Consumer complaint received 2024-03-20
Product: Student loan — Private student loan
Issue: Struggling to repay your loan — Problem lowering your monthly payments
Company: Navient Solutions, LLC. (DC)

In the year XXXX, I enrolled into XXXX  XXXX XXXXXXXX XXXX XXXX  in XXXX, Virginia. To pursue my education, I was encouraged by the recruiter, with assistance from the financial aid office staff, to take out federal and private student loans. In XXXX, I graduated from XXXX XXXX XXXX XXXX XXXX with a XXXX XXXX XXXX in the course of XXXX XXXX  without employment opportunities from the schools strong relationships with big corporations. 

Post-graduation, I was able to recognize how predatory the student loans actually were and how misleading the overall cost of the program would be. The school failed to make me aware of the actual amount that I would actually have to pay by the time the loan is fully payed off. The total tuition cost was approximately {$110000.00}. I have been paying these loans consistently and on time for about 12 years and I still owe around {$100000.00}. Over the past 12 years I have paid between $ XXXX {$16000.00} per year on these loans collectively. Clearly these loans werent meant to help fund education but meant make graduation students passive income for predatory lenders. I was put under the impression that as long as I pay the requested amount I should be able to pay off loan amount in initial expected loan terms. I feel like I was encouraged to participate in unfair and unmanageable loan terms. At the moment, even if I continue to pay the requested monthly amount, which is upwards of {$1100.00} per month, I will not be able to pay the loans off before I die as the interest will never allow me to. I feel like the plan was to make ambitious scholars like myself lifetime passive income for the lenders that are in association with the XXXX XXXX. During the pandemic, the lenders of those loans Navient Solutions , LLC and XXXX XXXX, XXXX decided to double their interest rates and ultimately boost my monthly payments to almost double of what they were pre-pandemic. Also, Ive been paying these loans by myself and they refuse to grant my request for a Cosigner Release as I have been denied multiple times. They know what my income is and have boosted my monthly payment every time I submitted a request for cosigner release so that they can say that I dont make enough money to qualify for cosigner release. 

The school exaggerated likely after-graduation earnings and during the recruiting process, I was told and lead to believe that, in my field, I should expect to make upwards of {$70000.00} per year upon graduation. The school also promoted direct access to XXXX 's relationships with big corporations '' that would offer expected salary. Unfortunately, neither claim by the school was legitimate. The school misrepresented it's partnerships with employers. I was told that for my graduation class ' XXXX XXXX XXXX XXXX, there would be job recruiters specific to my field in attendance. I was under the impression that recruiters would be present and that I would have an opportunity to present my skills and resume to increase hiring opportunities. there were no recruiters specific to my major/career field in attendance. I was presented the idea that the career services department at each school has built strong relationships with big corporations and small businesses but none were present and no direct referral of my skills and services to these companies was made. 
As a result of the misleading a predatory behavior from XXXX  XXXX XXXX, I was left with the decision to submit and file a U.S. Department of Education Borrower Defense to Repayment Application to studentaid.gov in XXXX of XXXX. The decision on the BDR application is still pending as of XX/XX/XXXX. 

Effective XX/XX/XXXX, XXXX  XXXX XXXX system of schools permanently closed. As a result, my degree can be considered illegitimate and I am left with the burden of paying student loans that were acquired from attending the school. Consequentially, I believe that XXXX  XXXX XXXX pernicious business practice of collecting funds from student loans and then deciding to close down the schools within its system was ultimately an elaborate money-grab scheme leaving thousands of students with insurmountable debt, illegitimate degrees and the schools corporate staff rich. Now, I would like to submit a complaint regarding XXXX  XXXX XXXX for its ill-natured business practices, Navient Solutions , LLC and XXXXXXXX XXXX XXXX predatory loan operation.