SUBMIT A COMPLAINT

Nelnetcharging of interest

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I am hoping that we can get something together and make this company own up. My wives student loan is with nelnet. She consolidated her student loans in 2000 with nelnet. Last year i started paying the bills and took over seeing that her student loan was paid on time. I have been doing so for the last 6 months. In that time i have been extremely unhappy with this company. I found out that this repayment is structured like a mortgage on a house. In the last 9 years, we have paid $8, 000 dollars in interest and only $6700. 00 towards the principal. So i decided to up the payments to try and knock down the principal. I pay $300. 00 dollars a month. Roughly $200. 00 dollars goes towards principal and the rest to interest. The problem i am having is last month my interest paid was $86. 00. This month it was $95. 00. If my balance went down $200. 00 dollars then my interest should have gone down also. Keep in mind that i have signed up for kwik pay. It comes out the same day every month. If i look back over the last few months it seems to be a pattern. There is still only 30 days from payment to payment. So either they are waiting a couple of days to draw my payment in order to accrue a little extra interest or its something else. I feel in my heart based on the evidence that something is amuck at nelnet. I would love to join in on any class action suit to force them to come clean. Its bad enough for someone to get out of college and have a student loan, basically being in debt 32, 000 dollars (In my wives case) . But to have a company that is supposed to help students, take advantage of these students is truly immoral and criminal.

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Comments

  • Su
      May 15, 2010

    I've been paying since 2004 and finally transferred everything to an excel sheet. Not sure why that option isn't available on their website, makes you wonder.

    After calculating my totals and seeing the trends of interest paid, it's off.

    The interest rates vary month to month. You would think that each month, it should slowly decrease according to their "calculations." But it goes up and down.

    Any suggestions for a legitimate company with the incentive for a decrease in interest rate?

    0 Votes
  • Sh
      Aug 15, 2018

    @SujiQ My name is Shellie and I would love to join in on and make this company own up. I am devastated because I'm backl in school in my last year and I have been paying but hardly any is going to principle this is simply not right at all. I am actually sick over what I owe. I know that there is more than just you and I so if anyone feels that they are paying way too much please get in touch.

    +2 Votes
  • 1m
      May 17, 2010
    Nelnet - interest charges
    neltnet
    United States

    So I just found out why my interest never goes down, even with extra money paid to principal. Nelnet is charging me the interest per month based on how many days in the cycle no matter what my principal is. This is not interest, this is a monthly fee. This cannot be fair. We have got to stop this company from ripping us all off. Anybody know how to get the ball rolling?

    0 Votes
  • Rl
      Apr 19, 2017

    @1madjack I agree! I've been paying overpayments for years and I still owe thousands! This HAS to be illegal! I am furious about this never-ending debt!

    +3 Votes
  • Di
      Jun 04, 2010
    Best Best Advice

    I would love to get a class action together. I recently took control of my fiancé’s finances and am having similar problems with Nelnet's interest calculations. In his case, Nelnet capitalized the outstanding interest into his principal loan amount before it was contractually allowed to. Unfortunately, the service people just talk in circles and have no intention to correct the situation. There is a similar class suit in California against Sallie Mae for wrongfully capitalizing interest on federal loans.

    It's bad enough that the original loan amount went from 16, 000 to 29, 000 during the 3 1/2 years he was in college.

    SujiQ - Although I cannot comment on their legitimacy, we recently consolidated the Nelnet loan to Wells Fargo (it was the only company consolidating private loans). The interest rate is still variable, but went from 16% to 6%.

    +5 Votes
  • Sh
      Aug 15, 2018

    @diehlea awesome I am going to contact Wells Fargo now Thank you. I still think that Nelnet and Navient should be in trouble they have cheated me on my loan payments.

