Consumer complaint received 2018-09-09
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: Navient Solutions, LLC. (AR)

Original loan was with Sallie Mae-It has since been turned over to Navient. 

I am contacting you in hopes that you will be able to help me resolve a very alarming concern I have with Sallie Mae/Navient. In XX/XX/XXXX I attended a University. I graduated from their XXXX program in XX/XX/XXXX and went on to obtain my XXXX XXXX in XX/XX/XXXX. While enrolled at the university the cost to attend exceeded my financial aid and government loans. According to the college they offered a new loan specifically for XXXX students but I would have to apply directly with Sallie Mae. 

The loan I applied for was to consist of a fixed interest rate of 6.99 %, be able to be consolidated, and/or be repaid by serving in a public service loan forgiveness area. I was advised by Sallie Mae that any payment made early prior to the XX/XX/XXXX start of repayment date was to go directly to principal if documented along with the mailed check. No late fees were to be charged until after the XX/XX/XXXX start date if they occurred. My account history shows I was charged a late fee less than two years after taking out the loan. 

Through the years I have documented on the payment attachment and even sent correspondence letters that my over payments were to be applied to principal yet none were. I was told by Sallie Mae years after having the loan that even with correspondence letters mailed with over payments they would not apply over payments to principal. 

After being approved for this loan and receiving all my documentations I noticed it was not the XXXX loan but a tuition answer loan with variable interest rates. I immediately contacted Sallie Mae and was informed I didnt qualify for the XXXX loan only the Tuition Answer and it could not be changed. I have requested multiple times to have the original promissory note mailed for my record but I have never received that documentation. 

If Sallie Mae had been transparent with their loaning process I NEVER would have agreed to a loan with the terms I have. I feel very strongly this is a company that has taken advantage of young college students. 

The loan amount on XX/XX/XXXX was approved for XXXX. As of XX/XX/XXXX I have paid Sallie Mae/Navient a total of XXXX and according to their records I still have an unpaid principal amount of XXXX and an unpaid interest balance of XXXX for a total Balance of XXXX without any further accrued interest or variations in my interest rate. 

The interest rate has varied from 9.25-14.5 %. I have contacted them on various occasions to refinance at a fixed rate and get an explanation on the varying rates I was even told during one conversation that they could raise my interest rate to 16.9 %. Not one time was I ever approved, assisted in refinancing or given any explanation on the varying interest rates. 

I have tried everything possible to get out from underneath such a horrible company. I have tried to take out a loan to cover the total, consolidate, refinance, and get approved for the public service loan forgiveness. I dedicated the first 6 years of my career to an under served area and was awarded the XXXX loan repayment program. When I contacted Sallie Mae/Navient for the documentation I needed to use the XXXX loan repayment program I was told if I submitted my Tuition Answer Loan the XXXX application would be denied and my entire application cancelled. 

I chose to work in an underserved area for pay far below the national standard with the benefit of being able to reduce the burden of my student loan debt. I was forced to leave that job to seek employment at a higher rate in attempt to get rid of the financial burden Sallie Mae/Navient has caused. I know I am not alone in this scenario. 

My documentation for my account is still under my maiden name. I have attempted for years to have them change it to my married name. I have requested the name change via phone, fax, and written correspondence. The name change is not a concern I have but I hope it proves to you that I am speaking the truth about this company blatantly refusing to help me every step of the way since taking out this loan. I legally changed my name shortly after taking out the loan in XX/XX/XXXX. 

At this point I feel I have more than covered the amount that was given to me and the remaining balance be forgiven in entirety. 

I truly hope you can help me resolve this issue. I hope that by taking a stand against this company it may reduce the likelihood they continue with their poor business practices.