Date Received: 2020-04-18
Issue: Unable to get your credit report or credit score
Subissue: Other problem getting your report or credit score
Consumer Complaint: On XXXX XXXX I was unable to complete the full course due to health issues I was pregnant at the time and I had to take a medical leave of absence so I was dropped and the school showed no sympathy or concern for my health or education I was not in the right mental state at that time and I left the school did not share my best interest or give me the options that best suited my needs as promised I contacted the school while I was in the hospital and they did. It put me in medical leave
Company Response:
State: CA
Zip: 93727
Submitted Via: Web
Date Sent: 2020-04-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-18
Issue: Written notification about debt
Subissue: Didn't receive notice of right to dispute
Consumer Complaint: XXXX XXXX I was unable to complete the full course due to health issues I was pregnant at the time and I had to take along medical leave so I was dropped I was in the hospital and can provide medical paper upon request. Company name : Nelnet loan services inc I. The amount of {$3800.00}
Company Response:
State: CA
Zip: 93727
Submitted Via: Web
Date Sent: 2020-04-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-17
Issue: Struggling to repay your loan
Subissue: Problem lowering your monthly payments
Consumer Complaint: I am a XXXX XXXX military personnel and I am unable to stay on top of my student loans due to protecting my country. I did not know I had a student loan until my credit score reflected such information. I have tried to tell the company to lower my payments because they had it set to my mothers financial assets. I do not make that much money and they have refused to update my account after I have submitted my application of deferment. I have called for help in the service member act to remove all interest accrued while I have been in training since XXXX of 2019 and they have still added the interest from XXXX to now XXXX. While waiting for the acceptance of my application and knowledge of the amount I am to pay to remain current they have still added interest and reported negligence in paying the account. I do not know what I am to pay nor do I know who to pay. I have called on my student loan to have the account current and still its late. As a military personnel I am unable to always call as to why my I have submitted deferrement. These false reports is causing my superiors to be alarmed thinking I have a failure to maintain financial responsibility. I need someone to please assist me so I can continue to do my job in protecting our country with a clear state of mind. I am not attempting to get out of paying my loans but they have to be tangible to be paid on the amount I currently make as well as supporting my wife and kids.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TX
Zip: 76039
Submitted Via: Web
Date Sent: 2020-04-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-17
Issue: Incorrect information on your report
Subissue: Information belongs to someone else
Consumer Complaint: I looked on my credit report & saw it had a student loan on it. I never applied to any college. Or co-signed any loan. I contacted GREAT LAKES in XXXX, Wi. They sent me a fraud package & told me to get a police report. I did so. Now they saying thats not enough. I need this off my credit report. I contacted the school. Which is XXXX XXXX College. They wouldnt give me any information on the student loan that I suppose to have taken out. The account number is # XXXX. Please HELP with this situation. Its having a negative impact on my credit. Thanks in advance. The date of loans started XX/XX/2018
Company Response: Company believes it acted appropriately as authorized by contract or law
State: VA
Zip: 24540
Submitted Via: Web
Date Sent: 2020-04-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-17
Issue: Dealing with your lender or servicer
Subissue: Don't agree with the fees charged
Consumer Complaint: Reference previous compliant XXXX closed by CFPB before my response sent to Company. I requested a detail of the interest charges Nelnet has placed on my account. They did not provide an accurate or exact detail of interest charges found on their monthly statement. I have asked for year-to-date interest charges per detail of Rule Making, Interactive Bureau Regulations, 12 CFR Part 1026 ( Regulation Z ), SS1026.7 Periodic Statement, ( b ) ( 6 ) Charges Imposed, which states : Total Interest, must be disclosed for the statement period and calendar year to date, using a format substantially similar to Sample G-18 ( A ) in appendix G to this part. I can not determine the year to date interest Nelnet charges to my account