Consumer complaint received 2020-10-03
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: Navient Solutions, LLC. (TN)

I took a XXXX loan originally with Sallie Mae in 1996 for XXXX. The loans were XXXX XXXX  and Sallie Mae was assigned to service the loan. After my 6 mo deferment ended, I was contacted by a representative who advised me that I had several loans and she recommended that she " make things easier '', by offering 1 payment. I agreed without knowing what she was referring to was a loan consolidation that locked me into an 8 % interest rate and precluded me from moving my loans to another servicer that offered a better rate. I started receiving regular calls from the loan servicer recommending deferment, and frankly, it was an easy option without regard for the compounding of interest or the consequences. They would call before the deferment period would end and offer the option. It was like clockwork on their part. Sallie Mae was purchased by Navient and subsequently, my loans were assumed by another servicer. At this time, I was watching my yearly statements increase the balance on my loans. I had inquired about getting a lower rate, moving the loans, or payment options. Again, I was told " it wasn't an option, because I consolidated my loans. It was suggested that I deffer for 6mo and " see what my situation is at that time. '' This cycle of calling to deffer was like clockwork and I began to see my balance increase. I called Navient in a panic and the only option was deferment or payoff. I started and stopped payments so many times from the increasing payments. When Navient took over, I started making my student loan payments online, and Navient would take up to 3-4 days to post payments after they were made and charge huge late fees. This happened over and over. I called to change the payment due date and it was recommended I defer my payments. This became a game of " cat and mouse. '' Just recently, I have been making 440+ payments for the last 6 years, never missing, or late fees. When COVID forbearance when into effect, my loans were put into forbearance without intrest accrual or so we thought. We later found out that Navient had put my loans into automatic forebarrance without knowing and interest had accrued, my 6yr consecutive payment history was earased, and I was assessed late fees. When I contacted Navient and questioned WHY I wasn't eligible for forbearance, I was told that although I did in fact have Dept of Education loans they weren't the administrator of the loans back in 1996, Sallie Mae was, therefore I did not qualify. This was after the fact, despite calling Navient and being told Stafford Loans WERE eligible. Throughout the years I inquired about - Public Service Forgiveness ( teacher and non-profit ), I was told that I was not able to participate, refinance from 8 % told I was not eligible, I believe bogus late fees were added and payment history was misappropriated through the years and not in my favor. My initial loan was XXXX and I will have paid over 100K + by the time this company keeps me trapped and broke. Navient now would like to offer me a 3.99 % rate to all of a sudden have the option to re-finance with them. I feel they are trying to swindle me once again.