Consumer complaint received 2024-07-15
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: Navient Solutions, LLC. (CT)

After graduating college in XXXX and struggling for multiple years to pay my then, XXXX XXXX loans ( now currently Navient ), I was finally introduced to a program, in XXXX, by their company called " Interest Rate Reduction Program. '' It was explained then that I would have my interest rates dropped to 1 % and was required to have payments automatically debited from account. It was explained that if my account remained in good standing for the two years, and if I remained with automatic debit, that I would then be placed into this program for " the life of the loans '' ( their words not mine ). I remained in perfect standing at all times since. I would randomly receive letters requesting information be sent to the company in order to remain in the program. I would always call, and was always told to disregard the letter and that no information was needed because my loans were set to 1 % for " the life of the loans. '' Regular customer service representatives never knew what I was originally referring to and I would have to request to speak to someone in the " interest rate reduction program. '' I was told to ask for someone in this program as they were the only ones that understood and was told that there are many separate departments and that regular customer service agents aren't aware of all the different options. I then purchased my first home in XXXX and soon afterwards received another letter requesting information in order to remain in the program. Due to having more financially responsibility at hat point, I became nervous and during the call with an agent in the " interest rate reduction program, '' I requested to have a letter sent to me stating that I was in this program until the life of the loan. They said this was not an issue and mailed me a letter from Navient ( as they had already transitioned over ) right away. I have the letter and I have also uploaded the letter into my Navient account and confirmed with them that they have this documented in my file. I continued to receive random communication from Navient stating that the program will come to an end, however again I always called and was told that I am all set and was required to do nothing. Now, as of XX/XX/XXXX, they are telling me that in XXXX of XXXX I will no longer be at 1 %. I have spoken to many different people on the phone, tried to provide email documentation ( Navient reps never respond to my emails ), and have even spoken to their XXXX about the situation. They are now saying that having the letter stating that I will be at 1 % until XXXX ( they wrote and year of XXXX in the letter instead of saying " life of the loan '' but in calculating it I figured this was acceptable due to the loans would be paid off by that year ) doesn't matter. They also can not and will not tell me what they anticipate my interest rate to be come XX/XX/XXXX, and they stated that they weren't any " parameters '' to determine my new interest rate. I was also told that the only way to even consolidate would be to take out a loan with someone else, that they can not consolidate due to the loans being " private '' ( I was hopeful that if consolidated I would end up paying less ).