Student loan -- Dealing with your lender or servicer -- Complaint #6212556
Complaint Overview
Complaint ID: 6212556
Company: Navient Solutions, LLC.
Product: Student loan
Sub-Product: Private student loan
Issue: Dealing with your lender or servicer
Sub-Issue: Trouble with how payments are being handled
State: New York
ZIP Code: 11001
Date Received: 2022-11-16T12:00:00-05:00
Date Sent to Company: 2022-11-16T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Navient Changed the Loan terms by changing the payment schedule without my consent. They also scrubbed the payment history so that there is no proof of past due payments. Included in their loan letter was a new payment schedule with lower payments, that I believe extend the payment process to milk the interest payments. The following note was included on the change in loan term letter : " This repayment schedule replaces all previous schedules for the loans and doesnt include any Past Due Amounts. All terms of your original Promissory Notes remain in effect. '' I feel that Loan servicing companies either sell your loans or change the loan terms to keep everyone paying for much longer than originally agreed upon. Every time the loan terms are adjusted, so is the schedule and the amounts allocated to each payment and while the payments usually get lower, the time frame gets extended well beyond the original XXXX year time frame. Even if you pay more than the minimum, they make it difficult. You have to manually adjust the autopay, which then somehow takes XXXX business days to go through and then you have to go to another hidden menu to make sure you set your Allocation direction for Overpayment. If you don't specify that you want your overpayments to always be for the full Monthly Payment Amount, and that your payments should continue to be deducted monthly, they will default to the option where they Advance the due date by the number of payments that are covered by the overpayment. Here 's an example of the vicious cycle changing loan terms create : XXXX XXXX XXXX collects loans per the provided schedule. This continues for XXXX years. XXXX XXXX sells said loan to XXXX XXXX XXXX, who changes the payment terms and requires lower payments with a schedule that is for XXXX years. This goes on for XXXX years, but XXXX XXXX XXXX decides to randomly change the loan terms with even lower payments and new schedule to last another XXXX years. etc. What happens is that the original loan, which was on schedule to be paid off in XXXX years has been milked by XXXX servicers for XXXX years. Help! I'm tired of this cycle.
Frequently Asked Questions
What is Complaint #6212556 about?
Complaint #6212556 was filed against Navient Solutions, LLC. regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2022-11-16T12:00:00-05:00.
How did Navient Solutions, LLC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Student loan) and describe your issue in detail.
Can I see other complaints against Navient Solutions, LLC.?
Yes, visit the Navient Solutions, LLC. company profile at readthecomplaint.com/company/navient-solutions-llc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.