Consumer complaint received 2019-12-22
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: Navient Solutions, LLC. (PA)

I began my college career in XXXX. Having come from a hard working, middle class family during XXXX of the toughest financial times this world has seen since the Great Depression ; there were not many monetary options out there for putting me through college. My family and I turned to student lending ; and Private loans were the only option we had. 

I signed on with Navient just one year before they created their Smart Option loan plan with the help of a co-signer. My mother had to make large interest payments towards my loans through the duration of my college career. These payments were about XXXX XXXX  monthly. 

Upon completing college, within that years time, I was now tasked with making student loan payments towards my private and federal loans. This was my financial crisis as a young professional and new adult! I was expected to make {$450.00} / m payments to Navient at a time where I was temping and work was not steady. During this period, I spent a countless number of lunch breaks, afternoon strolls, and Saturday mornings on the phone with this service provider. I tried time and time again to see if I could simply lower my payments so that I could afford to make them. 

The information provided to me was that the kind of loan I initially signed for, contractually ties to me to making no less than the standard monthly payment. This loan had an interest rate of nearly XXXX XXXX and the payments were being mostly allocated towards interest. This information forced me to use up my 3 forbearance allowances with the company. After those three months I was forced to find ways to afford my monthly payments for fear of hurting the credit of my co-signer who put her financial health on the line so I could attend university. 

Over time, work became more steady and I began my young adult life ; moving into first apartments and stretching my hard earned dollar to afford me my responsibilities XXXX rent, student loans, credit card ), but also afford me my social life. I wouldnt have much left for savings and often ended the month on E! 

During this time my Navient loan payments began to increase. My initial payment in XXXX was something around {$450.00}. My highest payment hit in about XXXX ; when my payments reached over {$700.00} per month with most of it being allocated towards the interest and not principal. Along with my rent XXXX in NYC $ $ $ XXXX and small cc payment, my monthly expenses rose to about $ XXXX month. That is what I owed the universe at the start of every month at the age XXXX years old. I began working side jobs and doing anything I could do to stay on track. 
My life became a 30 day work month, spread thin but trying my best to make it all work. 


I had given up on approaching Navient with requests to lower payments after years of frustration. They had won. Even just calling them was a frustrating task. They made it so it was nearly impossible to get to an actual human being. I was sit on the phone and just hit 0 for about 5 mins until the automated voice finally transferred me to a human. I was determined to just keep my head down and pay this thing until hopefully one day, it was all over. 

Now, it is almost XXXX and I have been following the lawsuit of this company for the last two years. When I read what the CFPB filed against Navient, I teared up. This was my exact experience. I just wanted an education and my family couldnt afford to send me ; this was our ONLY option and I have been paying for it ever since. 

My idea of wealth has been reframed in the past 8 years. I now see the privilege and luxury of not having to pay student loans. That is my idea of wealthy now. I think about all the things I could have done if I wasnt forking over {$700.00} of my income to a loan shark more infamous than any mobster. 

I know their practice of predatory servicing deeply affected my XXXX and it is a period of time I will carry with me for the rest of my days. I know THIS is the harsh realty for so many like me who happened to be prime for university at the worst financial times globally. 

I am nearly finished paying this loan. My payments have lowered. But the scar of this experience is very much still there.