Date Received: 2019-12-30
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: Navient has failed to let me know when interest will be capitalized on my loans and why. It seems to be at random and sometimes multiple times in the same year. They do not call or inform me when this is about to happen. If a reapplication for a payment plan is missed, they had suggested temporarily stopping payments until the plan was renewed. They failed to inform me that once it resumed once again interest would capitalize. This has made my initial loans go from about 44,000 to now owing XXXX. I have been paying monthly for several years and now owe more than when I initially graduated. They qualified me for a lower repayment monthly amount without telling me NONE of this will go towards the principal. I am paying on interest only in the allocation and then the leftover interest is getting capitalized onto the loan. I'm paying interest on interest for several years. I am working in the field I went to school for and I can not afford to chip away at this ridiculous amount and loan rate while still having normal everyday bills. I am beyond frustrated and feel hopeless about my student loans. I have also been advised to enter certain payment plans without being told that my amounts would not go towards any of the principle of the loan. No correspondence is given or any kind of warning when interest is going to be capitalized. I also feel that when my loans were consolidated they were put at a higher fixed interest rate than they ought to be since some of those consolidated loans were originally much lower rates. I was only advised that consolidating would be my best option. But if it was, then why raise the interest rate.
Company Response:
State: ID
Zip: 83401
Submitted Via: Web
Date Sent: 2019-12-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-30
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: Students Loans {$10000.00} Dept of ED/Navient - {$3900.00} XX/XX/XXXX Dept of ED/Navient {$3100.00} XX/XX/XXXX Deptof ED/Navient {$1300.00}
Company Response:
State: FL
Zip: 32114
Submitted Via: Web
Date Sent: 2019-12-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-30
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: I submitted a Defense Borrow Application # XXXX Received an email that a lawsuit XXXX v XXXX and XXXX XXXX XXXX is docketed for court. The loans from the schools i enrolled in are not mentioned on the lawsuit and I am being charge responsible for repaying loans I did not use. Over 50,000. I attended one school and graduated. The other schools on my Navient account the funds should of been refunded back to the Department of Education/FAFSA. Instead the funds were sent directly to the schools and not returned after I un-enrolled. This is FRAUD. And I do not owe all this money Navient is stating. There should only be one borrow on my account. And the other should of been resolved once Navient seen I no longer attended the school. There chain of command is screwed up no one is properly addressing consumers account, issues, return to school, exit the school. That's what the exit counseling is for and it gives no validation. Navient or DOE is ripping us off.
Company Response:
State: VA
Zip: 23454
Submitted Via: Web
Date Sent: 2019-12-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-30
Issue: Dealing with your lender or servicer
Subissue: Problem with customer service
Consumer Complaint: I have tried on several occasions to contact Navient about problems that I either have with how they have handled my payments, fixing issues with my back account information, them taking multiple payments from my account, or taking extremely long times, such as 14 days to process payment from debit card payments from payments made over the phone, only to get dropped from queue or to get the run around. I have been kept on hold for 45 minutes, only to not have any of my issues resolved with them. They do not make the repayment process easy at all. Not to mention, I have been paying on a XXXX dollar loan for 10 years, only to have the balance just now be at XXXX dollars! It only takes 5 years to pay off a car! Navient are loan sharks and crooks!!
Company Response:
State: TN
Zip: 37040
Submitted Via: Web
Date Sent: 2019-12-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-30
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: Navient was never my loan servicer. Somehow Navient acquired my student loans without my knowledge along with valuable personal information. Navient was negligent in notification of the purchase or my loans and didn't notify me of the terms. Before I knew it my loans were in default with Navient when I placed them in deferment or forbearance with the customer service representative for Navient. Apparently the representative did not do their job and I wasn't notified. I want the defaults and history removed from my account.
Company Response:
State: SC
Zip: 290XX
Submitted Via: Web
Date Sent: 2019-12-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-29
Issue: Dealing with your lender or servicer
Subissue: Don't agree with the fees charged
Consumer Complaint: When I reached the company my payments where just. I made payments for one year. After my bank mishandled my funds, which is under investigation, me and this company lost touch. I provided information to start payments again but the company raised my payment fee and I do not make no more than I did when I started my first payment. In addition I am right back where I started from. XX/XX/XXXX- XX/XX/XXXX
Company Response:
State: MS
Zip: 393XX
Submitted Via: Web
Date Sent: 2020-01-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-30
Issue: Attempts to collect debt not owed
Subissue: Debt was result of identity theft
Consumer Complaint: I am a victim of identity theft and this debt does not belong to me. Please see the identity theft report and legal affidavit attached.
