Consumer complaint received 2017-04-21
Product: Student loan — Federal student loan servicing
Issue: Can't repay my loan — Can't decrease my monthly payments
Company: Navient Solutions, LLC. (FL)

I graduated approximately 7 years ago with around $  XXXX  $  XXXX  in student loans. Over the next few years my husband lost his employment and I utilized the deferment option for my loans. In  XXXX , I applied to consolidate my loans in hopes of reducing my interest rate. I researched online and called and spoke to the rep and applied. Shortly after, I received a denial letter that I needed to provide more information and if I did n't do so within  two w eeks, my application would be deemed void. I was visiting my sister out of state at the time and I missed the deadline and I figured I would reapply later. However, instead my loans were consolidated and at a higher interest rate than I had hoped for. I spoke to a rep a couple of times about this who offered no help. Around this time my loans also moved from  XXXX   XXXX  to  Navient. Si nce this time, I have been struggling immensely to pay off my debt. I had to enter into an income based repayment option as I could not afford the $  XXXX  $  XXXX  monthly payment that would be required of me if I did not do so ( the default 10 year plan ). For the past approx.  XXXX  years I have been in a form of an income based plan and I now owe {$70000.00} in student loans from the original $  XXXX  something, despite the fact that I am paying over {$400.00} a month, and was paying over {$300.00} a month the  XXXX  years prior. I have paid so much money into my student loans already, prior to them being consolidated and since then, and yet I am so much further into debt now than when I graduated. I just received notice from  Navient that  it is time to reapply again to keep m y IBR, or dou ble my payment to move into a 10 year repayment option. I find it sickening, that I have been getting this same letter since   XXXX  . Since  XXXX , the amount that I would need to pay was {$740.00} for 10 years and my loans would be paid off. However, I could not afford this and have instead paid $  XXXX  $  XXXX  a month, and yet with all those payments, here in  XXXX , I am getting the same letter that if I start now paying {$740.00} for 10 years, my loans will be paid off.  Four  years of payments, and literally no closer to paying them off. All the money I have paid in  XXXX ,  XXXX ,  XXXX ,  XXXX  and  XXXX , and the required 10 year monthly payment is the same. So either keep paying over {$400.00} a month on an income based plan, or more should my income increase, and continue to throw that money away each year as the interest compounds and my principal grows, never being able to pay off my loans, let alone be free of the financial burden, or enter into this 10 year repayment plan and commit to the nex t ten yea rs of my life not only being financially tight and unable to have money for unexpected expenses let alone anything else and pay an additional {$90000.00} on top of what I already have paid, which I estimate to be at least {$15000.00} maybe more. When all is said and done, my {$40000.00} ish in loans will end up costing me well over {$100000.00} as the interest keeps compounding and growing, all of the money that I have paid and will continue to ends up not making a dent in the principal and because my payments are already so high I do not have money to make additional payments to the principal directly.   In a time of my life where I should be focusing on saving for retirement and my son 's college education, I am stuck a financial slave to these loans with no foreseeable end in sight. Additionally, I have attempted to apply for refinance, with no luck due to the constantly increasing amount that I owe and for some lenders, the school that I graduated from. I feel like I have no options in a desperate situation.