by viewing their monthly billing statement. Nelnet indicates they will not provide the interest charge detail for me to determine the interest charges based on their explanation of accounts that are accumulating interest, and synchronization/non-synchronization of these accounts. Nelnet does not provide a simplistic statement, but rather a confusing statement that is not easily understood. I have asked them to disclose to me the interest I have paid from XX/XX/XXXX to present day. Using their formula, the amount of interest charged in a given month is more than the monthly interest charge of a 10 % annual periodic rate. I can not determine the amount of interest Nelnet has charged by viewing their statement or using their formula or the listed daily interest charge indicated on their statement. It does not match the APR on any given month since XX/XX/XXXX. This concerns me, as the charges do not compute per the detail given in their statement. PREVIOUS COMPLAINT Received Nelnet Monthly Statement in XXXX detailing XXXX interest charges. NELNET, Nelnet.com, XXXX XXXX XXXX, XXXX, XXXX XXXX, XXXX, XXXX The interest charged on XXXX statement was {$260.00}. The daily interest rate is 0.02739726 % ( 10 % APR ). This rate was applied to an approximate balance of {$23000.00}. The daily interest rate equals approximately {$6.00} ( as indicated on the XXXX statement ). When multiplying the daily interest rate of {$6.00} by 31 days ( 31 days in XXXX ) the maximum amount of interest that could be charged based on the balance due, would be {$200.00}. This is the approximate amount I have been charged in past months, based on the payment schedule I have with Nelnet. The amount of interest charged as indicated on the XXXX statement : {$260.00} ; minus {$200.00} ( normal interest charge at $ XXXXday ) equals {$66.00} more interest than the annual interest rate supports. I contacted Nelnet on three occasions, once by phone ( evening of XX/XX/XXXX ) and twice by email ( XX/XX/XXXX and XX/XX/XXXX ). In a lengthy conversation, the representative put me on hold several times as she consulted with her manager to help resolve this issue. When Nelnet could not resolve it, Nelnet indicated they would send me detail regarding the interest charges, to my email. Nelnet has not provided the detail. When Nelnet replied to my email inquiries, Nelnet gave me the formula to calculate the interest, however, using their formula, it does not support the amount of interest I have been charged. When dividing the amount of interest charged in XXXX ( {$260.00} ) by 31 days ( XXXX interest charges ) this equals $ XXXX/da, $ XXXX/day more than what the statement indicates the daily interest should be ( $ XXXX/day ). I am unable to receive a direct response from Nelnet which will look in to this specific occurrence, as Nelnet continues to give canned responses to the apparent interest overcharge. In addition to the overcharge, I reduced my balance due during the month of XXXX and XXXX to the current amount of {$2800.00} ( a balance reduction of {$21000.00} ) which would tend to indicate an interest cost reduction, however, the interest charges increased as my balance decreased. The interest overcharge is easily understood by looking at the XXXX statement and noting the considerable reduction to my balance due. The interest charges should have been reduced rather than increasing approximately 33 %. Nelnets interest calculation response : The interest on your student loan ( s ) is calculated using the daily simple interest method. Your interest accrues at a daily rate based on the principal balance and interest rate of your loan ( s ) .To calculate how much interest has accrued on your account since your last payment or since the interest was last satisfied, do the following : 1 ) Multiply the principal balance by the interest rate ( i.e. {$10000.00} x XXXX08 = {$800.00} ) 2 ) Divide this amount by XXXX, which is the number of days per year ( i.e. {$800.00} / XXXX = {$2.00} ) 3 ) Multiply the daily rate by the number of days since your last payment or since the interest was last satisfied ( i.e. {$2.00} x 5 = {$10.00} ) 4 ) This is the amount of interest that has accrued on your account. Please note that when a payment is received it is first applied to any fees ( if applicable ), then to accrued interest and finally to principal. Since your interest accrues at a daily rate based on your principal and interest rate, we are unable to provide you with an amortization schedule. Please refer to your repayment schedule for detailed information regarding your repayment term. Please be aware, if your account is on an Income Driven Repayment plan your payment will be applied to accrued interest first, then fees ( if applicable ), and then to principal.
