Consumer complaint received 2018-03-25
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: Navient Solutions, LLC. (VA)

I signed up for XXXX XXXX XXXX located in XXXX Va. I attended a 9 month diploma medical assisting course from XXXX. At the time I applied I was new to the area, not working and my husband had just joined the XXXX. The financial Aid office handled all the paperwork related to loans, financial aid, etc. When I first started paying the loans I was getting hit with late fees because I was under the assumption I had XXXX loans, so I consolidated them and I was still getting hit with late fees and that's when I called into XXXX XXXX ( at the time ) and was told I had XXXX loans ( XXXX ) federal loans ( which they considered XXXX loan ) totaling XXXX and ( XXXX ) private loan XXXX. I set the accounts up on easy pay and forgot all about it until my husband and I got into an argument over money and the loans were brought up. Its been 11 years of paying them. I make an account online with Navient who is now my lender and servicer. I was astonished to see that only XXXX dollars has come off a XXXX loan paying $ XXXX. That's when I found out about variable interest rates ( which I still don't understand because they charge me higher than the prime rate ) and my loan balance started at XXXX because of interest accrued. I was told that no interest would accrue while I was in school, then I was explained it only applied to federal loans. I know if this type of loan was explained to me I would have never agreed. Now I want proof I agreed to these terms and I was told they had a signed promissory note. I requested a copy and I received a paper with not a signature but a typed name. One red flag to me was it was in all lower case letters. I never type my name on any document without capitalizing the first letter in my first and last name, and my middle initial. It was not signed by any school official. I reach out to the school for the paperwork and they closed in XXXX and the only documents available are my transcripts through the state. I reach out to financial aid they have no paperwork on me because financial aid was never applied for. The private loan was obtained before the federal loans. Back on the phone with Navient I explain my story and I'm transferred to the fraud department. Explain my story again and I asked for someone to look at the circumstances surrounding my loan and see if they could pull my credit report now and offer me a better rate because I still have 5 years to pay on a loan that I already paid double and my diploma is obsolete now. I can't even use it to get a job in the medical field. They won't budge and will not help with that so XX/XX/XXXX the fraud department said they would send me a package to fill out and send back in. On XX/XX/XXXX I received a letter from Navient saying they reviewed my identify theft and forgery dispute and have concluded the information provided is accurate, At this time I haven't received the package yet. What are you verifying if I haven't given you the details yet? Because Navient is both my servicer and lender I don't feel I'm going to get a fair investigation. The school took this loan out on my behalf without explaining any of the terms. I would have preferred a federal loan with a fixed rate and I wasn't given that option. No student aid was applied for, no grants. Nothing The paperwork provided with the promissory note says variable interest rates are determined by the prime rate and your credit score. If my credit was so poor then, that this company is charging me 10 % + higher a month why would you not go with a fixed loan? again I remind you, the private loan was obtained before exhausting all federal options.