Consumer complaint received 2022-03-22
Product: Student loan — Private student loan
Issue: Struggling to repay your loan — Problem lowering your monthly payments
Company: Navient Solutions, LLC. (MD)

I have been paying XXXX XXXXNavient private student loans on and off for at least a decade now and my total balance owed has never decreased but instead INCREASED with no hope of it ever lowering. 

Throughout the years I had to get on a Rate Reduction plan where each time I needed to extend the payment plan, the monthly amount increased despite being asked the amount I can afford per month. On Tuesday, XX/XX/2022, my latest attempt at trying to lower my monthly payment and extend my Rate Reduction plan, I tried to fill out a financial form to provide updated information highlighting my current financial obligations and what I would be able to handle financially moving forward ( which isn't much AT ALL ). Unfortunately the form I filled out was not properly submitted on my end due to an error so I decided to call Navient instead. When I called Navient, I gave the representative my information for confirmation purposes and informed her that I'd like to provide my financial information via phone since something wrong happened when I tried filling out the form online. The representative ONLY asked for my monthly take home pay AND NOTHING ELSE. I was not asked about my rent, utilities, phone bills, other financial debts, etc... Instead after taking note of my take home pay, the representative told me they can extend the Rate Reduction plan for another six months at 7 % interest rate and the only other option would be the Interest Only plan which would be more money to pay monthly. I informed the representative that I COULD NOT afford that amount AT ALL especially since all of my bills have increased and I would like to avoid going into default as that may be my only option. The representative then told me the she was sorry and those were the only options available to me. After getting off the phone, I attempted to fill out the financial form again and fortunately it went through successfully. I'm hoping this time my financial struggles will be taken seriously and into consideration as opposed to being dismissed. 

I have tried for years and years to be able to have a reasonable monthly payment that I can afford and they can get their money, but instead I am being forced to pay more and more when I literally CAN NOT AFFORD IT! I have been paying other bills late and postponing what I can just to make ends meet. I have expressed a number of times that what I can handle is to pay one loan at a time allowing me to have a better chance at paying off my loans while Navient still will get their money. Unfortunately I have not had Navient compromise with me AT ALL. And what's worse, I also have a great number of Federal Student Loans to pay off as well and I'm not sure how I'm going to pay that off when Navient refuses to compromise! I am at my wits end and am ready to just let my loans go into default just to have a little chance to save some money to pay my bills, pay down my debts, and have enough money for groceries. I've even asked if there was a way that I can settle my debts and was told no. 

I would like to know who I can speak to and/or who would be a reliable source to get this situation handled fairly and justly. I am very disturbed and anger that this institute would blatantly dismiss the financial struggles of an individual while willing to increase the monthly payment during a nationwide inflation crisis with price increases everywhere!