Date Received: 2017-08-23
Issue: Dealing with your lender or servicer
Subissue: Problem with customer service
Consumer Complaint: I have repeatedly requested that my loan servicer contact my lenders and request a loan terms and agreements review. XXXX XXXX, refuses to relay my request to my loan holders. The information below is our correspondence thus far. It clearly shows my repeated, clearly written requests to XXXX. It also demonstrates XXXX XXXX unwillingness to provide the services that I have requested. ( XX/XX/XXXX ) XXXX XXXX ( XXXX ) requested the following : Hi, I just re-reviewed my student loans. I noticed that after 10 years of repayment, it looks like only 1 of my principal balances of is less than the original balances. At this rate, I will be locked into an endless debt cycle for decades to come. I need to figure out a way to keep my payments low but also get out of this perpetual student loan debt. I would appreciate it if you all could help me get this figured out. I would like to start by lowering my interest rates and fixing them. Can you please put me in touch with someone to get this accomplished? Thanks, XXXX XXXX ( XX/XX/XXXX ) XXXX XXXX ( XXXX ) Response : XXXX XXXX is required to abide by the terms and agreements of the signed and agreed upon promissory note. The Michigan Finance Authority and XXXX XXXX. have tasked XXXX XXXX to service their loans and follow the loan program guidelines. As such, we are unable to provide payment relief options that your lenders do not offer, and we are unable to lower or fix your interest rates. At this time the only option to repay your loan faster will be to make larger or additional payments. (XX/XX/XXXX ) XXXX : Im asking you ( XXXX ) as my servicer to reach out Michigan XXXX XXXX and XXXX XXXX. and see if they would be willing to work with you all and me to mitigate my situation. Based on your initial response, it does not appear that you have done this yet. As my loan servicer and conduit to my promissory note holders, I would appreciate it if you would please legitimately relay my requests. Please let me know what the responses are from each loan holder and also send me some documentation of the communication. Also, please let me know if you need additional information from me to get this accomplished. ( XX/XX/XXXX ) XXXX : We are unable to alter the terms of your loan and as such, we can not lower your interest rates, even temporarily. Your loan payment is set at the minimum payment required to pay back the loan within your repayment term. You may be able to reduce your interest rate by consolidating or refinancing. We are not able consolidate or refinance student loans unless it is offered by your loan program. As your lender does not consolidate or refinance, we recommend researching third party lenders who offer these services to find a company best suited to your needs. In accordance to the terms of your promissory note and the servicing guidelines to which we must adhere, we are unable to grant what you are requesting. We regret that we are not able to forward your request as we have an agreement with your lenders to uphold the terms set forth in your promissory note. You may look into refinancing or consolidating your loans which will allow you to change the interest rate and may offer different repayment options. ( XX/XX/XXXX ) XXXX : Would you please forward me the exact language from the " terms of your promissory note and the servicing guidelines '' where it says you can not contact the loan holders to request an adjustment on my behalf. If you ( XXXX ) are contracted to manage my loans for I would appreciate it if you would forward my request and their response. I 'm not asking XXXX to change my loan terms, I 'm asking XXXX to ask the Michigan Finance Authority and XXXX XXXX. to review and consider changing my loan terms. I would appreciate it if you would pass my request on to the loan holders. I need to hear a direct response from them before I elevate this issue to the CFPB and my attorney general 's office of consumer financial protection. ( XX/XX/XXXX ) XXXX : We have sent a request to have your promissory notes sent to you, for both your XXXX XXXX. loans and your Michigan Finance Authority loans. Please allow 5-7 business days for this to be done. We regret that we are unable to ask your lenders to change your loan terms. Your promissory note is a legally binding document, and the terms of a promissory note are not able to be changed, by us or by your lenders. We have an agreement with lenders to uphold the terms of promissory notes. This is why lenders offer refinancing or consolidating. That is the appropriate and legal option customers have if they want a loan with a different interest rate or repayment option.
