Consumer complaint received 2024-05-03
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Don't agree with the fees charged
Company: Navient Solutions, LLC. (NC)

Thousands of students were scammed by Navient into taking out predatory private loans to attend for-profit schools such as the one I attended, The Illinois XXXX XXXX XXXX XXXX XXXX XXXX 

I have been making payments on my Navient loans ( acquired by Sallie Mae ) since XXXX and still owe {$6800.00} at XXXX % interest, a rate which has steadily increased from XXXX XXXX. I have been paying on this predatory loan since XXXX. I paid 2x more interest in XXXX than in XXXX. Why has my interest rate tripled as I tried to pay off my debt? 

The XXXX XXXX and their Parent company, XXXX were investigated by the attorneys general of several states and have been found to have acted in a fraudulent manner. Because of the numerous claims of fraud and misconduct perpetrated by The XXXX XXXX, the Biden administration has just announced a blanket federal loan discharge for anyone enrolled at The XXXX XXXX from XX/XX/XXXX, to XX/XX/XXXX. I am exempt from this discharge, as I paid off my Federal Loans first.

I am aware that Navient was sued by 39 state AGs regarding their predatory loans to attend these online for-profit schools and that Sallie Mae/Navient were a " preferred '' lending company in a " deal '' with these schools during the early XXXX 's. 

These private loans with a high risk of default were part of a package deal offered to " for-profit schools '', but loans made to students in states outside of the agreement, or those who were not in default for 7 months or more during a " specific '' time frame, were excluded. 

I am sure this was a big win for Navient, but what a sham of a settlement deal for the rest of the borrowers scammed into taking loans to at least XXXX for-profit schools. 

After the XXXX settlement, didn't Navient also get out of the Federal student loan business due to scrutiny from lawmakers and borrower advocates?

Didn't Navient have t

o pay restitution to the Federal student loan borrowers for not informing students of IDR/IBR payments students could have enrolled in, but instead steered toward forbearance? Hasn't Navient been sued at least a half dozen times for other predatory loan practices and illegal collection practices? I am also aware of a " pilot '' program by which Navient is sending out " applications '' to select students who may have filed Borrower Defense claims against their schools and were approved. I am unable to gai
n access to the applicati

on even though this is a sham. Why do we need to prove anything? Navient knows who we are. Under the FTC " Holder Rule '' Navient is liable for giving predatory loans in connection with for-profit schools. Time is running out for Navient to do right by students who were scammed into taking out private loans to attend for-profit colleges who have committed misconduct and misrepresented themselves to the public to entice stude
nts to enroll. 

Senator XXXX XXXX has sent a letter to Navient 's CEO asking to discharge these loans NOW! It's time Navient do the right thing and discharge all these predatory private loans made to attend online for profit schools NOW!