Date Received: 2017-09-17
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: I recently learned that my credit score dropped by 53 points due to my student loan having late payments. The problem with this is that I was on an income based repayment plan and had a {$0.00} payment due. No one has notified me that this expired or changed and now my credit report says my payment is behind 120-149 days. I do n't know who to contact to update my income information. I had a XXXX in XXXX 2017 and have been out of work since XXXX 2017 since before that I was working from home. Can someone reset my {$0.00} payment? Can I be contacted by mail since I have not gotten any other contact and so I can be sure to not miss it?
Company Response:
State: OH
Zip: 43230
Submitted Via: Web
Date Sent: 2017-10-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-09-16
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: Nelnet misrepresented the terms of my loan, consistently misapplied my payments and continues to conceal the true nature of my loan, thereby acting in bad faith and failing to behave in a manner consistent with reasonable commercial standards of fair dealing. I have asked numerous times for Nelnet to tell me the terms of my loan. As you will see in Attachment 1, documents claiming to be repayment schedules, state on their face different numbers of payments required to pay the loan in full. Another document, Attachment 2, has another repayment begin date, and when the University of XXXX Financial Aid Counselor called Nelnet on my behalf recently ( XXXX XXXX, XXXX ), the Nelnet representative told her that I am on a 30-year repayment schedule, see Attachment 3. Nowhere in any of the documents attached does Nelnet indicate that I am on a 30-year repayment schedule. Nelnet has purposefully obfuscated regarding a provision that should be clear on the face of the notethe repayment term. It seems that Ive been paying just interest since my payments began in XXXX. If that is the case, then in fact Nelnet set up an interest only loan, with negative amortization, and a balloon payment spread over multiple payments. None of that was disclosed on any document that I signed, or agreed to by me. Moreover, Nelnet has consistently misapplied my payments to them over the last 12 years, resulting in a de minimus reduction in what Nelnet claims to be the principal amount of my student loan. I have paid an extra sum each month, and instructed Nelnet to apply the additional amount to principal, but instead, they consistently ignore my instructions, hold my payments and apply the additional amount to future interest. No rational person would ever agree to such an arrangement. To repeat what I said above, this would mean that the loan is effectively transformed into a non-consensual, interest-only loan with a required balloon payment, sometime in the unknowable future, equal to the original amount of the loan. Thus, the ultimate effect of all payments is not to pay down the note, but to postpone the balloon payment and enrich Nelnet. I consolidated student loans with Nelnet in XXXX. I asked Nelnet to provide supporting information regarding the actual bills they paid on my behalf when they consolidated the loans. All I received from Nelnet in response are three documents that appear to be copies of checks paid to US Department of Education and XXXX XXXX, in Attachment 4. I attended University of XXXX and they provided me with an accounting of what I owed while attending, and the total is approximately {$52000.00} paid by subsidized and unsubsidized direct loans. I also may have had a parent loan consolidated. When you add up the numbers seemingly disbursed by Nelnet in Attachment 5, the total comes to {$73000.00}, not {$78000.00}. Also included in Attachment 4, Nelnet sent me a letter in XXXX stating that the {$27000.00} listed on an application was verified as {$17000.00}, apparently owed to the US Department of Education, which continues to add to my confusion. The notes that I signed ( Attachment 6 ) add up to entirely different figures. Thus, I dispute the actual amount Nelnet paid to consolidate my loans. Moreover, Nelnet has never explained why I was required to sign two notes for the same amount ( {$8900.00} ), in Attachment 6, and as I mention several times, none of the numbers add up. Finally, Nelnet did disclose, but in a totally inconspicuous manner, the fact that I may forfeit any right of forgiveness I might have by consolidating my loans. If this had been brought to my attention, and not buried in the boilerplate of their documentation, I never would have signed the notes. I worked for more than 10 years at XXXX XXXX XXXX and would have been eligible to have my loans forgiven, had I not consolidated. Since I was a public servant for over ten years, I want Nelnet to forgive my loans.
Company Response:
State: VA
Zip: 230XX
Submitted Via: Web
Date Sent: 2017-09-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-09-15
Issue: Dealing with your lender or servicer
Subissue: Need information about your loan balance or loan terms
Consumer Complaint: On multiple occasions since the beginning of the year I have asked Nelnet, my student loan servicer, to send me copies of my monthly statements from XXXX XXXX to XXXX XXXX. Several times I was promised the statements but never received them, while on other occasions I was told that retrieving statements more than 12 months in the past was not possible. Nelnet states that all this data is purged from the system after 12 months time. With a loan balance of {$120000.00} it seems highly unlikely that the company does not have records of my monthly statements going back farther than 12 months. I require these statements in order to verify that my student loan has been serviced correctly and that the amounts added as interest or capitalized to principal are correct. So far, the company has refused to cooperate. Any large financial institution handling loans of this size : credit cards companies, banks, brokerage firms, all have the ability to locate statements going back several years. They are sometimes archived, but they are never deleted. If true, it is highly irresponsible of Nelnet to delete these statements when storage data these days is so inexpensive. Since it seems highly improbable that these statements are no longer in their possession, I am writing to the CFPB to assist me in compelling Nelnet to retrieve these statements from their archives and to send them to me by mail or email. If they truly have deleted these statements as they claim, I would like them to recreate the information as one would see it on a monthly statement, and send me the results. Given the amount of this loan, it is unreasonable that Nelnet is refusing to comply with such a simple request.
