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Navient -- Consolidated Loan Scam

Started by Cherokeebx, October 05, 2020, 01:44:20 pm

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On February 8, 2002, Navient granted me a Consolidated loan. 

To date, Navient has each loan categorized as:  (a)  Loan 1-01 Consolidation and (b) Loan 1-02 Consolidation, and (c) each loan is being charged 6.875% interest rates, accordingly.

At the time of submitting the consolidation loan application in December 2001/January 2002, the loan amounts were:

Loan 1-01 Consolidation:
Unpaid Principal:   (i)   $33,187
Unpaid Interest:    (ii)   $   __
Unpaid late Fees:  (iii)  $   __

Current Loan 1-01:
Unpaid Principal:   (i)   $102,153.67
Unpaid Interest:   (ii)   $  3,350.17
Unpaid late Fees: (iii)  $     717.59
Loan 1-02 Consolidation:
Unpaid Principal:   (i)   $28,107
Unpaid Interest:   (ii)   $   __
Unpaid late Fees: (iii)  $   __

Current Loan 1-02:
Unpaid Principal:   (i)   $ 50,062.11
Unpaid Interest:    (ii)   $   1,641.80
Unpaid late Fees:  (iii)  $     451.57

Current balance:  $158,376.91
Current monthly balance:  $1,169



I'm not quite sure what you see is the scam. Your current balance and monthly payment all have to do with your payment history, repayment plan, and more.

What payment plan are you currently on? Have you ever missed payments or gone into default? All of these play a factor in your loan balance.


If I consolidated two loans into one, why am I being billed on two accounts?  Moreover, the subaccount(s) have two separate categorized numbers, i.e., 01 and 02, and each subaccount is accruing interest separately.

And if I consolidated, then I am billed on one amount and one interest rate.



I can't tell you what you did. I can't tell you the paperwork you filed. Only you can know and have records of it. You can also pull your MyAid file on StudentAid.gov and see your loan records to check.

Since both your loans are at Navient, regardless of consolidation, you're likely being billed one amount anyway.