    0 Votes
  • 1m
      Jun 05, 2010

    Ok, people that hate Nelnet. I am slowly getting all the information in regards to how Nelnet operates. I found out last week why my interest is so weird and how they charge. It turns out that this is a federal loan, ( which I didnt know). And because its a federal loan they can do pretty much anything they want. I found out that my interest is charged daily regardless of my balance. I get charged roughly $3.00 a day... period. The reason my interest changes each month depends on how many days in the cycle. It can flucuate two to three days depending on the month.
    Also I found out a little secret that they use against us. A couple of months ago I had upped my payments to try and knock down my principal, when I found out how the interest was calculated then I went back and dropped my payment back to the normal amount. I did this 10 days before my payment was to be deducted from my bank. Well, it turns out that because I switched my payment amount, Nelnet decided to go ahead and withdraw my payment the next month. I had noticed that my payment did not get withdrawn from my bank so I called customer service and thank god I got ahold of someone that would talk to me. She told me that Nelnet will usually push your payment to the next month whenever you change something. The problem is that they keep charging you interest for that whole time. So my next payment that they pushed would have all gone to interest and not principal. Mind you, this is their policy. It finally dawned on me why my wife got behind last year, because she was making changes on the payments and Nelnet would just push it to the next month, all along charging interest. I hope this is making sense to everyone reading this. Until we all payoff our loans we need to share this info with each other so that no one else gets ripped off any longer by Nelnet. In order for the interest to stop accrueing that month I had to make a payment online. SO MAKE SURE YOU MAKE A PAYMENT EACH MONTH AND MAKE SURE THAT NELNET GETS IT, CHECK YOUR BANK ACCOUNT AFTER YOU MAKE A PAYMENT TO MAKE SURE IT WAS DEDUCTED. Feel free to email me if you have any questions or answers.
    [protected]@hotmail.com

    +3 Votes
  • Gi
      Jun 08, 2010

    Nope, but I'm having the same problem. If you find anything out let me know

    +1 Votes
  • Da
      Jun 29, 2010

    How about this?
    *Nelnet reported my payment information wrong to credit bureaus. How can I be on time one month and 90 days past due the next?
    *They also failed to apply my payments for a year and a half!
    *Three years ago, I was in forbearance...which they forgot to tell my grantor and the government about.
    *I have been filing dispute after dispute...now I am suing them and the credit reporting agency (separately) for damages. They're both screwed.

    +1 Votes
  • St
      Aug 04, 2010

    I am also a long time customer with Nelnet. I lost my job and applied for deferment. I faxed it twice, and finally called customer service. Customer Service said they didn't receive any deferment, but then one man I spoke to said he saw it in the system and to hold off on payments because it should go through soon. It never did. I called again, and the customer service rep told me I need to apply for forbearance, until the process the deferment form. I did not know that interest you accrue on forbearance actually gets applied to principal at the time. I agreed. A few months later, I received a notice that my forbearance was going to end. NO CORRESPONDANCE ABOUT THE DEFERMENT. They have been leaving me automated messages about my account, but I haven't been able to pay my loan because of unemployment. Each and every time I call, I can no longer get anyone on the phone!

    So then I filed for deferment online and forbearance. No copy or confirmation AGAIN on the deferment. I'm seriously beginning to think that they are PURPOSELY not processing the deferment so that they can make more money by forcing me to eventually have a higher principal with a forbearance.

    What's worse is that I can't reach anyone at that company to resolve this?

    +1 Votes
  • Mo
      Jan 08, 2011

    Wow... I should have read these postings sooner. I have been a nelnet customer for last five years. This year I looked at the 1098e and found that my interest payment for the year was $1538... so I looked at my last year's 1098e and found out that it was $1471. How can my interest payment go up when it is fixed at 4%. Does anyone know how I can get out of this? I would love to be part of the class action... but I need to get out of it first.

    +2 Votes
  • Sw
      Feb 15, 2011

    One wonders if all of the interest being collected is being reported to the government

    +1 Votes
  • El
      Feb 17, 2011

    I have the same problem with nelnet, my interest payment goes up too, even when I made payment far ahead of time. I would love to join a class action again nelnet

    +1 Votes
  • Ho
      Feb 20, 2011

    I would be interested in joining in on any type of class action suit against Nelnet as well. I've had the same inconsistencies regarding their interest payments. Though I've paid on time for the past 14 months, my interest payment jumps around in a wide range that seems to follow no ordered logic. I usually just pay the minimum on my balance each month ($100), however the interest charges have ranged from $39.30, all the way up to $101.78 (with an average at around $76). There were three consecutive months where the interest payment was above $90 ($99.77, $91.90, and $91.86, respectively), only allowing $16.47 left over to be paid on the principle in that period.

    I have had two deferment periods since beginning repayment: 2/2007 - 10/2007, and 7/2008 - 12/2008, and am not sure if this could have had any influence on this situation, however, it seems very suspicious to me that nearly 76% of my monthly payments have gone to interest. Since I have begun repayment in 11/2007, I have paid a total of $2, 536.72 on interest, and $796.96 on principle. This leaves an average monthly payment of $90.50 to interest, and $28.46 to principle.

