Consumer complaint received 2025-01-25 00:00:00
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: Navient Solutions, LLC.
State: TN

Complaint narrative:
In XX/XX/XXXX, Navient XXXX XXXX XXXX, Navient XXXX XXXX XXXX, and Navient XXXX XXXX XXXX ( collectively, " Navient '' ) agreed to modify my XXXX private XXXX student loans ( originated as far back as XXXX ) to place them under a Structured Rate Program until the loans maturity date of XX/XX/XXXX. This was confirmed in writing on multiple occasions via email from Navient representative XXXX XXXX. Under the Structured Rate Program, the interest rate was modified to a fixed rate of 1 %. The combined monthly payment at 1 % interest was {$530.00} ( with the exception of the first two payments in XX/XX/XXXX ( {$530.00} ) and XX/XX/XXXX ( {$530.00} ). 

For six years I remitted monthly payments of under the Structured Rate Program. I would update my income annually, after a reminder was provided by XXXX XXXX. In those reminders, XXXX XXXX, on behalf of Navient, confirmed the XX/XX/XXXX expiration date for the Structured Rate Program. Furthermore, in XXXX, I called Navient to provide income verification. I believe I spoke with XXXX XXXX, although I could be mistaken. I distinctly remember the conversation because I learned directly from the Navient representative that no amount of increase in income will take me off the Structured Rate Program as it will last the life of the loans. I was expressly told that I was lucky because the Structured Rate Program that I was on was only offered to a limited number of borrowers.

Relying on the multiple emails from Navient confirming the XX/XX/XXXX expiration date of the Structured Rate Program and my conversation with Navient representatives that the program will be in place for the life of the loan, I prioritized other personal and family financial obligations, like paying down other debts with very high interest rates. 

In XX/XX/XXXX, Navient unilaterally terminated my loans from the Structured Rate Program and returned my interest rates on each loan to the original rate ( 14 % for 5 loans and 12.5 % for 1 loan ). The new monthly payment for these loans is a combined {$1400.00}, an increase of {$910.00} or 172 %. Naturally, this increase is all interest, benefiting Navient. Meanwhile, Navient has bombarded me with advertisements via email - despite opting out on multiple occasions- trying to get me to take out private loans to pay off my now high interest student loans.

Navient is in breach of our agreement to maintain my loans under a Structured Rate Program until XX/XX/XXXX. Navient represented that would be the expiration date without any right to unilaterally terminate. That was verified by Navient when I called in or around XXXX. And it has been confirmed by Navient in writing several times. See emails.

I spoke with Navient representatives recently and asked for copies of my loan documents and anything that shows the terms and conditions of the Structured Rate Program. Navient failed to send me the documents until I called again second time. Upon receipt the only document that was sent to me showing the terms of the Structured Rate program was one email from XXXX where Navient said it was modifying the expiration date to XX/XX/XXXX. Navient conveniently omitted every other email where Navient confirmed the expiration date was XX/XX/XXXX. Navient is engaged in unfair, deceptive, or abusive acts or practices. 

The servicer also changed at the same time Navient decided to unilaterally breach our agreement. The loan servicer is now XXXX but the lender is Navient. 

When I called Navient to resolve this, I was told that Navient can do what it wants and there is nothing I can do about it. When I asked to escalate to someone, I was told there is no where to escalate and Navient can do what it wants. Navient should have the telephone recordings to prove this.

Company response to consumer: Closed with explanation