Company Response:
State: IN
Zip: XXXXX
Submitted Via: Web
Date Sent: 2020-04-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-16
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: On XXXX XX/XX/2020, in light of the recent CARES Act and the impact that it has on student loans, I checked my personal accounts and noticed an automatic withdrawal that occurred on XXXX XX/XX/XXXX. I contacted Great Lakes, the servicing company, since the Act went into effect on XXXX XX/XX/XXXX. They agreed that I did not have to make that payment and will refund the money. I then asked for verification that I would receive credit towards the Public Service Loan Forgiveness Program during the duration of the payment suspension. I was read a canned answer which indicated that it would count. Everything was great up until this point. I had my account pulled up online while I was speaking with the representative on the phone. My account states [ y ] our loans are in forbearance. I asked if that was the proper categorization of my status since this was done automatically ( without my request ) and to ensure there would be no adverse effects on my account. I was told it was technically an administrative forbearance and everything would resume under income based repayment after the expiration of the CARES Act on XXXX XX/XX/XXXX. I then noticed that my account stated that my payments would resume in XX/XX/2020. So I asked what happens in XXXX and why I couldnt resume payments in XXXX. I expressed my concern that interest would be applied after XXXX XX/XX/XXXX, no payment would be collected during XXXX, and asked what effect this would have on eligible payments applied to the Public Service Loan Forgiveness Program. The representative put me on hold and came back several minutes later. She stated that unfortunately XXXX would not count as it takes their systems several weeks to take my loans out of the forbearance status and put them back into repayment status. So I was told that I could leave everything as is and resume payments in XX/XX/2020, or essentially forego the benefits of the CARES Act and continue to make payments as scheduled, although not required, throughout the next several months so the status would not change and I would not lose credit for XXXX. I asked why my payments couldnt just logically resume in XXXX and I was told it was not possible. I get it, it is only one month. But, the impact of this in the aggregate provides great benefit and financial gain to the company in the long run. They have just added an additional month to all of their customers loan repayment terms. The Public Service Loan Forgiveness Program has now become 10 years and 1 month for anyone who has a loan assigned to Great Lakes. I reached out to a friend of mine who has a different loan servicing company. His payments will resume in XXXX with no issue. It seems to be specifically attributed to Great Lakes. This is only compounded by a very similar issue that I have had with Great Lakes, every single year. As a participant in the income based repayment plan, I am required to re-certify my income annually. Every year, I comply with the requirements and my payments are recalculated, however, the same issue occurs and a repayment month is skipped and not counted towards the Public Service Loan Forgiveness Program or anything else. I have asked to be allowed to make a payment during this skipped month and every year I am told it is not possible and that any payment would not count as a regular payment and would only be applied to the principle. It all comes down to their systems, policies, and plan to drag everything out at the expense of the consumer. The 10 years that it should take to make the required amount of qualifying payments towards the Public Service Loan Forgiveness Program will now be extended an additional 10 months, plus the one month to recover from the CARES Act implementation of forbearance, for a total of 10 years and 11 months. This only benefits Great Lakes as interest accumulates, peoples incomes rise, and the term extends. I know I am only one person, however, the impact across all loans held by Great Lakes is huge.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: AZ
Zip: 85745
Submitted Via: Web
Date Sent: 2020-04-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-15
Issue: Dealing with your lender or servicer
Subissue: Don't agree with the fees charged
Consumer Complaint: I was a student at XXXX XXXX XXXX. In 2016, Massachusetts Attorney General XXXX XXXX sued XXXX XXXX XXXX for allegedly " misleading and harassing students. On XX/XX/2016, XXXX XXXX ceased operations and closed all of its locations, issuing a statement that attributed the closing to the Department of Education 's actions.
