Date Received: 2017-02-08
Issue: Dealing with my lender or servicer
Subissue: Trouble with how payments are handled
Consumer Complaint: My loan is serviced by Nelnet. ( Account # XXXX ). For my loan repayment, Nelnet is abusing the ACH transfer by not crediting my loan timely. On an average it takes 4 to 5 days to credit my loan. My funds are debited from my source account the same day when I initiated my ACH transfer. But my loan balance were not reduced till 4 to 5 days. While I was paying interest for the loan balance, Nelnet was enjoying the float fund for 4 to 5 days. This is not fair practice to the consumer. Also the interest rate on the loan is 5.96 %. I am using my HELOC loan to pay off Nelnet Student loan because the HELOC interest rate is 3.25 % which is less than Nelnet Student Loan. This delay tactics by Nelnet makes me to pay double interest for 4 to 5 days. I would appreciate your help to intervene in this matter. Thanks XXXX
Company Response:
State: NJ
Zip: 08854
Submitted Via: Web
Date Sent: 2017-02-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2017-02-08
Issue: Can't repay my loan
Subissue: Can't decrease my monthly payments
Consumer Complaint: I have sought income based payments. The majority of my loans qualify for the income contingent repayment plan. A very small number only qualify for the income based repayment plan. Nelnet has placed all of my loans in the more expensive income based repayment plan even though it is not the best option for all of the loans. When attempting to correct I am told our calculator says you belong in income base repayment and unable to get anyone to listen and look at it beyond plugging numbers into a computer.
Company Response:
State: FL
Zip: 33710
Submitted Via: Web
Date Sent: 2017-02-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2017-02-08
Issue: Dealing with my lender or servicer
Subissue: Having problems with customer service
Consumer Complaint: I became aware of having to recertify my REPAYE loan with Nelnet student loans. Prior to this these people have been great but due to misinformation, incorrect directions, and each person telling ( or not telling ) me what I need to know I now face the possiblity of almost a {$10000.00} capitalization on my student loans. After submitting form after form, time after time, without anyone helping me get this problem solved I finally, after mentioning I wanted to know if Nelnet had a corporate omnibudsman, I was informed there was a resolution center .... Wow ... Since all the calls are recorded I have proof and when I asked the supervisor who is held accountable and why should I have to have my interest recapitalized, she said that is an internal matter. the {$10000.00} I have to pay does not matter to Nelnet and they are going to force me to accept this even though it is their error.
Company Response:
State: CA
Zip: 92504
Submitted Via: Web
Date Sent: 2017-02-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2017-02-09
Issue: Can't repay my loan
Subissue: Can't decrease my monthly payments
Consumer Complaint: My loan went to default because I could not afford the payment so I negotiated a smaller payment when it was rehabbed and I went back to it being serviced they told me my old payments were restored and that I could GE forbearance for a year. Six months later now they are saying I 'm delinquent.
Company Response:
State: MI
Zip: 48127
Submitted Via: Web
Date Sent: 2017-02-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2017-02-08
Issue: Dealing with my lender or servicer
Subissue: Trouble with how payments are handled
Consumer Complaint: ( 1 ) I have made over 120 monthly payments to my loan servicer ( Nelnet ) for over ten years and recently applied to the Department of Education for the Loan Forgiveness Program but was denied because my " loan type did n't qualify. '' After a lengthy discussion with DOE, I was told that when I consolidated my Direct Student loans with Nelnet, they became FFELP loans and therefore did n't qualify for forgiveness. I was never told about this change of loan type when it occurred. ( 2 ) My payment history shows that with each XXXX monthly payment, the amount applied to interest ranges from {$140.00} to {$190.00} each month ; therefore, after over 10 years of faithfully trying to pay off my student loan, I 've barely made a dent in the principal ( I can send a copy of my payment history with the amounts applied to interest ). ( 3 ) On the advice of the DOE, I recently sent the following letter to Nelnet : XX/XX/2017 Nelnet XXXX XXXX XXXX XXXX, XXXX XXXX CC : U.S. Department of Education -- '' A representative from the U.S. Department of Education recently advised me to make a written request to have 100 % of my future student loan monthly payments apply 'strictly to my remaining principal and not to interest. ' Because I 've faithfully made over 120 payments to you over the last ten years, the representative thought you might be agreeable to the change in my status. She also wondered if Nelnet might also 'backtrack to apply all the interest to date to the remaining principal. ' Simply put, I 'm writing to request that you now apply 100 % of my monthly payments toward the principal of my loan and, if possible, apply past interest paid to the principal as well. Thanks for your consideration, and I look forward to hearing from you. '' Nelnet has rejected my request. Their response is as follows : " When each payment is received, it is first applied to outstanding fees ( if applicable ), then outstanding and accrued interest, and finally to principal. Any additional payment amount received is automatically applied to principal. Even though the extra funds are applied towards principal, they are also applied towards the next month 's payment, as we are unable to ask you to pay your loans off early. '' Students have problems paying off their loans because of companies like this that charge exorbitant interest and are n't forthcoming about changes -- XXXX to FFELP -- that occur when loans are consolidated through them.
