Consumer complaint received 2024-09-12 00:00:00
Product: Student loan — Federal student loan servicing
Issue: Struggling to repay your loan — Problem lowering your monthly payments
Company: Navient Solutions, LLC.
State: MO

Complaint narrative:
On XX/XX/XXXX I sent this letter to Navient : I was going over the numbers on my student loan that I have with NAVIENT, and I was astounded by the amount of money that I have paid in going to my principal vs the money going to the interest. I have been making payments since XXXX ( XXXX  years ) and have paid a total of {$31000.00}. My original amount that was disbursed was {$27000.00}, I am still showing a balance of {$21000.00} and my student loan will not be paid off until XXXX. 

Below are all the numbers that I have laid out : - Disbursement of student loan on XX/XX/XXXX was {$27000.00}. 

- As of XX/XX/XXXX, the total current student loan balance is {$21000.00}. 

- As of XX/XX/XXXX, I have paid {$31000.00} towards my student loans. 

- Loan interest is XXXX XXXX. 

- From the disbursement of the student loan to the current student loan balance it shows that I have paid {$5100.00} towards the principal. 

From my records that I pulled from NAVIENT, I have paid NAVIENT {$31000.00} since XXXX and my balance has only gone down {$5100.00} ( principal ). That being said, {$31000.00} - {$5100.00} = {$26000.00}, this has been how much interest I have paid towards the loan since XXXX. To date I have paid {$26000.00} just in interest! Thats insane considering my original loan amount was {$27000.00}! 

Could someone please tell me how this is acceptable? Its no wonder why the middle class can not get ahead. With these numbers, I can see why people are asking for student loan forgiveness. 

Im just looking for answers and help. I tried the income driven side of this and was told we make too much money. With inflation on everything, I know for a fact we dont make enough money. Please give me an explanation for this as I am just astonished by how much interest has been paid to date. 
________________________________________________________________ Navient 's response was that I was not eligible for an income-based repayment plan and that I had a promissory note to go by and that since the loans were consolidated the terms changed and I forfeited any benefits from the existing loan. 
________________________________________________________________ My issue is that I have been paying this student loan for a long time now and the balance isn't going down. I consolidated the loan because I was told that was the best course of action for me, that was a lie and lead to forfeiting any benefits I had with my prior loan ( s ). Also, they told me my best bet was to go into forbearance or deferment if I could not make the payments. I did so because they suggested that, and I assumed that I was being lead in the right direction. Navient has been nothing but hard to deal with and it seems like I've not been lead in the right direction. Even when it came down to me trying to lower my monthly payment, they stated I made too much money and didn't qualify, they acted like they didn't want to deal with me. So, at this point since I've tried working with NAVIENT and have gotten nowhere and I've made over {$31000.00} in payments, I feel like I should have the balance forgiven. 

I started with a {$27000.00} student loan, I've paid {$31000.00} back and still owe {$21000.00}. With some forbearance/deferments in there I've been paying on it for roughly XXXX years and have only managed to knock off roughly {$5100.00} off the principal. I find that to be ridiculous. 
Please help!

Company response to consumer: Closed with explanation