Consumer complaint received 2022-09-09
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Don't agree with the fees charged
Company: Navient Solutions, LLC. (OH)

I have been put on an interest only repayment plan by Navient for the past 6 months, due to my inability to pay my whole monthly payment. From XXXX to XX/XX/XXXX, I have paid interest only on all of my student loans that I have through Navient and they were directly debited from my account every month. My monthly payments were {$430.00} and they were all scheduled to be automatically taken out of my bank account on the same day each month. I have four loans with Navient and they all have a variable interest rate. The interest rates and balance of each loan ( as of XX/XX/XXXX ) are as follows : {$18000.00} - 8 % {$19000.00} - 10.5 % {$14000.00} - 10.5 % {$10000.00} - 11.25 % My last payment on the interest only program was made on XX/XX/XXXX. In XXXX, I logged into my online account at navient.com and it showed that I owed {$20.00}, so I went ahead and paid that amount on XX/XX/XXXX. It did not show that I owed anything more than that for the month of XXXX. I knew that my interest only arrangements had come to an end, and the {$20.00} balance did not seem quite right, so I called the customer service number to try to get set up with another reduced payment plan. I was told on the phone that I would get a call back on XX/XX/XXXX to be enrolled in another interest only plan for the upcoming 6 months. The representative told me that it could not be set up until XX/XX/XXXX. I repeatedly asked if I owed anything for XXXX, and she told me that I did not because I was coming off of the interest only plan. She called me back on XX/XX/XXXX and set me up with another interest only plan for the next 6 months. Starting on XX/XX/XXXX through XX/XX/XXXX, my monthly payment would be {$500.00}. 

I checked my online account today, XX/XX/XXXX and viewed my account history to make sure everything was on track and set up for XXXX. Upon reviewing my account history, I noticed that I had been charged {$520.00} in capitalized interest on XX/XX/XXXX. And charged again for {$2700.00} in capitalized interest on XX/XX/XXXX. Both of these totals have been added to my principal balance on my loans, even though I was paying the interest every month for 6 months prior. None of these totals were present when logging onto my account in XXXX or XXXX in my monthly account balance and these totals do not even add up to what my interest is per month. Not only that, but I was also charged a late fee on XX/XX/XXXX, even though I was enrolled in a direct debit payment plan. 

As of today, XX/XX/XXXX, I am set up with the interest only payment plan for the next 6 months, and as of today, my account is showing that I owe the full payment for XXXX and that it is past due. I had better not be charged any late fees or unnecessary interest this month, because my payment agreement has already been set. 

The practices and business conduct by Navient is unacceptable, and I was wrongly charged with this capitalized interest. They do not let the consumer know of any unpaid interest easily, but instead try to keep it hidden from them so that they can add it onto the borrower 's principal balance so that the borrower can never get ahead in paying down their loan. I now have more of a balance on my loans that what I originally took out and I have been paying them regularly ( at least on the interest ) every month for over 10 years. This company already has lawsuits compiled on them and something more needs to be done about how they are operating.