Company Response:
State: DC
Zip: 20002
Submitted Via: Web
Date Sent: 2017-08-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-08
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: Back in XXXX 2017 I decided to try and get into a payment plan to pay a certain amount of principle on top of interest. My loan servicer is Nelnet. I really had n't made any payments to this point but I have a good job now and wanted to start paying it down with the hopes of one day not owing. Nelnet at the time told me that I was in a " Income based repayment plan '' but I owed so much in back interest that I had to pay that off first which amounted to roughly around {$15000.00} on top of my regular principle and interest payment. So they stuck me in another IBRP but the interest was not rolled in and my payment did n't pay off any of the principle I just would have to pay and keep re-certifying with the hope that after 25 years my loan would be forgiven and that on top of that interest {$14.00} was accruing per day compounded daily. So I really had no hope of ever paying anything off. But I then found out I could capitalize the interest accrued and the principle combining it into one sum that the principle and interest payment at 6.375 % would only be {$30.00} more a month. I asked why this was n't mentioned to me earlier but I said OK combine them and I would like one P & I payment to commence immediately. The individual did that but instructed me that I had to go into forbearance for 60 days that it was required by law. So I said OK and my first payment showed due XX/XX/XXXX back in XXXX 2017. So when I went to schedule my first payment they showed I was backlogged another {$1400.00} in interest which was also accruing {$14.00} per day compounded daily. So with waiting to pay i 'm further down the rabbit hole AGAIN with interest before I can pay principle. The whole purpose was to have a payment that included principle and interest and I was willing to pay extra to pay it off earlier and I feel I was mislead on this immensely. Please advise
Company Response:
State: FL
Zip: 33624
Submitted Via: Web
Date Sent: 2017-08-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-23
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: XXXX Please reference this case. There are a lot of misinformation given. After receiving your decision I called back Nelnet to get a better understanding of what happened in case I just was n't understanding. -The response on XXXX/XXXX/XXXX said that my per Diem was {$14.00} but when I called Nelnet the adviser told me my per Diem had gone up to {$14.00} and said that the report given to CFPB was not accurate. Same day response. -When I switched to a traditional payment plan they steered me to forbearance for over 30 days to allow the system to process and raised my back due interest to {$1700.00} as of XXXX XXXX. My payment will be {$530.00} which of that {$440.00} was going to be the interest portion and the rest was principle. I said I intended to pay {$600.00} per month and they informed me that any money above and beyond had to pay the back interest of {$1700.00} which means it will take me 2.5 years approximately to pay off that interest they steered me towards. I feel like I 'm in this situation due to them steering me toward the forbearance. That 's my issue
Company Response:
State: FL
Zip: 33624
Submitted Via: Web
Date Sent: 2017-08-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-08
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: *XX/XX/XXXX- Spoke to XXXX about removing a " Consumer Disagrees '' in the comment section on all 7 of my paid off student loans. * Spoke to XXXX on XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX. Spoke to Nelnet Loan Services XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, and I even have a letter from Nelnet stating that " All Loans have been paid in full. '' This is truly frustrating as I am now trying to buy a home, and all 7 of the " Consumer Disagrees '' are harming my chances of getting a great APR.
