Consumer complaint received 2018-04-25
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: Navient Solutions, LLC. (CO)

I graduated from XXXX University in XX/XX/XXXX. At that time my private student loans were owned and serviced by Sallie Mae. Six months after my graduation, Sallie Mae demanded a $ 700+ per month payment for principal and interest on my 4 student loans or $ 350+ per month to pay interest only with none of it applied to the growing principal due to the high interest. I graduated summa cum laude in XX/XX/XXXX during the recession, was searching for employment for 6 months, and finally found work making around {$20000.00} per year. I could not repay the loans on their terms and they did not offer me any income-based repayment options. I ultimately defaulted on all 4 private student loans. I also defaulted on 5 federal student loans. Sallie Mae then sold my loans to Navient and they had multiple collection agencies harass me for many years, including yelling at me on the phone, and calling me, my mother, my employers, and other family members several times a day, to collect on the account. They threatened my mother, who cosigned 2 of my loans with no collateral, and who has been on XXXX and can not afford her own bills. I finally reached an agreement in XX/XX/XXXX with XXXX XXXX ( Navient 's current loan payment collector ) that I would pay an income-based repayment amount of {$250.00} per month for at least 1 year so that I could get my credit score up and attempt to settle the debt at a reduced amount by getting a private loan. This conversation with XXXX was recorded by XXXX XXXX on XX/XX/XXXX. After scraping together the money for the first payment which I was told I had to make in XX/XX/XXXX or the monthly payment might go up, I then called XXXX back on XX/XX/XXXX, paid the first {$250.00} and set up an automatic payment for the next 11 months directly from my checking account. After making timely payments in XX/XX/XXXX and XX/XX/XXXX, Navient ( after charging off my loans, yet still owning and collecting on them ), is still reporting me as delinquent on all of my loans to all 3 credit reporting agencies. I followed up with XXXX XXXX on XX/XX/XXXX, as they had told me this repayment plan would be a way to help my credit and get me out of default, and this did not appear to be the case. I was transferred to a manager who told me a completely different story than XXXX, that Navient will continue to report me as delinquent and in default until I pay off the {$130000.00} in loans or pay off a settlement amount of around {$35000.00}. At {$250.00} per month it would take me nearly 45 years to pay off the full balance, making me XXXX years old at payoff. I do not own a house as I can not get a mortgage with my debt and bad credit, I do not own anything except a car that is underwater in debt because of my credit score and I have no family to turn to. I talked to a private loan lender and they indicated that as long as Navient keeps reporting these defaults, I won't be able to get a loan to pay off the settlement amount. The only other option I have is to pay Navient over {$800.00} per month on the settlement amount until the {$35000.00} plus interest is paid off. If I sign up for a monthly debt that high and my credit remains where it is, I can not guarantee that I will be able to apply for an apartment or refinance my high-interest vehicle. Navient does not allow you to speak with them directly and will only send you to XXXX XXXX, who lied to me about the repayment plan I set up. I need help as I have put all of my federal student loans in rehab and am trying to fix my credit. I do not want to go bankrupt and I am not trying to duck out of my private loans, I just believe that Navient should legally be reporting the payments to the credit bureaus and listing the loans as no longer in default based on the agreement I entered into with XXXX XXXX, Navient 's exclusive loan servicer.