Company Response:
State: CA
Zip: 94803
Submitted Via: Web
Date Sent: 2020-04-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-11
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: ***Resubmitting this complaint because Firstmark did not answer it in the last complaint. Firstmark to-dos : 1 ) send me my promissory note for my loan for {$4500.00}. This will be the 3rd time I have asked for it with no response. 2 ) send me a copy of the letter you claimed you sent in a complaint response. This letter was sent in XX/XX/XXXX and outlined how I could make payments during bankruptcy and this letter has been your reasoning as to why you can charge me interest during the bankruptcy I asked to be removed from twice. 3 ) You asked for documentation showing I owe less than what you show. I've sent you this information twice it should be in my file. The court discharge papers show a remaining balance of {$1000.00} in XX/XX/XXXX and I have made payments since then. Show me how you can legally charge me interest when I asked twice to keep making payments and you ignored me, and when the courts show I do not owe this interest. I've attached the docs for a 3rd time for your review. Please be sure to review them this time. I took out ( 2 ) student loans with XXXX XXXX when I was a student at the University of XXXX between XXXX and XXXX. My dad, XXXX XXXX, co-signed for both of these student loans because XXXX would not approve me on my credit history alone. The total for both loans was approximately {$9500.00}. In XXXX my parents filed chapter XXXX bankruptcy and both of these student loans were pulled into their repayment plan since my dad was the co-signer. At this point, I had been successfully making payments on both loans for over 4 years, but when my parent 's bankruptcy was filed XXXX pulled both student loans into bankruptcy status. I was notified of this change by logging onto my online XXXX account to make a payment and I could not. Everything said my accounts were in bankruptcy and that I had to call a specific XXXX number. In XXXX I called XXXX bank twice. The first phone call the rep who answered said that I had to speak to the representative for Iowa 's bankruptcies and transferred me to a woman 's voicemail. I left a message stating that I wanted to remove my student loans from bankruptcy status, that my dad was just a co-signer and that I can continue to make payments on the loan but I needed information on how to make payments since my online account was locked out. No one from XXXX ever called me back so a few days later I called again, and was told again that I had to talk to the representative for Iowa and transferred me to the reps voicemail. At this time I did not leave a second message since my first one was left unreturned. I talked to my dad, who talked to his bankruptcy lawyer, and his lawyer said to leave the loans in bankruptcy and they will payout. Taking his legal advice I stopped trying to get a hold of XXXX XXXX. Fast forward to late XX/XX/XXXX I receive an email from XXXX stating that my credit score has changed. I log into my credit report to find 60 days past due ding that resulted in a XXXX credit point drop, from a company called Firstmark. I had no idea who this company was or why they were involved in my credit. I XXXX the company and found they are servicing XXXX student loans. I knew that these loans were on my dad 's bankruptcy so I reached out to him. My dad said that in XX/XX/XXXX his bankruptcy was discharged because the 5-year plan had been paid in full. He sent me a copy of the discharge papers to confirm which showed that the total remaining balance as of XX/XX/XXXX for both XXXX student loans was {$1000.00}. I called Firstmark customer service in early XX/XX/XXXX and spoke to a rep. The rep who answered the phone did not understand what bankruptcy meant or why my account was past due. I explained how my accounts were pulled into my dads ' bankruptcy over 5 years ago so I had no idea the accounts were still open, and the female rep responded with 'we are not required to send you a statement, it is just a courtesy. You still have to pay on your loan as agreed to even if you do not receive a statement. ' I asked to speak to a manager and she transferred me to an escalation rep. The escalation rep agreed that it was not ok to ding my credit for an account I did not know was still open, but that due to the account still being in bankruptcy status Firstmark is not allowed to send me anything in the mail about my account. He said that it is illegal to send me statements or information on how to make payments when an account is in bankruptcy status so that is why I never received any notifications. **I will note that in my last complaint against Firstmark the rep that responded stated that Firstmark did mail me information on how to make payments in XX/XX/XXXX, I asked for clarification from Firstmark after my last complaint and did not receive an answer. Right now I have one rep saying they did not send me anything about making payments or information on my account, and another rep saying the did. I also asked for a copy of the documentation they sent me and I did not receive a response from Firstmark. My request for the copies of this documentation was sent over two weeks ago with no answer. I can only get Firstmark to respond to me when I file a complaint with CFPB. ** During my XX/XX/XXXX phone call, the rep stated that he does not agree with the situation but that he can not help me. I ended up filing a complaint with CPFB and finally Firstmark removed the ding from my credit in XX/XX/XXXX. The