Consumer complaint received 2024-10-11 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: VA

Complaint narrative:
To Whom it May Concern : This is concerning my private student loan disbursed by Sallie Mae that spit into ( 2 ) companies known as Navient corporation. It has recently come to my attention that there are multiple lawsuits concerning Navient Corporation, a nonbank that owns and services student loans. The Bureau alleges that Navient Solutions and Navient Corporation engaged in abusive and unfair acts and practices in violation of the Consumer Financial Protection Act of XXXX ( XXXX ) by steering borrowers experiencing long-term financial hardship into forbearance, a costly option designed for borrowers experiencing short-term financial hardship, instead of adequately advising them about more beneficial income-driven repayment plans. 

I attended XXXX back in XXXX - XXXX and Im still paying on my loan as of today. The original loan amount was just shy of XXXX. My mother took out a loan and I signed one for myself at the age of XXXX to attend a trade school named XXXX XXXX XXXX located in XXXX XXXX. Ive been paying on the loan for quite some time until I ran into a long-term financial hardship due to a XXXX XXXX XXXX  I called Navient to see what could be done and they suggested that do a forbearance instead of offering me another low-cost program that would be cost efficient and conducive to my overall financial situation. This original loan of {$9000.00} is now at {$14000.00} and still accruing interest at an alarming rate! 

The Bureau also alleges that Pioneer and Navient Corporation engaged in deceptive acts and practices in violation of the CFPA and Fair Debt Collection Practices Act by misleading borrowers about the effect of loan rehabilitation on their credit reports and the collection fees that would be forgiven in the federal loan rehabilitation program. On XX/XX/XXXX, Navient moved to dismiss the complaint, which the court denied on XX/XX/XXXX. On XX/XX/XXXX, Navient filed a motion for judgment on the pleadings, which the court denied on XX/XX/XXXX. On XX/XX/XXXX, the Bureau filed a proposed stipulated judgment and order, which if entered by the court, would require defendants to pay {$100.00} million in consumer redress and a {$20.00} XXXX penalty. The order would also, among other requirements, permanently ban Navient from servicing Direct Loans, prohibit Navient from conducting consumer-facing servicing activities for Federal Family Education Loan Program ( FFELP ) loans, and permanently ban Navient from acquiring additional FFELP loans. 

Due to the negligence and deceptive practices from this company thats been banned to even servicing loans, I ask that this account be removed as a courtesy and compensation for being misleading and causing a colossal financial disaster in my family. I tried to log into my Navient account today and it allowed me to retrieve my user name and a temporary password but when I attempted multiple times to login, the website stated that there was no account found! This is very frustrating on my behalf and unprofessional and negligent on the businesses end. 

Thanks, XXXX XXXX

Company response to consumer: Closed with explanation