Consumer complaint received 2022-08-25
Company: Navient Solutions, LLC.
State: CA
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:
I have followed the coverage of the legal issues raised against Navient and the predatory practices with regard to student loans and the class action lawsuit ( s ) that were filed by the California Attorney Generals Office. The lawsuit alleged that Navient violated Californias Unfair Competition Law and False Advertising Law by taking advantage of vulnerable borrowers by pushing them into costly forbearances and failing to inform them of other programs, such as income-driven repayment plans, among other claims. I am one of those vulnerable borrowers. I have been granted some relief from the loans under federal issuance, but I am not going to receive any relief with regard to my private student loans. 

The structure and qualifiers for student loan cancellation under the recent Navient Settlement are such that I will not qualify due to my ongoing payments towards my student debt. I have not defaulted on my loans, which is one of the critical qualifying parameters. I have consistently tried to do the right thing by making payments, unlike those who defaulted. I have struggled for years now to make the bare minimum payments, and when I did have extra money from side hustles, I was never able to pay anything extra towards the principal balances of my loans, as there was never a place on my payment coupon for me to direct funds to the principal. This is also quite deliberate on the part of your company and the payment section of my accounts on the internet. 

I was defrauded. I was defrauded by Navient, as well as the schools, The XXXX XXXX, ( XXXX  ), of XXXX, Arizona, XXXX XXXX XXXX XXXX XXXX and XXXX XXXX  XXXX XXXX California, which by the way are all now closed. I never graduated because the student loans became an ever-pressing issue for me, where I could clearly see I would never pay off my student debt if I had stayed and tried to finish. I have been paying towards my student loans for 13 years, was steered into forbearances and deferments when I would seek help and my ability to pay was at great risk. Today, on one loan, I owe MORE than what I originally borrowed after 13 years since repayment began and being steered into forbearances and deferments by Navient. On one loan it appears as though I have only paid {$470.00} toward the principal after 13 years of repayment due to the recommended forbearances and deferments. 

My father, who co-signed on all of my private student loans, would be sought for repayment of my loans if I were to default, so my commitment to make my payments goes further than just my personal credit or potential for lenders to garnish my wages. The criteria for loan cancellation under the recent Navient Settlement actually REWARDS those who have defaulted on their loans, while I am PUNISHED for trying to stay afloat and make good on my promise to pay. 

The following student loan in the amount of {$3200.00}, which is the original borrowed amount, has actually increased over time due to offers of deferment, not understanding the terms of deferment and how the interest would be levied not only against my loan, but also on the interest of the interest of the deferment. This lending practice was not explained to me in any way. Navient was and still is well versed in this practice, knowing full well that most young people were not savvy to these rogue lending practices, it was a deliberate tactic. In fact, I was pulled out of class while attending the XXXX  XXXX XXXX, California, and was told I didnt qualify for the loan I originally applied for and that I would be dropped from my classes and would still be responsible for the time I was in class, approximately 2 weeks, if I didnt sign the new loan presented. I was pressured into signing the new loan and was told I could not read over the terms at home when I could carefully consider my options to pay for school. 

I have made numerous calls to Navient over the years to try to get help regarding my loans and how I might be able to get assistance, and was consistently given misinformation, promises of deferment, forbearance without clear explanation of the structure, repayment of loans that were deferred. As recent as Monday, XX/XX/XXXX, at XXXX, I made a phone call regarding my federal loans and deferment was heavily pressed and recommended and that only a few months can't hurt '', by the representative who did not know I had already utilized ALL of the available forbearance time on my loans over a 13 year period. She insisted, multiple times, until I grew angry and ended the phone call. 

According to Navient 's website, the company promotes the following Values that support our vision and shape the culture of our company. These values guide everything we do : how we interact with and serve our clients; how we hire, develop, and retain our people; and how we contribute to our communities as responsible corporate citizens. These principles serve as the foundation of the passion, commitment, and integrity we bring to our business every day. 

We strive to be the best. 
By relentlessly pursuing the right solutions, we deliver on our promises to each other and those we serve. 
Were stronger together. 
We succeed because were inclusive and authentic, and we know good ideas can come from anywhere and anyone. 
We earn the trust of our customers and colleagues. 
This is achieved by always holding each other accountable and acting with integrity. 
We innovate always and everywhere. 
We empower each other to think differently, develop ourselves, and grow our company. 

As a client of Navient, a consumer who received products from Navient, I have not experienced the values Navient promotes. I was not offered reasonable solutions to the predatory loans I received from Navient. No one relentlessly pursued the right solutions for me. Navient did not earn my trust as your customer. Navient did not, has not acted with integrity. Navient continuously set me up for interest upon interest bearing loans, with little hope of repayment. 

Navient was sued by the Consumer Financial Protection Bureau for the following PREDATORY PRACTICES : 1. Failing to correctly apply payments 2. Steering struggling borrowers toward paying more than necessary 3. Obscured information needed to maintain lower payments 4. Deceived private student borrowers about requirements to release their cosigner from the loan 5. Harmed the credit of XXXX borrowers, including severely injured veterans In XXXX, Navient reported a profit of {$710.00} XXXX, XXXX XXXX XXXX XXXX XXXX XXXX, the CEO of Navient, boasted, It was a year where we exceeded all of our goals. He doesnt care at all about the people Navient has harmed with their lending practices, just the bottom line of his wealth! 

The XXXX XXXX has closed. The school was a predatory, for-profit program that sought out students that didnt have the resources or high school transcript ( high GPAs and SAT scores ) to attend an accredited state community college, university, etc. The XXXX XXXX promoted their programs as highly sought after, maintained rigorous standards of student acceptance, made big promises of post-education job placement, and now the truth is known. The XXXX XXXX was a sham school. 

I will also be seeking assistance from all of my governmental representatives in California and the federal level. Navient has the ability to offer me cancellation for all of my private student debt, just like all of the students being rewarded for defaulting on their loans. I deserve relief just as much as they do.

Company response to consumer: Closed with explanation