Consumer complaint received 01/19/2017 about Student loan (Federal student loan servicing) with Navient Solutions, LLC. (NJ).
Issue: Dealing with my lender or servicer
Sub-issue: Received bad information about my loan

Complaint: On XXXX XXXX, XXXX I received a letter from Navient informing me my loan terms have changed with new terms beginning XXXX/XXXX/XXXX and ending XXXX/XXXX/XXXX. I graduated college in XXXX of XXXX and took out a 10 year term loan repayment plan which started XXXX XXXX and should have been fully paid in XXXX, 10 years from when I began loan payments. The balance to be paid over the new 10 year term ( XXXX to XXXX ) is now {$9500.00} as per the letter from Navient on XXXX/XXXX/XXXX. If the loans were properly set up and amortized when first originated in XXXX XXXX - why is n't the full balance paid at the end of the initial 10 year term from XXXX to XXXX? I called Navient upon receiving this letter dated XXXX XXXX, XXXX and the representative on the phone went immediately into applying for student loan forgiveness which I did not understand as that was not the intention of my call. When I got into specifics of the loan, the representative stated a letter was sent to me when XXXX ( now Navient ) acquired the loan. I located that notice dated XXXX/XXXX/XXXX which detailed the XXXX loans that were transferred from XXXX to XXXX ( Navient ). There is no mention on this letter of any change in terms, payment amount or similar. My loan payment amount remained the same as it was from initial origination in XXXX XXXX to all the way up to XXXX in which both loans were fixed rate term loans. If my payments were set up over a 10 year period starting from XXXX XXXX, I am not understanding why my loan has n't been fully repaid 10 years from XXXX XXXX. Instead, I received a notice stating a balance of {$750000.00} considering interest ( total {$9500.00} ) is now being rolled into a new term initiating XXXX/XXXX/XXXX to XXXX/XXXX/XXXX - at which point my payment has been reduced to {$79.00} per month. I left the call dis-satisfied and my questions not answered at all by Navient. Then I received another letter from Navient on XXXX XXXX, XXXX, stating 'We recently sent a letter detailing a required change to your monthly payment. We would like to further explain the reason for that change to help you better understand why the change took place '. Further stated, 'Navient is required, based on all of your outstanding loan balances that are included in your consolidation loa, to use the maximum number of months allowed for your repayment period. This did not occur at the time of your loans were originally consolidated. Navient is obligated to correct your repayment terms to comply with federal regulation and notify you of the change. ' So as a result - my loan has been 'reset ' as they put it to this new 10 year term, with a new balance and new payment. When it should have been fully paid off 10 years from my first payment in XXXX XXXX. I did not bother calling back Navient as they were of no help when I first received the letter dated on XXXX/XXXX/XXXX, instead I decided to go the route of contacting the CFPB and BBB.

Company response to consumer: Closed with explanation