Consumer complaint received 2016-04-08
Product: Student loan — Federal student loan servicing
Issue: Dealing with my lender or servicer — Received bad information about my loan
Company: Navient Solutions, LLC. (PA)

Massive student loan debt has paralyzed my - and many of my peers ' - ability to move ahead in our lives ( e.g., getting married, buying a home, leasing a car ). It is my hope that CFPB takes heed to public comment regarding student loans and dramatically alter the predatory lending practices of loan providers. Speaking for many borrowers, I did not foolishly borrow money to pay for frivolous items while in school. I borrowed what I absolutely needed in order to obtain an education. 

Specifically, I am writing to comment regarding : 1. Procedures servicers utilize to ensure that borrowers can avail themselves of alternative repayment options ; 2. Disclosure, accessibility, and availability of affordable modification options ; and 3. Procedures servicers utilize to ensure that borrowers can avail themselves of alternative repayment options : Sallie Mae, now XXXX, representatives purposely misled me on multiple occasions regarding my repayment options while in between jobs. Multiple representatives informed me that my only option was Forbearance, when in fact, continuing my IBR plan was also an option. Remaining on IBR would have been in my best interests, but not in Sallie Mae 's. 

4. Disclosure, accessibility, and availability of affordable modification options ; That is only one of many instances that Sallie Mae misled me on my repayment options. The second instance involved the Public Service Loan Forgiveness program. I have been working in the public sector since XX/XX/XXXX, and learned of PSLF XX/XX/XXXX. When contacting Sallie Mae about enrolling in PSLF, I was told that the interest rate would increase significantly ( false ) and I would need to make 120 consecutive qualifying payments while employed at a qualifying organization for 10 consecutive years ( false ). Hearing these XXXX reasons deterred me from enrolling in the program until I learned in XX/XX/XXXX that you did not have to make consecutive payments. Upon finally enrolling in PSLF ( which required a change in service provider that took nearly 4-5 months ), I learned that none of my payments made qualified for PSLF. This is deeply frustrating for me and many others who have dedicated ourselves to public service. I do not believe Congressional intent upon creating the PSLF program was to penalize individuals in public service for being unable to navigate bureaucratic mazes. As a result of this misinformation, I am now more than 9 years away from having my student loan debt forgiven ; had I been given the correct information by Sallie Mae representatives XX/XX/XXXX, I would have been only 2 years away. 

Ideally, I would like my previous payments prior to transferring my loans to XXXX to be counted as qualifying payments for PSLF. Many borrowers like myself do not understand the difference between the different types of loans and the differences between FFELP loan providers. We should stop being penalized for adhering to the false guidance of these companies. It is not our fault. I do not believe I am asking for anything out of the ordinary. In fact, I believe I am asking for student loan service providers to follow Congressional intent with the PSLF program.