FAFSA loans transferred to Navient - interest ballooning $2000 this year alone

I've been dealing with Navient for my student loans for about 5 years now. What you're experiencing might be related to your repayment plan. Are you on an income-driven repayment plan? If your weekly payments aren't covering the interest that's accruing, then your balance will keep growing. I would recommend looking into an IDR plan like SAVE (formerly REPAYE) through studentaid.gov, not through Navient directly. You might qualify for much lower payments and eventual forgiveness.

NAVIENT IS THE ABSOLUTE WORST!!!! They did the EXACT same thing to me!!! Added like $4500 to my loans over 2 years even tho I was paying EVERY MONTH!! They kept saying something about capitalized interest but it makes NO SENSE how it keeps growing!!! The whole system is RIGGED against us!!!

i had navient for my loans too and switched to mohela last year. better customer service but the interest still adds up. have u checked if ur eligible for forgiveness? some ppl qualify based on public service or income limits

this happened to my brother too! he found out he was actually eligible for an income-based plan that lowered his payments by like 60%! he had to call like 20 times tho b4 he got to someone who actually helped instead of just trying to get him off the phone

I went through something similar with Navient last year. After dozens of frustrating call attempts, I found this service called Claimyr (claimyr.com) that helped me skip the hold times and actually get through to a real Federal Student Aid agent who could help. They have a video demo that shows how it works: https://youtu.be/TbC8dZQWYNQ The FSA agent I spoke with explained that Navient wasn't applying my payments correctly and helped me file a formal complaint. They also helped me switch to the SAVE repayment plan, which has made a huge difference in stopping my balance from growing. Definitely worth checking out if you're getting nowhere with regular calls.

Financial aid counselor here. A few important points about your situation: 1. If your loans originated as federal loans through FAFSA, you have specific rights and protections. 2. The Biden administration recently launched the SAVE plan which can dramatically lower payments based on income and family size. Some borrowers qualify for $0 payments. 3. Interest capitalization (adding unpaid interest to your principal) was eliminated for most situations under recent rule changes. 4. You have the right to file a complaint with the Federal Student Aid Ombudsman Group if you believe your servicer is mishandling your loans. 5. Check studentaid.gov (not Navient's site) to verify your current repayment plan and explore better options. Navient has faced multiple lawsuits for misleading borrowers. Document everything and consider filing complaints with the CFPB and Department of Education.

Have you considered looking into loan consolidation? I consolidated my federal loans last year and it reset some of the terms. I was able to select a different loan servicer in the process. The application is on studentaid.gov and takes about 30-45 minutes to complete. My new interest rate became the weighted average of my previous loans, rounded up to the nearest 1/8th percent. It might not lower your interest rate significantly, but it could give you a fresh start with a different servicer.

My cousin works for a law firm that's part of a class action against Navient!!! You should google "Navient lawsuit" and see if you can join!!! They've settled some big cases already for MILLIONS because they totally misled people about repayment options and forgiveness programs!!

i think ive seen commercials about this on tv! something about loan forgiveness for certain schools? did u go to a for-profit college? those ppl got special forgiveness

Just following up on this thread - did you end up applying for the SAVE plan? I switched to it last month and my payment dropped from $380 to $95 per month based on my income. It also has interest subsidies that the older plans don't have, which has stopped my balance from growing even though my payment doesn't cover all the monthly interest. The application on studentaid.gov took me about 15 minutes, and it was approved in about 10 days.