Student loan -- Dealing with your lender or servicer -- Complaint #8115620
Complaint Overview
Complaint ID: 8115620
Company: Nelnet, INC.
Product: Student loan
Sub-Product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Sub-Issue: Trouble with how payments are being handled
State: California
ZIP Code: 94928
Date Received: 2024-01-05T12:00:00-05:00
Date Sent to Company: 2024-01-05T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have {$86000.00} in federal student loans for XXXX XXXX XXXX and XXXX XXXX XXXX. I hold a job where I am able to pay my loans on the standard repayment plan within the standard 10 year time frame. I have not been able to successfully achieve a simple repayment plan with my servicer Nelnet yet. I have 18 separate loans with Nelnet of varying amounts. I initially had repayment dates throughout the month, which meant there was going to be a constant flow of seemingly random amounts of money being pulled out of my bank account. This has made budgeting a nightmare. It took multiple phone calls waiting on hold for upwards of 2 hours to get into contact with Nelnet to get my payment dates changed to the same day. I was told this would take place within a week. Weeks later, nothing had changed. I noted that my current payment for my XXXX XXXX loan was {$10.00}. I called again and was told it will take weeks for everything to switch over and that soon my regularly scheduled nearly {$1000.00} payment would be pulled. Meanwhile, I am accruing hundreds of dollars in interest. I began making manual payments of {$1000.00} to remain on schedule with my loans. I have most recently checked and my payment is now {$300.00}, and my loans are in forbearance. I have accrued almost {$1000.00} in unintended interest. My loans are going up not down, despite me trying to pay them. All I would like to do is pay my loans in a regular fashion 1x/month. Nelnet has been unable to manage this simple plan and set up. I am now accruing interest, unable to make my payments towards the interest, and my loan is nearing $ XXXX when I have been trying to pay XXXX XXXX for it to go DOWN. I am becoming a victim of astronomical and unfair interest accrual despite holding a well-paying, high paying job and trying to pay my loans back per usual.
Frequently Asked Questions
What is Complaint #8115620 about?
Complaint #8115620 was filed against Nelnet, INC. regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2024-01-05T12:00:00-05:00.
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.