Consumer complaint received 2020-12-31
Product: Student loan — Private student loan
Issue: Struggling to repay your loan — Problem lowering your monthly payments
Company: Navient Solutions, LLC. (CO)

I was emailed by Navirefi an invitation code to apply to refinance my student loans with their company. I proceeded to fill out the application. There was a portion to choose the loans you would like to refinance with them. I chose my private loans and opted not to include my federal loans as I don't want to lose any federal benefits and I am in a Pay As You Earn payment plan with them. Navirefi proceeded to offer to refinance my private loans at 5.04 % ( with autopay ). This would drop my monthly payment for private loans by approximately {$500.00} and help out my financial situation greatly. The application was approved and I had the option to change my mind up until today, XX/XX/2020. I did not change my mind but instead, on the morning of XX/XX/2020, I received an email stating the following : Dear XXXX, Thank you for choosing NaviRefi. 

During a recent review of your application, we identified an issue with the terms of the loan that you accepted. The issue has since been resolved. Unfortunately, we have to cancel your loan that is scheduled to disburse in the coming days. We apologize for this inconvenience. Our customer care team is ready to rectify the situation and we encourage you to call us as soon as possible to resubmit your application. 

Please contact us at XXXX. 

Our call center hours are : Monday through Thursday from XXXXXX/XX/XXXX XXXX to XXXX XX/XX/XXXXET ( The call center closes at XXXX XX/XX/XXXX. ET on XX/XX/2020. ) Friday from XXXXXX/XX/XXXXET to XXXX XX/XX/XXXX ET ( The call center is closed on XX/XX/XXXXXXXX. ) Sincerely, NaviRefi Customer Care I immediately contacted Navirefi and was told that I most likely shouldn't have received this email and the customer service rep would call me back after speaking with her supervisor. After speaking with her supervisor, she called me back and stated the refi can not go through because I didn't include my federal loans. I told her I did not want to include my federal loans. She stated that I am paying over {$1700.00} a month on the federal loans and this is too high for the refi of my private loans to go through. I explained that I am in a repayment plan and am not paying this amount for my federal loans ( this is more than I take home in a month! ). I offered to send over my pay as you earn documents from the federal loan system and she declined. I asked why my application was approved and she stated their was a glitch in the system on the day that I applied and no one should have been able to pick and choose the loans they wanted to refinance with them. Also, they stated my credit report shows my monthly payment being more than {$1700.00} for my XXXX. I have pulled all 3 reports and this is not true. Not any of my reports display this information. Basically, they wanted my federal loans to obtain more money and had no interest in helping me refinance and have a better rate for my loans. This is not a fair practice and deceiving. It's unfortunate that Navient and their associated partners have no interest in working with their clients. I would not ever recommend Navient or their partners such as Navirefi unless you want to struggle making payments that you can not afford.