Company Response:
State: NE
Zip: 68506
Submitted Via: Web
Date Sent: 2017-02-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2017-02-06
Issue: Can't repay my loan
Subissue: Can't decrease my monthly payments
Consumer Complaint: My loans were dismissed when I was determined to be XXXX due to XXXX in 2013. I ended up going back to work before three years and my loan was reinstated immediately and payments were due with interest. I was talked into a deferment/forbearance due to not having an income for several months. The interest that my loan received is astonishing. I am still trying to catch up from being off work during XXXX and it is almost impossible to pay back $XXXX in loans. I only received an XXXX!
Company Response:
State: IN
Zip: 460XX
Submitted Via: Web
Date Sent: 2017-02-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2017-02-06
Issue: Dealing with my lender or servicer
Subissue: Having problems with customer service
Consumer Complaint: I am writing to dispute the following information that your company provided to all XXXX major credit bureaus : XXXX, and XXXX. I have circled the items I dispute on the attached copies of the credit reports I received. The item that I am disputing is the second reporting from your company of my XXXX student loans on my credit bureau. According the Fair Credit Reporting Act, you have a responsibility to report accurate information on my credit bureau, currently it appears that I have a total of XXXX loans with your company with the continued reporting of the XXXX accounts that are closed. I was recently made aware of the effects of your company reporting my student loan 4 times, XXXX sets of XXXX accounts, when I was applying for the FAFSA for my daughter and was denied aid. I contacted the U.S. Department of Education in an attempt to rectify the situation when they informed me of how your company is currently reporting my student loans. They advised me to contact your company and request that the additional accounts be removed. I did contact your customer service department and when the representative would not acknowledge the error, I requested to speak with a manager. The manager informed me that your company changed computer systems and that all accounts were reporting double on credit bureaus because there was no other way for your company to capture the delinquency and history of the account. While, I am not disputing the accuracy of the reporting of the account, I do not think that because your company could not manage to transfer the history of your customer accounts during the computer system change, your customers, including me, should be impacted by something that was out of our control.
Company Response:
State: SD
Zip: 57108
Submitted Via: Web
Date Sent: 2017-02-06
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: No
Date Received: 2017-02-06
Issue: Dealing with my lender or servicer
Subissue: Trouble with how payments are handled
Consumer Complaint: When ever the loan provider was issued a social security number and a signature the loans should have been discharged through the Treasury ... This process was created by an act of Congress in XXXX. XXXX XXXX XXXX ( XXXX stat. XXXX ) was designated to discharge all obligations dollar for dollar. The loan provider is unaware ( due to the lack of knowledge ) of such passage of the Banking and Banking Regulations XXXX XXXX XXXX XXXX XXXX. Where all obligation are to be discharged dollar for dollar. The loan provider is unaware ( as are most Americans ) that the United States dollar no longer exists. What we think is money is actually not money but a promise to pay at a later date. XXXX XXXX XXXX ) These notes appear to resemble the United States Notes by the similarities of appearances. The only difference with these notes they are titled XXXX. If XXXX pays attention to the fine print on the XXXX it will say " This Note is Legal Tender for All Debt public and private ''. So in order for XXXX to repay any loan would be illegal since a debt can not be repaid with another debt. Thus, why Social Security was Instituted in XXXX called the XXXX. The United States had to create an unlimited credit line for the people due to the existing economic crisis. Those unlimited accounts are our Social Security numbers.
Company Response:
State: NC
Zip: 27603
Submitted Via: Web
Date Sent: 2017-02-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2017-02-06
Issue: Dealing with my lender or servicer
Subissue: Received bad information about my loan
Consumer Complaint: In XXXX of XXXX, while I was in a deferment/forbearance period ( not currently paying on ) my XXXX student loans they sold them to VSAC Loan Services. I was not made aware of the transfer in ANY way. I figured I was still in my 2 year deferment period that XXXX offered.When the time was up I tried to contact XXXX with no luck, all they said was that my loan no longer existed. I searched everywhere online I could think of for my loan. In XXXX of XXXX it finally showed up on my credit report as being derogatory for this random place VSAC. I tried to contact them several times and they could n't locate my information, even though they reported me as delinquent. My loan was in limbo. Finally I got ahold of an amazing lady at the XXXX XXXX XXXX XXXX who helped me refurbish my loan and got me back on track. It was sold again by VSAC during this refurbishment to XXXX who I 've made every payment on time since this nightmare with VSAC. In conclusion, VSAC needs to take the derogatory report of those 7 months in XXXX.
Company Response:
State: CA
Zip: 92584
Submitted Via: Web
Date Sent: 2017-03-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2017-02-04
Issue: Can't repay my loan
Subissue: Can't decrease my monthly payments
Consumer Complaint: XXXX exhausted ALL the funds and money from my student loans and finally administratively withdrew me from the XXXX program offering me the option to re-enroll in a XXXX program. With research investigation since XX/XX/2012, I learned that they as a for-profit entity, practiced unlawfully without trained staff, professors, and mentors in the XXXX field. This explains their inability to accurately mentor, responsibly process research reviews, and instead constantly had me retake unnecessary courses until all my funds were exhausted and now I am left without a degree and a XXXX student loans.
Company Response:
State: FL
Zip: 32703
Submitted Via: Web
Date Sent: 2017-02-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No