Company Response:
State: GA
Zip: 30312
Submitted Via: Web
Date Sent: 2019-12-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-29
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: Its The Incredible Never-Never Loan! Lets look at this case study of my XXXX student loans that originated with Sallie Mae, which is a loan lender/servicer now known as Navient. Please see attached documentation from Navient for this account. Please note that Navient could not provide me with any of the original loan paperwork that is twenty years old because they claimed they know nothing about the original loan lender/servicer Sallie Mae. Through the course of this loan, I have been advised by Sallie Mae and Navient to consolidate my loans, and use high interest accruing unemployment forbearance instead of more economical plan options that I was not made aware of until a much later date. Ultimately, I was made aware of and advised to change plans to the Income Based Repayment plan about seven years after it was available. Although this last move did decrease the loan payment amount to something manageable without the higher cost of forbearance interest it also ( without my knowledge ) extended the length of the loan term, which will again accrue more debt. Through the advisement of Sallie Mae and Navient, and with the compliance of our Federal Government I have a lifetime of debt with ever-changing rules and regulations. This is why student loans are the incredible never-never loans because borrowers will never-never pay them off. This arrangement is a great financial benefit for the lender/loan servicer, and a great detriment to the borrower and the American taxpaying citizenry. If student loans do not have a hard end date from the loan origination date, a low fixed interest rate, and a cap on total interest for the life of the loan there is no other way to perceive this arrangement than either gross mismanagement/lack of oversight or corruption of our Federal Government to enrich the lending institutions because ultimately the result is a lifetime of financial abuse for borrowers, and generational theft of the American taxpaying citizenry. In my particular case, my loans originated in XX/XX/XXXX, and I graduated in XX/XX/XXXX. My loans should be discharged soon as it is now XX/XX/XXXX. I am at the twenty-year mark. However, because the lender and loan service provider have all the mechanisms of manipulation at their disposal my new end date according to Navient is XX/XX/XXXX, and even that date has an asterisk next to it on my account because they may move the goal post once again to cheat the game a little more in their favor to quench their never-ending thirst for a greater return on compound interest. If you had to cut a fair deal for the American taxpaying citizenry would you allow a loan like this that will essentially be with me for life ( assuming I live as long as the loan is on the books ), and cost double or triple the original loan amount? That is a 100 200 % profit to the lender/loan servicer for their professional financial advisement and service. I do not believe there is any other financial product on the market that is as costly, and causes as much financial harm to the public as student loans. I would like to request complete paperwork for my loans that originated with Sallie Mae before Sallie Mae advised a consolidation to move the loans to Navient, a complete review of the loan history including the advisement/awareness/consent process, and potential participation in any legal remedy for fraud as my end date/discharge date on these loans is now, not maybe XX/XX/XXXX, but we are not sure. It has been twenty years. Enough is enough. For any Federal Government employees that are not on the take, and are honest, well intentioned professionals that dont want fraudulent student loan debt added to your tax bill or your children or grandchildrens tax bill, I thank you in advance for looking into this, and providing legal remedy/regulation to stop the abuse.
Company Response:
State: CA
Zip: 91405
Submitted Via: Web
Date Sent: 2019-12-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-29
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: Navient has : Flagged my bank account as illegitimate, and refuses to work with me or my bank in the matter of proving that my current bank account is a legitimate source of payment, thus, making it impossible to make online payments. Hiked up my payments with no reason in doing so. Given me inaccurate information when it comes to my interest rates. Refused to work with me in lowering my payments. And has taken up to two weeks to ask my bank for authorization of my payment, thus putting me in financial duress, and making it impossible for me to pay other bills on time.
Company Response:
State: TN
Zip: 37040
Submitted Via: Web
Date Sent: 2019-12-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-29
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: Within one months time trying to get a loan consolidation with income driven payments, I will receive several different emails about repayment. I general end up calling them to understand the information that was received that doesn't match what I was told. Most of the time, the representative doesn't help resolve the repayment issue I have been having. After years of calling, I finally talked with a Mrs/Miss XXXX that was very helpful. After which my communications with the providers are very confusing. First week of the month I get an email stating that I owe XXXX dollars for example XX/XX/XXXX, two weeks I have a full payment due which my XXXX email stated that my payment would be in XXXX by email. A few days later my email tells me that my full payment is past due. Every month it is different and I have to call to understand what is going on but they are usually not helpful to understand what is going on with my payments. Their miscommunication has caused my credit score to drop quickly. I have been attempting to do what I can but that is humanly impossible with all the miscommunication I receive weekly. This is their norm but I am very tired of it. First off, if I am having issues making my payments how can I make a payment is less than two weeks when I thought I had at least a month to become stable again. XX/XX/XXXX email XXXX due until XX/XX/XXXX XX/XX/XXXX email full payment due XX/XX/XXXX
Company Response:
State: TX
Zip: 751XX
Submitted Via: Web
Date Sent: 2019-12-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A