Consumer complaint received 2024-08-22
Product: Student loan — Private student loan
Issue: Issue with income share agreement — Marketing or disclosure issues
Company: Navient Solutions, LLC. (FL)

In XXXX I applied to a school of XXXX XXXX. This school of XXXX XXXX guided me through the process of obtaining financial abilities to be able to fund the education that they would provide. Without this offer, I would not have been able to afford to go to school, and I was told I would not have any problems finding job placement. Federal loans were offered and would not cover all expenses, to which I was told that Sallie Mae would extend an offer to me to cover remaining expenses. The school not only marketed the school to offer students job placement afterwards, told the students that we would have no problem finding jobs that would more than well be able to pay off our loans, but also withheld the fact that they were a non-accredited school and that in order for us to practice in any other state besides New York or Ohio that we would have to take another exam called the XXXX, which is a foreign equivalency exam to be able to practice in the United States. I would have to take this test regardless of where I was born, even though I was born in the United States. This test had a XXXX wait period and cost an additional {$6000.00}. This was not disclosed to us until XXXX years into our education of our XXXX XXXX year long curriculum. Additionally, this university had over a 50 % failure ratemaking it even harder for borrowers to repay if they did not graduate. In XXXX Navient was found guilty of such predatory behavior. Until I was able to take this test, I was forced to live in a different state than my family and pay New York State income tax of nearly 30 % or my low income. There were additional monies that needed to be made available for rent food general living expenses, and we were not allowed to work while being in school and then guided towards taking out additional private loans because federal loans were max out. The dean and counselors stated that we would be more than eligible for entrance into the clinical year at stateside schools when in fact, there were only handful of schools that would admit us as non-accredited students coming from a foreign school and space was limited to XXXX or XXXX students over just a handful of schools. The university advertised that we would be in school year-round and be able to get us out into the workforce sooner, have excellent hands-on surgical skills, meanwhile, the school was not a accredited during my time at school. Sallie mae and now Navient, has used this to their advantage in predatory acts against students in financial need and distress. Upon graduation, it was very clear that employers did not want to hire graduate from a non-accredited school, which was direct opposite of what we were told. Navient offered forbearance after forbearance to help me out ; unknowingly that the interest would rack up and then they would charge interest on this interest. My initial loan was in XXXX for {$130000.00}. My current outstanding balance is {$100000.00}. Total interest paid to date is over 50 % of the original disbursement. Total interest paid to date is {$68000.00}. I have requested my transaction history from XXXX until today and the money that I submit for payment is partially being applied to interest first, then fees and lastly the principal balance. Over the last 15 years, all amounts are varied..even with the same amount paid monthly. The amount that Navient applies to interest payments are 95 % of the time much higher than what is applied to the principaleven 15 years later ie XX/XX/XXXX payment of {$1100.00} : {$190.00} went to principal {$900.00} went to interest : XX/XX/XXXX payment of {$1100.00} : {$280.00} went to principal {$810.00} went to interest. When I call to speak to someone at Navient they tell me that they are not sure and have placed me on hold and then come back to tell me the payment i make is put toward principle, interest and fees. I had to ask several times to clarify in WHAT order ; she then stated fees first, then interest and lastly principal. She told me that interest daily is {$27.00} ( $ XXXX ) which should be decreasing as the principal is also deceasing. 

Navient issued me a subprime private loan knowing I would have great difficulty in paying the money back graduating from a school with over 50 % failure rate and being unaccredited, and by driving to mislead me into forbearances, which stopped me from paying down the principal on my loan and led me to accumulate more debt and never-ending interest payments.