unresolved issue that still remains, and that I have filed multiple complaints on, is the remaining balance of my student loan accounts. Currently Firstmark shows that I owe over {$4500.00} in student loans with them but the bankruptcy discharge papers my dad gave me to show that I only owe {$1000.00} on both accounts combined. After my first complaint Firstmark responded with updating my credit score/report but said that the discrepancy in account balances was that I was only looking at one account balance, not both, which is not true. My second complaint to Firstmark about this issue was that the balance difference was the interest that accrued during the bankruptcy, which I asked to be removed from or make payments during twice to XXXX XXXX with no response, and Firstmark responded to this complaint by saying I still owe the full {$4500.00} and it is not negotiable. I responded to the customer service department directly after my second complaint explaining that the issue is that I asked to make payments during my bankruptcy and XXXX ignored my requests, now 5 years later Firstmark comes back and says I owe over $ XXXX in additional interest that would not have accrued if XXXX responded to my first two requests to make payments during the bankruptcy. To give you an idea my parent 's bankruptcy started about XX/XX/XXXX, from XX/XX/XXXX until XX/XX/XXXX I or my family has paid {$6200.00} in interest only to Firstmark on both student loans. Now they are saying I pay an additional $ XXXX in interest-only due to the accounts sitting in bankruptcy for 5 years. For the 3rd time, my request and the moral thing to do is to let me pay back the remaining principal that I owe on these accounts so I can close them out and be done. I've asked to negotiate several times without any cooperation from Firstmark. On XX/XX/XXXX XXXXI requested my original promissory notes on both accounts, and a copy of the letter Firstmark sent me in XX/XX/XXXX. Several weeks later I received one copy of an online promissory note for one of the student loans with XXXX, I am still missing the promissory note for the {$4500.00} loan, and the copy of of the postmarked letter Firstmark mailed me in XX/XX/XXXX letting me know how to make payments on my account when it is in bankruptcy status. So far Firstmark keeps changing their answers to fit their actions and reviewing with the XXXX this company has hundreds and hundreds of complaints against them. Why isn't the government doing anything about this company? Will it take a class action lawsuit to be treated fairly?
Company Response:
State: IA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2020-04-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-10
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: I have two loans with XXXX that are serviced by Firstmark Services. The two payments are drafted from two different checking accounts on different dates. In XXXX, 2019 I opened a new checking account and switched my banking. I updated the auto debit details for one of these loans on the Firstmark website. When I did this Firstmark automatically cancelled the auto debit that was set up on the other loan. At no point did they advise me that one of the auto debits had been cancelled while only one had been modified. They sent me a confirmation email confirming the new auto debit but said nothing of the existing auto debit set up for the other loan. The only correspondence I received from Firstmark were nondescript emails saying I had new messages on XXXX. Nothing was displayed regarding late payments. The only thing the website showed were the details of my last payment and saying I had a payment due. It said nothing about a late payment. I tried logging in using my other Firstmark username and it showed a zero balance. At no point did Firstmark tell me a payment had been missed or that I was behind on payments. They did not tell me that my auto debit had been cancelled by their systems. They did not advise me by email, writing, or by phone. I have zero records of them reaching out to me saying I missed a payment. I received another email late XXXX saying I had a new message on the website. I logged in again and this time it displayed a late payment. Yet when I went to the payment history page it showed my auto debits proceeding as usual, but for just one account. It does not show any payment history for the other account. I was very confused as to what the situation was so I called Firstmark. It took one hour on the phone for them to even figure out what was going on. Firstmark could not even get my account numbers correct. The first two agents I spoke to confirmed that when you update the auto debit details for one account it cancels any other auto debits automatically and it does not warn you. The last agent I spoke to denied this and accused me of cancelling the auto debits. I would not have done this. It was still unclear how much was due and on what loans. It took more time on hold for them to sort through the loans and figure out what had happened and what needed to be paid to stay current. They advised me that it had already been reported negatively to the credit bureaus despite them not reaching out to me. They did not call, email, or send mail saying anything was past due. The only place this information was displayed was in an obscure inbox on their website that is cumbersome to navigate to. I told them to set up the auto debits again. The person I spoke to said after this payment to bring everything current was made that he'd set up the auto debits again. I also requested that they removed