when I started college, at which time I was a minor with no credit history and needed a co-signer in order to be eligible for any loan. I now am an adult with an excellent credit history. 
For the past two and a half years I have worked at a job outside of the profession in which I hold my degrees to ensure that I would be able to make the payments for the standard repayment plan so that I would be eligible to release my mother as cosigner. 
None of my current loans, or the loans I 've paid in full have a cosigner other than these XXXX. This situation is causing undue stress on my family. I have fulfilled Navient 's requirements for cosigner release and would like my cosigner 's name removed.

Company response to consumer: Closed with explanation