Company Response:
State: NM
Zip: 87123
Submitted Via: Web
Date Sent: 2017-08-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-07
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: I am a victim of identity theft. I sent in certified letters along with a police report backing my claim, I called in, notifying both Dept Of Education/Nelnet & XXXX of this situation. Once again I did not attend any colleges or universities after high school but just one time where I took out 1 loan and that was in XX/XX/XXXX where I took out a short term loan for {$1800.00}. No other loans on the account belong to me. The accounts we 're removed and placed back on my XXXX credit report damaging my credit once again. On XX/XX/XXXX I contacted XXXX and spoke to American agent XXXX XXXX, and I explained my situation, i told her I am a fraud victim and my identity has been stolen and used. I went and explain that just a few months back I contacted both Dept Of Edu/Nelnet and XXXX by mail certified sent over a police report backing my claim that I am not liable for the fraudulent student loan accounts but only one which I stated the amount and date. XXXX XXXX repeated that the accounts we 're removed on XX/XX/XXXX and placed back on my XXXX credit report XX/XX/XXXX. In between XX/XX/XXXX to XX/XX/XXXX is a total of 2 months. I was told to send documents in and it 's been an ongoing situation for more than a year battling this situation. So for 2 months in between XX/XX/XXXX to XX/XX/XXXX, Dept Of Edu/Nelnet did n't report any accounts then XX/XX/XXXX decided to report falsely errored fraudulent accounts back on to my credit report? I know my rights and under the FCRA several laws are being broken at this time. I contacted Dept Of Nelnet and there we 're no documents showing my signature that I personally signed and if a signature was used it 's a bogus signature. XXXX ca n't verbally verify that any account by Dept Of Nelnet belongs to me. By law Dept Of Nelnet nor any company will ever send out any documents verifying in papers that an account belongs to me. Both companies broke the law and I am leaning towards filing a civil lawsuit in less than a week. If XXXX or Dept Of Nelnet continues to place fraudulent errored accounts, lncluding unauthorized inquiries on my credit report I will be seeking damages of more than {$10000.00} at the time of trial. I will be sending attached photos of the inquiries, the errored accounts as well. I am drained, I have now falling into XXXX where this situation has caused serious damage to my health. If this situation is n't cleared up by the ending of the week both Dept Of Edu/Nelnet & XXXX will be receiving civil suit documents soon. This is n't a threat, I must take legal actions to protect my identit, my rights, and all of my property and assets. I refuse to sit around 30 days for an investigation. It 's self explanatory theirs no reason to investigate something that was already fixed and illegally placed back on to my credit report without any legal verifications or documents. My credit report was damaged by both companies due to the fact of greed and illegal practice. I thank you and appreciate your time. Thank You XXXX XXXX XXXX File # XXXX XXXX accounts to remain is XXXX XXXX, Dept Of Edu XX/XX/XXXX {$1800.00}. Remove all other unauthorized accounts and inquiries XXXX unauthorized inquiries on credit report
Company Response:
State: FL
Zip: 33056
Submitted Via: Web
Date Sent: 2017-08-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-22
Issue: Struggling to repay your loan
Subissue: Can't get other flexible options for repaying your loan
Consumer Complaint: I have been struggling to pay my student loans. I am XXXX and the options that Nelnet is offering me just brings my balance higher every time they report to the credit buearus.
Company Response:
State: FL
Zip: 33805
Submitted Via: Web
Date Sent: 2017-08-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-23
Issue: Dealing with your lender or servicer
Subissue: Don't agree with the fees charged
Consumer Complaint: I attended an online school but did not finish. I withdraw from it. I did not receive a loan agreement to how much I will be paying for how long. My loan provider gave me a outstanding balance of XXXX plus which I can not pay long term. XXXX yrs. Which I will be retired with no money broke, by he time I am done. I lie by myself in a high paying rented apartment, with no help. I have a learning XXXX plus anxiety.
