Consumer complaint received 2017-06-28
Product: Student loan — Federal student loan servicing
Issue: Dealing with your lender or servicer — Trouble with how payments are being handled
Company: Navient Solutions, LLC. (AZ)

On Monday XX/XX/XXXX, I contacted Navient multiple times about paying down principal with an additional payment I would like to submit electronically or by wire transfer. I spoke to multiple agents at Navient about the details of this payment, how to make it, and how it would be applied. I asked if this additional payment could be applied to principal only if I paid next month 's Pay As You Earn payment and they said " yes ''. I also asked if there was a form to submit to make sure the money I would pay did not go to future monthly payments or interest. They said " no ''. They indicated I simply needed to tell them over the phone I wished to apply the money to " principal only '' which I did. <P/>I wished to pay {$74000.00} on my principal. I understood I needed to make the next month 's payment ( {$340.00} would have been due XX/XX/XXXX because I pay on the XXXX of every month as I did on XX/XX/XXXX ) so I could pay additional money to principal. They said I can pay a maximum of {$50000.00} at a time so I paid {$50000.00} and {$24000.00} so I could apply {$74000.00} to principal after paying {$340.00} for the next month 's billing cycle. <P/>I found out last night when they processed the payment that only about {$10000.00} went to principal but {$64000.00} went to interest. This should not have happened. I was misled by the agent I spoke with. I was clearly instructed that as long as I paid my minimum balance due for the next cycle according to the terms of Pay As You Earn any additional payments could go to either principal or future payments and I specifically stated to put it towards principal. <P/>My goal is to have all of the additional payment from XX/XX/XXXX paid to my principal. Additionally, my loan should reflect a payment on the day of XX/XX/XXXX and not the day they correct it. I should not accrue 7.25 % interest on the full amount of principal ( approximately {$270000.00} ) while they correct this mistake. I should be accruing interest on approximately {$200000.00} from XX/XX/XXXX on. My calculations show I accrue about {$1800.00} per month with principal around {$270000.00}. The interest accrued per month after my payment decreases principal to {$200000.00} should be about {$1300.00} The date of my payment being corrected and actually being applied to principal as opposed to interest could potentially cost my hundreds of dollars based on the difference of interest that accrues while Navient corrects their mistake. They stated it would take 7-10 days to investigate my compaint but gave no guarantee about the result. <P/>Additionally, Navient is being deceptive about monthly changes in interest and the loan amount owed. I think it is deceptive that Navient no longer displays a month by month loan report to show how interest is accruing. They will show a monthly payment report but not show a month by month loan report similar to a credit card or checking account statement. There is no way for me to check online or by calling them to see how much interest rate has accrued over the previous month. I can not find out my total debt from last month unless I keep my own records by paper or electronically and track it myself. I asked them over the phone how I can tell if the interest applied from XX/XX/XXXX-XX/XX/XXXX would be affected by the date my payment of {$74000.00} was applied to principal ( XX/XX/XXXX vs. potentially XX/XX/XXXX or  later ) and they said there is n't a way. <P/>I have no documents to attach because the agent misled me during a phone conversation. I have no email or written documents.