CFPB Complaint

Navient Solutions – CFPB Complaint

Consumer Complaint Submission

Date Received: 2017-05-04T00:00:00

Product: Federal student loan servicing

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: XX/XX/XXXX – One month after getting a consolidation loan for $72,xxx, hit with a capitalized interest fee. That’s how it started.

-Challenges with payments, they did not keep me on income-based repayment plans, instead, pushed towards capitalized interest and using forbearance.

-Declared bankruptcy by XXXX XXXX after a full year of unemployment and still not notified of better options for income issues. Consistently referred me to forbearance. XXXX XXXX customer relations staff often did not have American English as a first language, making it even more difficult to understand options.

-Asked multiple times on Public Service Loan Forgiveness, and was told they knew nothing about it. Found out on my own finally in XXXX and lost a full 7 years of potential service and turned down positions which could have helped.

-Dates of forbearance pile ons via capitalized interest:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

-From XXXX – XXXX , 20 months of consistent standard payments, of which XXXX went towards capital.

-Total Capitalized Interest with fees since XXXX : $17,xxx

-Current principal owed 12 years later from loan origination date: $80,xxx, or + $9,xxxx more then when I started in XX/XX/XXXX

-Original College Payoff Date: XXXX , age approximately 5 XXXX making regular payments for 30 years Current College Payoff Date: XXXX , age approximately XXXX , making regular payments for 30 years

Company: Navient Solutions, LLC.

State/Zip: PA 176XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2476125

The above data is from the Consumer Financial Protection Bureau. Keep in mind that every company will get a complaint from time-to-time, even the great ones. But there are a few key data points that will give you an idea about how well the company values their customers and handles consumer issues.

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Look at the item Company Response to Complaint: and Did Consumer Dispute Company Response: to get a better idea of how this was resolved. And the field Consumer Complaint: can give you some context of the issue.

In particular what you are looking for was that the company response was timely and that the consumer did not dispute it. The posting of complaints has proven to be a valuable resource for both companies and consumers.

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