Company Response:
State: WA
Zip: 98052
Submitted Via: Web
Date Sent: 2017-09-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-09-15
Issue: Dealing with your lender or servicer
Subissue: Don't agree with the fees charged
Consumer Complaint: I have Nelnet as my student loan servicer. I have attended many school as this is needed to stay current in the IT profession. I have attended an still owe loans to : XXXX XXXX XXXX, XXXX XXXX XXXX Each one of these loans was taken out as a fixed rated loan. However, I have almost accrued more interest on the loans than the initial loan amounts. This is, I have been told because the loans are not fixed rate but Variable rate loans -- which I never agreed to. If there any way to erase these unfair interest fees? I have XXXX XXXX ( but work ) and a Veteran. I often get sick and have been in the hospital or out of work over the years due to my illness. Currently the Nelnet people, keep deferring my loan-which increases the interest. How can I reduce the interest rates and the loan amount? They say I own XXXX ( without interest it would be XXXX ). I can not begin to afford this amt.
Company Response:
State: VA
Zip: 22191
Submitted Via: Web
Date Sent: 2017-09-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-09-15
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: I was shocked when I reviewed my credit report and found late payments on the dates below. 90 days late XXXX XXXX 90 days late XXXX XXXX I am not sure how this happened since I was enrolled in school at these dates and when contacting nelnet directly they informed me this information has been updated in which it has not.
Company Response:
State: NC
Zip: 28278
Submitted Via: Web
Date Sent: 2017-09-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-09-14
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: I have contacted this company 4 different times, 2 times on the phone and mailed 2 letters to the CEO of the company about late fees that is being reported on my loans with their company. I advised him that the late payments are being posted for XXXX and XXXX of XX/XX/XXXXso its showing up XXXX times on my credit report because I have more than one loan with Nelnet. These late payments should not be posted on my credit report because I was on a administrative forbearance, that bought my account current to XXXX of XXXX. So if my account was bought current and back dated to XXXX of XXXX then how can there be late payments posted for XXXX and XXXX of XXXX. I have filed complaints with the credit bureau 's about it and they just keep coming back stating that the information has been verified and yet no one will send me documentation to show how this is actual correct postings. Every representative that I have spoken to at Nelnet has stated that these late payments should not be there because of the forbearance but neither of them were able to remove or update the information with the credit bureau 's. I have emails from 2 different reps that stated the same thing that my account was current that there was no payment due until XXXX of XXXX. I also spoke to an advisor at Nelnet and she suggested that I consolidate my loans so that the late payments could be removed, so at the advise of this advisor I did just that and shocking to my surprise the accounts and late fees are still being posted on my account.
Company Response:
State: AK
Zip: 99705
Submitted Via: Web
Date Sent: 2017-09-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-09-14
Issue: Dealing with your lender or servicer
Subissue: Don't agree with the fees charged
Consumer Complaint: I want full validation on my student loans. How much is owed. Where was the money applied to and why are there extra charges.
Company Response:
State: NY
Zip: 143XX
Submitted Via: Web
Date Sent: 2017-09-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-09-13
Issue: Improper use of your report
Subissue: Reporting company used your report improperly
Consumer Complaint: FULL VALIDATION
Company Response:
State: VA
Zip: 20110
Submitted Via: Web
Date Sent: 2017-09-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-09-13
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: I was told that nelnet had my student loan and my loans had gone into collections. I called telnet and they told me that they had no knowledge nor info on my account, and that it was referred to a dept collection agency and l now owe the collection agency and l would like to know how do l owe them anything?
Company Response:
State: MI
Zip: 482XX
Submitted Via: Web
Date Sent: 2017-09-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-09-14
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: In XXXX I applied to lower my payments. My application was never processed. I was then told I needed to pay money to exit the payment program I was in which I was never asked to do. I did this and I had to reapply. This whole process delayed about XXXX months and forbearance had to be added to my account and interest capitilized. I was also told that my payment would lower based upon the information I provided over the phone. My payment did not lower. I was threatened wage garnishment if I did not pay. When I complained about how long this process took, they back dated my payments XXXX months. I disputed this and when I asked if I could afford to come up with XXXX months of payments if they could credit them as showing timely due to this poor decision, they declined and if I made the payments they would show as late. I refused until they would resolve my loan. This has caused me extreme distress especially because they call me and email me constantly advising me how late my account is showing. I was then called and told that if I made XXXX payment on XXXX, they would apply a XXXX month administrative forbearance on my account. I had no other issue because I didnt want my credit damaged but they would not reverse all of the interest that kept capitalizing. I made a payment on XXXX. I was then told they could not apply any administrative forbearance on my account and refused to give me even a regular forbearance.
Company Response:
State: RI
Zip: 02919
Submitted Via: Web
Date Sent: 2017-09-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A