Date Received: 2019-02-16
Issue: Struggling to repay your loan
Subissue: Problem lowering your monthly payments
Consumer Complaint: I have a total of {$150000.00} outstanding The issue is that my servicer for four of these loans, nelnet, has {$46000.00} split into two payments. One for {$140.00}, and the other for {$60.00}. I thought it woukd make sense to consolidate these notes, however, once on StudentAid.gov, the option to consolidate raises the interest rate from 6.8 % to 6.875 %, and it raises my monthly payment amount for the Extended Fixed plan to {$320.00} per month. Whereas, my current two payments are a total of {$200.00} per month. A simple loan consolidation should cost less money in the long run, not more. I do not understand how these repayment estimates work : Standard You will pay a total of {$100000.00} over 360 months {$300.00} - $ XXXX/month Graduated You will pay a total of {$110000.00} over 360 months {$260.00} - $ XXXX/month Extended Fixed You will pay a total of {$96000.00} over 300 months {$320.00} - $ XXXX/month Extended Graduated You will pay a total of {$100000.00} over 300 months {$260.00} - {$45.00} Why am I scheduled to pay over twice what my loan principal is? $ XXXX/XXXX = {$460.00} x 6.875 % = {$3100.00} + {$46000.00} = {$49000.00} total to pay back. However, the Government student loan industry expects me to pay : Standard : $ XXXX/ {$49000.00} = 220.8 % of the original loan terms. Graduated : $ XXXX/ {$49000.00} = 236.6 % of the original loan terms. Extended Fixed : $ XXXX {$49000.00} = 195.7 % of the original loan terms. Extended Graduated : $ XXXX/ {$49000.00} = 211.9 % of the original loan terms. I'd like to know how this is legal? If I had borrowed a 300 % payday loan every semester to cover my expenses, at least I could declare bankruptcy.
Company Response:
State: SD
Zip: 57108
Submitted Via: Web
Date Sent: 2019-02-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-02-15
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: Nelnet student loans servicer is reporting my loans increases interest while in deferment in red to appear as a negative then right under them in red they are reporting my student loans in blue to look as if I have loans than what is actually. They did this just in XXXX or XXXX. When I filed a complaint they removed all of my loans in red. Now they have replaced them in XXXX, XXXX. I have had these loans since XXXX and XXXX had they reported my loans in red for each time interest is applied to my balances while in deferment until XXXX and XXXX. I believe Nelnet is purposely placing the list of my outstanding loans in red and blue to make my creditworthiness damaging and make me look like I have 100 loans when thats not true.
Company Response:
State: FL
Zip: 34953
Submitted Via: Web
Date Sent: 2019-02-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-02-15
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: In late XX/XX/XXXX, I asked to have my payment lowered ( {$2000.00} per month ) for an income-based repayment plan. I provided the correct amount of my income and provided the documentation in the correct timeframe. I was then placed on a forbearance dropping my credit score by 20 pts, but not for a single month as I asked. It's until XX/XX/XXXX. I didn't miss a payment and am in no way derelict. I called Nelnet and tried to resolve the matter and all the respondent did was repeat that I was under obligation to fulfill my promissory note. I still don't know what's going on or how to fix it.
Company Response:
State: AZ
Zip: 853XX
Submitted Via: Web
Date Sent: 2019-02-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-02-14
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: I have been paying for over 20 years on two student loans that are now held by Nelnet as of XX/XX/XXXX. Today, I spoke on the phone with a Nelnet customer service representative and learned that I have been accruing capitalized interest at a rate of $ XXXX/month. This capitalized interest has been accruing without my knowledge and Nelnet has not notified me of the existence of this debt. When I asked the Nelnet rep how I was supposed to pay off this capitalized interest that I am not being billed for and which has now grown to be a debt of {$1400.00}, I was told to just add {$64.00} to my monthly payment of {$360.00} even though that does not appear anywhere on the monthly statement as a debt I owe. However, if I only pay $ XXXX/month, I will keep up with the monthly interest accumulating but never pay off the total debt, right? That seems like bad advice and disingenuous. How can I pay off a debt that I never get billed for and never get notified of its existence? I spoke with another Nelnet phone rep named XXXX back on XX/XX/XXXX, to inquire why the extra principle payment I sent in was not applied to my loan and instead was issued as a credit on the following months statement ( statement date : XX/XX/XXXX ). I was told that I accrued interest of {$110.00} during a previous forbearance in XX/XX/XXXX-XX/XX/XXXX that had not been paid off so extra payments could not be paid toward principle until that had been paid off. I asked how was I to know about this and how could I pay it off XXXX said she would investigate and I have still not heard back ; in the meantime, Nelnet is apparently charging me daily interest without billing me for it and without informing me of the debt. I made numerous payments toward extra principle in XX/XX/XXXX before Nelnet purchased my loan and they were applied per my instructions to pay down principle. When I paid extra to Nelnet, it was not applied to either the principle or the capitalized interest but instead was designated as a credit to the following month 's bill. I could have easily paid of {$110.00} if notified of the debt ; now that it has grown to a debt of {$1400.00} ( and increasing by the day ), it is much more difficult to pay off.
