Consumer complaint received 2024-05-14 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: TX

Complaint narrative:
On XX/XX/2024, my final payment to Navient for my student loan was to be paid via autopay from my bank act. A couple of days prior to the amount being removed for payment, I checked to make sure the full amount I was scheduled to pay covered the full amount remaining on my loan. I double checked the payoff amount if the loan were to be paid in full that day and then compared it to the amount that was shown to be removed from my act for my auto payment. On the XXXX, 3 days after my final loan payment was done, I saw a lower amount was taken out than what it stated was for the total payoff amount, and that I had another auto payment scheduled for XXXX. It also showed that I had a balance of {$0.00} left on my act. So out of pure disbelief - I paid the remaining amount, {$0.00} from my bank act on the XXXX. Navient has since received my payments and shows both have posted to my act when I checked today, the XXXX of XXXX. But what really threw me for a loop was that the loan still showed open, still showed a scheduled autopay for XXXX, and still showed that the act was in repayment when in fact the act had been paid in full. Once the company receives the final payment, and post it to the act, how are they not closing the act or changing the status of the act to reflect the accurate status? The loan is no longer in repayment because it is paid off. 

I called a Navient and was told that they require that the acts show that they are still open and in repayment for 2 months after the last date of payment. WHAT!?!?!? That they need that time to season the payment?? How is this legal??? I have never had a lender keep the act open, and have it show an inaccurate payment status for 2 months after the date of the last payment??? Not only that but it was still reflecting as to have scheduled auto payments for the future! I was told from a customer service rep that they keep it open so they can adjust the act over two months? No. Once the payment has posted to the act, there is no reason to be adjusting anything. If there was an overpayment, then cut me a check but show the act is closed and its in good status! 

What really concerned me was the fact that they changed the auto payment amount to a lesser amount and then still showed I had a balance owed on the act!!?! How can that happen??!? I had to make an additional payment of {$0.00} on my act to pay it in full!!! This is not the only loan Ive had in my life but the most ridiculous loan Ive ever dealt with. If the payoff amount reflected the same amount that was owed, online- why would they change the amount of money they took for the payment that already showed it was pulling out the total amount shown under the payoff amount and then they change that as the payment is coming out so I still owed money on the act and they could still gain money from interest and missed payment fees on the act. This is absolutely ridiculous.

Company response to consumer: Closed with explanation