Consumer complaint received 09/15/2017 about Student loan (Private student loan) with Navient Solutions, LLC. (IN).
Issue: Struggling to repay your loan
Sub-issue: Problem lowering your monthly payments

Complaint: I have 4 individual XXXX Student loans and 2 federal student loans serviced by Navient ( the private lender was XXXX XXXX ). 

I began XXXX school at XXXX XXXX in the fall of XXXX, graduating in XXXX. I landed my first job in XX/XX/XXXX working as a XXXX XXXX for a XXXX XXXX XXXX making approximately {$28000.00} per year. I was employed by XXXX XXXX from XX/XX/XXXX through XX/XX/XXXX. 

My scheduled monthly student loan payment was more than I could afford- I brought home approximately {$620.00} every 2 weeks and my monthly payment at that time was approximately {$900.00} per month. 

I contacted XXXX XXXX ( now Navient ) regarding my repayment options. Initially, I was told that I could obtain a forbearance, which required payment of a fee. Periodically, I had to request a forbearance until I had received the maximum number of forbearances and could no longer obtain one. 

After I exhausted the forbearances, I once again contacted Navient about my options. I was told that I could do an extended repayment, with interest-only payments for a set number of years ( I believe it was 4 ). Afterwards, the payment would increase. When I asked what if my income was not sufficient in 4 years to afford the increased amount of the required payments, I was told that the extended repayment was my only option. 

From XXXX to XX/XX/XXXX, I was unemployed. I contacted Navient about my options and was told that I had none but to repay my loan as I had exhausted my forbearances. ( I was permitted to defer my federal loans during this time. ) I had no choice but to not make payments during this time ; however, I made all past due payments and brought my loan current by XX/XX/XXXX. 

Not once when I contacted Navient about repayment options did anyone offer or speak to me about income based repayment. Nor did Navient make clear to me that each time I received a forbearance or could n't make a payment, the loan interest would be capitalized into the loan principal. 

Because of capitalized interest, I now owe an extra {$38000.00} on my private loans, which is 54 % of the amount borrowed from XXXX XXXX to fund my education. 

I graduated 14.5 years ago, but owe more on my student loans that I did the day I graduated. 

My monthly loan payment is more than my monthly housing and car costs combined. 

Based on Navient 's estimated pay-off dates, I will be XXXX when I finish paying my loans. 

My credit has suffered, and because of the large required payments, I have n't been able to save for retirement. 

When I went to XXXX school I knew nothing about student loans or their terms. ( My undergraduate education was funded mainly through scholarships and grants. ) It took more time standing in line in the financial aid office than it took to complete the loan paperwork. I did n't even sit down, but signed the documents handed to me in the lobby. When I asked " what if I ca n't repay these [ loans ]? '' I was told " you 'll be able to '', I should have asked more questions. I was the first person in my family to go to college, let alone graduate school- I was too ignorant to know what questions to ask and was simply excited to be there and wanted to attend so badly, I would have signed anything. 

It 's probably too late to help me, but I want others to learn from my mistakes and save themselves from the experiences I 've had.

Company response to consumer: Closed with explanation