Company Response:
State: WA
Zip: 982XX
Submitted Via: Web
Date Sent: 2019-02-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-02-14
Issue: Struggling to repay your loan
Subissue: Can't temporarily delay making payments
Consumer Complaint: Nelnet payments known as campus commerce or student loan servicer is holding me responsible for {$290.00} monthly payments, as of XX/XX/XXXX on a balance term total of : {$1700.00} for the Fall XXXX semester. I made a down-payment with non-refundable processing fee on XX/XX/XXXX and one payment of {$290.00} on XX/XX/XXXX. I can not afford such large repayment ( s ), and I've let both the XXXX, ( XXXX XXXX College ) Campus : Students Accounts Office and Nelnet repayment plan offices understand this. I currently am in a student loan deferment to postpone payments until XX/XX/XXXX with NELNET, making many attempts to express of my inability to make any more payments. Senior Administrators at XXXX XXXX College recognize my hard work and persistence and commitment earning a semester average grade point that meets or exceeds 3.50. The XXXX College has also accepted my Intent to Graduate Application as of XX/XX/XXXX with graduation commencement on XX/XX/XXXX, but have put holds on mailing my Diploma. until payment of {$1100.00}, is received. With a still remaining Term balance amount of {$1100.00} for the Fall XXXX Semester, I've run out of explanation of how to get repayment to their offices, knowing I can not meet their demands for payment, can you help me?
Company Response:
State: NY
Zip: XXXXX
Submitted Via: Web
Date Sent: 2019-02-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-02-14
Issue: Dealing with your lender or servicer
Subissue: Keep getting calls about your loan
Consumer Complaint: I've been getting calls from a " XXXX '' at the " Student Loan Support Department '' teasing with a previously unknown loan reduction program. The call is from XXXX XXXX XXXX, but the callback number is XXXX XXXX XXXX. It sounds fishy. My current servicer is Nelnet, but they're not mentioned in the voicemail anywhere. Just wanted to point out a potential scam. Thanks, XXXX
Company Response:
State: VA
Zip: 22315
Submitted Via: Web
Date Sent: 2019-02-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-02-14
Issue: Dealing with your lender or servicer
Subissue: Need information about your loan balance or loan terms
Consumer Complaint: Nelnet refused to allow me abscess to an account that I am the endorser. The borrower refused to pay the loan. I have no knowledge of his whereabouts. I have been making monthly payments but they will not release any information to me. I am only able to call in and get a summary of the account. I have been asking for ascess for more than 2 years. I have no idea where my money is going.
Company Response:
State: GA
Zip: 30043
Submitted Via: Web
Date Sent: 2019-02-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-02-14
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: Nelnet did not have my correct contact information to provide me with the repayment plan after my graduation of the 17 loans I have with them, therefore making my payments on my accounts with Nelnet XXXXXX/XX/2017 late. I called them after seeing the information on my credit report to resolve the issue and have been making payments on time ever since the issue was resolved. My credit report is now ruined due to this mistake, and I am unable to get credit cards, loans, etc.
Company Response:
State: IL
Zip: 60618
Submitted Via: Web
Date Sent: 2019-02-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-02-13
Issue: Incorrect information on your report
Subissue: Old information reappears or never goes away
Consumer Complaint: Loans went into forbearance and customer service representative informed me that after the forbearance loans would be current and al late pay notations on my credit would be taken off. The late pay notations were never removed.
Company Response:
State: PA
Zip: 15221
Submitted Via: Web
Date Sent: 2019-02-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-02-13
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: This company is reporting multiple accounts on my credit reports that is inaccurate. I sent out a dispute to all credit bureaus regarding this company on XX/XX/2018 and still this company has verified information back to the bureaus that is incorrect and inaccurate. This company chooses to violate my rights by failing to complete proper investigating under section 611 and 609 of the FCRA. This company continues to report incorrect charge off information even after these accounts were closed. In some accounts showing that I was late even after the dates of last activity showed these accounts to be closed. Even after filing for a chapter XXXX bankruptcy, this company shares incorrect payment history while also not reporting statements like this account is currently a charge off account, 120+ days past due, 180 days delinquent, Account renewed, and/or no update received. This is obviously a violation as companies show only report accounts current/included in bankruptcy. It has been over 60 days from my initial dispute and I have sent 3 in total and this company still fails to correct this incorrect information and still chooses to delete this incorrect information after being challenged.
Company Response:
State: TX
Zip: 75039
Submitted Via: Web
Date Sent: 2019-02-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A