Company Response:
State: OH
Zip: 45240
Submitted Via: Web
Date Sent: 2017-08-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-08
Issue: Struggling to repay your loan
Subissue: Problem lowering your monthly payments
Consumer Complaint: Hello, I am XXXX years old and have a decent job working for XXXX XXXX XXXX XXXX XXXX. For work, I help XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. In order to get to this position, it took 1 year of prerequisite XXXX XXXX XXXX at XXXX XXXX XXXX University and then 2.5 years in a XXXX program at XXXX University in DC. This was unbelievably expensive and after 5 years of payment, almost all of my principal balances exceed the loan original balances. This is mostly due to " Private '' student loans. My federal loan debt is {$100000.00} and my payments are $ XXXX/month ( which is very reasonable ). My private loans are another story. I owe {$53000.00} and my payments are $ XXXX/month. ( This amounts to about 1/3rd of my monthly income. ) I repeatedly asked the private loan companies ( XXXX and Nelnet ) to reduce my minimum payment due to meet my income and they have repeatedly refused to work with me on this. My interest rates on the private loans range from 6 % -8 % and they consistently treat me ( their customer ) like it 's my fault that I can not afford the payments. My credit has suffered when I made late payments while trying to make rent. I am not alone. Many of my friends and professional colleagues are in a similar position. Ideally, I would like to see private student companies be required to offer income-based repayment just like federal loans. It seems like a very reasonable way to allow young professionals to be able to be more financially stable. I would like to see private student loan interest rates also capped at 5 % or lower. This is one of the main reasons for me and many others being stuck in this endless debt cycle. I would also like to see a much larger student loan interest deduction. In 2016, I paid {$5700.00} in interest on my private student loans however ; I was only eligible for a {$2500.00} deduction. If you could push for private student loan reform and an increase in the student loan interest deduction, I would guarantee you would find overwhelming support from the majority of the students and folks who have a ton of student loan debt. I live in XXXX ( XXXX XXXX XXXX XXXX XXXX ) and would be glad to meet and chat about this request anytime. Many thanks in advance, XXXX XXXX XXXXXXXXXXXX XXXX
Company Response:
State: DC
Zip: 20002
Submitted Via: Web
Date Sent: 2017-08-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-09
Issue: Dealing with your lender or servicer
Subissue: Don't agree with the fees charged
Consumer Complaint: My loans were originally around {$80.00} thousand. After working with Nelnet the past few years my loans have increased to {$95.00} thousand. I have been in a deferment status for most of the year while they were " processing '' the annual evaluation of my income based repayment plan, this took nearly 5 months. I 've been with the same emplyer since XXXX 2015. My salary only increases around XXXX dollar every year. My first year with Nelnet my monthly payment was under {$300.00}. The next year my payment was close to {$500.00}. I was also contacted by XXXX XXXX aka XXXX who offered to help get my payment down to under {$200.00}, they warned me that there was a federal lawsuit against Nelnet 's parent company XXXX and that I should no longer keep them as my provider. XXXX offered to get me a new loan servicer for a monthly fee of {$40.00}, and received a letter 3 months later from Nelnet that {$2.00} thousand would be added to my loan and that they were still my provider. This never ending process of adding interest to my loan seems unethical and legal. I 've been wanting to contact a lawyer to dig deeper, but feel insecure that I might not have that correct understanding of how the system works. At this rate I will pay my student loan well into my grave, which will then probably acquire interest in the afterlife as well.
Company Response:
State: PA
Zip: 16066
Submitted Via: Web
Date Sent: 2017-08-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-08-17
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: Nelnet and XXXX have garnished my wages even though I submitted multiple complaints with CFPB and Department of Education. I properly filed my forbearance request and provided detailed documentation to the service provider Nelnet. I also filed a complaint with Department of Education on XXXX XXXX, 2015 related to numerous internal and CFPB complaints with Nelnet and XXXX. As a consumer, student-loan borrowers have a right to set their monthly loan payments as a share of income. It 's known as " income-driven '' repayment and is touted by the Education Department as a way to keep those borrowers out of default. Nelnet made it difficult for me to arrange any type income-based payment and continued to steer me only into forbearance arrangements and eventually turned into costly payment instead of affordable long-term repayment options that were more beneficial to Nelnet. Nelnet failed to disclose their annual deadline to renew or obscured its renewal notice and recently is the center of a lawsuit filed in U.S. District Court. Nelnet quickly defaulted the loans and inserted a 3rd party collection company to garnish my wages even after a cease and desist complaint was sent due to an open complaint with both the CFPB and Department of Education.
Company Response:
State: IA
Zip: 50322
Submitted Via: Web
Date Sent: 2017-08-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A