Student loan -- Dealing with your lender or servicer -- Complaint #4800434
Complaint Overview
Complaint ID: 4800434
Company: Nelnet, INC.
Product: Student loan
Sub-Product: Private student loan
Issue: Dealing with your lender or servicer
Sub-Issue: Don't agree with the fees charged
State: Virginia
ZIP Code: 20147
Date Received: 2021-10-11T12:00:00-05:00
Date Sent to Company: 2021-10-11T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Nelnet is my loan servicer. When I was younger I was frequently placing my student loans into forbearance because I was never properly counseled on how the interest would continue to compound year over year. My account number is XXXX. My current loan information only goes back XXXX years. However, I've been paying on this account every month with auto-deduct since I got married in XXXX. Presently if I go back just XXXX years it shows a principal balance of {$14000.00}. I am XXXX XXXX XXXX. I've been out of college since XXXX. Since only XX/XX/XXXX I've paid {$7.00}, XXXX in INTEREST alone, {$11000.00} toward principal, equalling {$19000.00}. How the XXXX is there STILL a balance of {$9700.00} when I've been paying {$220.00} every month since JUST XXXX?! AND, there were several years when I was paying {$440.00}! I have not worked since XXXX of XXXX ( 19 months ). I refuse to allow XXXX additional cent of " Interest '' on whatever amount I originally owed if I use a forbearance program. At what point can ANYONE determine that I've paid enough in compounding interest and principal? How can it possibly be fair that I still owe over {$9000.00} when I've been paying on this loan for " at least '' 18 years? When XXXX XXXX passed legislation that locked my interest rate at 8.0 % I've been prayed upon by lenders ever since. I can not pay another dollar towards this ridiculous " legal scam. ''
Frequently Asked Questions
What is Complaint #4800434 about?
Complaint #4800434 was filed against Nelnet, INC. regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2021-10-11T12:00:00-05:00.
How did Nelnet, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Student loan) and describe your issue in detail.
Can I see other complaints against Nelnet, INC.?
Yes, visit the Nelnet, INC. company profile at readthecomplaint.com/company/nelnet-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.