the negative information from my credit report. He said that's not possible. I called again to confirm the payment was made and the account was current. The agent I spoke to this time confirmed that if I was in school ( which I am ) that the negative information could be removed from my credit report. I needed to fill out a form confirming my enrollment, which I did. Fast forward to the next payment date of XX/XX/XXXX, and the payment was missed AGAIN. I called Firstmark again and they confirmed there was no auto debit and that the payment wasn't made. I asked them how this was possible. The phone rep accused me of not setting up the auto debit and I assured her we did. I asked her to dig through the records of our calls. After 20 minutes on hold she confirms that the last agent said he'd set up auto debit, *but he failed to do so*. It was so infuriating to have them blame me again for failures on their end. I set up a manual payment, and the lady assured me auto debit would be set up this time. I asked her about the handling of my paperwork confirming that I am enrolled in school. She again didn't know what I was talking about. After even more time on hold she came back and told me the last agent failed to submit the request! I was absolutely flabbergasted. No one at this company is doing their job or doing what they say they will. At this point I've lost my .25 % interest rate deduction, I've paid late fees, and I have the account negatively reported to the credit agencies because of Firstmark 's flawed systems and inept agents. I asked her to submit a request asking the negative information be removed from my credit report. She said that's a manual review process and she'd submit the paperwork when I hung up the phone. I urged her to make a strong case. I called back a week or so later to follow up on this. They told me the request had be denied. I asked them why the in school deferral wouldn't help, and she said the date was applied incorrectly. She told me it would be a few days for that to be fixed but that the negative reporting should happen. A few days later I logged onto Firstmark and saw that both auto debits had been cancelled yet again! I did not request for the auto debits to be cancelled! This is my fifth call to Firstmark in the month of XXXX. She told me that the agent who processed the forms confirming I am enrolled in school put my loans into a deferred status. I told her I did NOT want to do this! The entire time I've made it abundantly clear that I want to pay these loans as prescribed on their 7 year time schedule so this is done with and paid for. Now I am off my payment plan, again, and I've lost the .25 % interest rate deductions. I am still waiting for call backs from Firstmark to get this resolved and get me on auto debit again. No one has reached out to me and my loans remain in a deferred status against my wishes. They've told me I can manually make payments whenever I want to, but I want auto debit set up and the .25 % interest rate reduction! Firstmark is inept at handling auto debit and loans, keeping records, or processing payments accordingly. They did not tell me they turned off my auto debit and that I was missing payments, they penalized me with late fees and negative reporting to the credit bureaus, and cancelled my auto debits again thus raising my interest rates. Getting anyone reasonable to help with or take accountability for their own shortcomings is impossible. Perhaps the most frustrating thing in all of this is that they've continued to blame me for these things despite them needing 30+ minutes every phone call to even get a grasp for what is happening with my accounts. Firstmark Services are crooks, and XXXX is complicit in using them and not responding to customer service requests. Firstmark says they are bound by what XXXX tells them to do, and XXXX says they can not do anything as Firstmark handles the loan. They're both shady and fraudulent in their practices.
Company Response:
State: TX
Zip: 78741
Submitted Via: Web
Date Sent: 2020-04-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-10
Issue: Dealing with your lender or servicer
Subissue: Don't agree with the fees charged
Consumer Complaint: I have a Federal direct consolidation loan serviced by Nelnet with account number XXXX. On XX/XX/2020 I received a letter from Nelnet updating me as to Nelnet implementing the CARES Act requirements regarding the reduction of Federal loans such as mine to 0 % and the forbearance of such payments. The balance on my account yesterday, XX/XX/2020, was {$190000.00} and today, XX/XX/2020, it is {$190000.00}, representing the normal accumulation of interest on my loan ( {$29.00} 1-day difference ) as if the CARES Act 0 % interest cap was not applied. They have appropriately implemented the payment forbearance, with my monthly payment auto-debit showing on my account now as being 6-months in the future, making me concerned therefore why the 0 % interest cap has not also been implemented on the loan. This is illegal interest and I request Nelnet immediately halt the interest accumulation and retroactively apply interest credit to cancel the interest that has accumulated on my loan since XX/XX/XXXX in accordance with U.S. law. I have messaged their customer service several times over the past month regarding timeline as to when they will be implementing said interest reduction and they are unresponsive and which is why now I am seeking the CFPB as an intermediary.
Company Response:
State: VA
Zip: 23831
Submitted Via: Web
Date Sent: 2020-04-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A