Student loan -- Struggling to repay your loan -- Complaint #5638923
Complaint Overview
Complaint ID: 5638923
Company: Nelnet, INC.
Product: Student loan
Sub-Product: Private student loan
Issue: Struggling to repay your loan
Sub-Issue: Problem lowering your monthly payments
State: Florida
ZIP Code: 34212
Date Received: 2022-06-06T12:00:00-05:00
Date Sent to Company: 2022-06-06T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX, I applied for a {$15000.00} XXXX XXXX XXXX XXXX, a student loan to be used to finance the New York State Bar Exam preparatory course and exam fees. The application and note both read as a master student loan. The interest rate on this loan has increased each year and is now currently at 10.5 %. To date, I have already paid {$16000.00} on this {$15000.00} loan, and still have a principal balance due of {$13000.00}. In XX/XX/XXXX and again in XX/XX/XXXX, I reached out to student loan refinance companies to attempt to refinance this loan to lower the interest rate and monthly payments. Both attempts have been declined because this loan, which is currently serviced by Firstmark Services, is being inaccurately reported on my credit report as a personal loan and not a student loan. When I reached out to Firstmark about getting this corrected, as it is not only impacting my ability to refinance, but also my credit score per XXXX, they responded by saying the loan is " not reported as a student loan and is also listed like this in the promissory note and disclosure documents. '' After review of the promissory note, which clearly states it is a " Master Student Loan Promissory Note '', I reached back out to Firstmark, who has yet to correct the issue on my credit, leading to another denial of my refinance application.
Frequently Asked Questions
What is Complaint #5638923 about?
Complaint #5638923 was filed against Nelnet, INC. regarding Student loan specifically about Struggling to repay your loan. It was received by the CFPB on 2022-06-06T12:00:00-05:00.
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.