Student loan -- Dealing with your lender or servicer -- Complaint #8274537
Complaint Overview
Complaint ID: 8274537
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: North Carolina
ZIP Code: 27587
Date Received: 2024-02-02T12:00:00-05:00
Date Sent to Company: 2024-02-02T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
I consolidated my loan on XX/XX/XXXX. The loan consolidation covered all principal and interest at that point. In XX/XX/XXXX, all interest on student loans was paused, though I continued to make monthly payments to principal. When student loan payments resumed in XX/XX/XXXX, I all the sudden started having accrued interest showing on my loan ( this is in addition to {$11.00} in daily interest which I am aware is the cost of my loan ). The interest accrual continues to go up, despite making normal monthly payments that are to cover all principal and interest ( per the terms of the consolidation agreement ). I've even made additional payments, in the amount of the interest accrual, but the interest still remains. At this time, I am projected to have more interest owed than the monthly payment. For every other type of loan, if you make an extra payment and have outstanding interest - the payment goes to the interest owed first. Upon calling Nelnet, they can not articulate where the interest accrual is coming from, can not allow for payment of the interest accrual, and are unable and unwilling to help - despite being put on hours long hold.
Frequently Asked Questions
What is Complaint #8274537 about?
Complaint #8274537 was filed against Nelnet, INC. regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2024-02-02T12:00:00-05:00.
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.