    Recently, I have been upping my payments to about $150, however, this also increases my interest payment. If anyone has any insight on this issue, I would appreciate it! I've contacted Nelnet about this, however, I received a vague/cookie-cutter response, and was quickly shooed away.

    +1 Votes
  • Sh
      Aug 15, 2018

    @horace1031 anyone know a good attorney?

    0 Votes
  • Bl
      Mar 31, 2011

    We have paid lump sums on my wife's account hoping to get the principle down. She has been told that interest will be paid first (just like a mortgage). So there is no way of paying it off early unless you pay the total amount they want. Every time we talk to someone...it's a different story. We are in on any class action suit...

    +1 Votes
  • Mt
      Apr 01, 2011

    I am having the same problem. I have been paying extra for months and the amount that goes to principle, if any does, is always different. I have also been charged several fees that I am currently seeking an explanation for because I wasn't late and the payment was not returned by the bank. They have been moving my due date forward. Right now I don't have to make a payment until September but if I didn't make a payment until then the interest would take months to pay off. They informed me that I needed to check a box on the payment page to not have the payment date advanced. I couldn't find and had to ask where it was. It lies pretty well hidden through four layers of buttons. When I did find it, I couldn't mark the box, which they say is due to my firewall or internet provider. They say I have to mail extra payments to the address for special payments and request that my due date not be advanced. They do whatever they can to keep people from paying off their loans. The system is set up to make you fail. I am contacting the Attorney General of Nebraska but I would definitely want in on a class action suit. Their abuse of people with student loans is obscene and disgusting. I feel hopeless to pay off my loans even though I have been paying tons extra.

    0 Votes
  • Co
      Apr 27, 2011

    I am having the same exact problem, except that I recently found out that during a loan forebarence the interest continues to accru on your account and is added to the principal at the end of the forebarence. How is this suppose to be helpful to me? My original loan was for less than $12, 000, I now have over $9, 000 in interest alone. I will never have this loan paid off and feel that it should be illegal for them to "cap" the interest.

    0 Votes
  • Di
      May 26, 2011

    They are a bunch of crooks and currently paying $55 million to satisfy a lawsuit from the federal government. I only recently looked at two different pages on their website; Payment Details and Website Payments. They do not agree at all. Of $1500 I have paid, only $900 has been applied to interest or principal with $600 not accounted for anywhere.

    0 Votes
  • St
      Jan 03, 2012

    When you get married, you never think you are going to get divorced. So is my problem with Nelnet and their joint consolidated loans. My EX husband, a college graduate, earned a wonderful $25, 000 debt for his education. I, NOT a college graduate, only had a $7000 debt for my one year of college. We decided (pre-divorce) in our early 20's, to consolidate our loans for "one low monthly payment" through Nelnet. Four months later, we divorced... and being young and dumb, we never realized that the FEDERAL loan wouldn't allow a joint consolidated loan to UNconsolidated. Naturally, my jerk of an exhusband REFUSES to pay his loan. For the last 11 years that I have been with Nelnet, my exhusband hasn't made more than 3 payments TOTAL. I can't afford HIS and MY "low monthly payment", and quite frankly, I refuse to pay ANYTHING toward his loan. I didn't earn the college degree, so I'm certainly not paying for his. I've been delinquent for 11 years with Nelnet; only paying my court mandated $40 a month for my portion of the consolidated loan. Because his amount owed is in excess of $200 a month, I'm not really paying anything toward the loan with my measly $40. I have a RUINED credit score because of this.

    All in all, the system is BROKEN. Something needs to change when divorce rates are going up exponentially, people are making less money a year, and they can't ever escape their ex's and move on because they are FOREVER BOUND by law and debt. It's disgusting that there is absolutely NO WAY to UNconsolidate a federal loan. This needs to be remedied.

    0 Votes
  • Ne
      Feb 07, 2012

    Here is what happened to me. I wanted to start paying off my Nelnet balance quicker and they reverted to an old account that had been closed. They charged me with a $15 NSF fee after the people on the phone said they wouldn't. Then, for whatever reason, my loan was put in forbearance status, which I did not request. After three days of calling, they haven't remedied the situation and I am still in forbearance status.

    0 Votes
  • Us
      Mar 25, 2012

    I would love to find a way to 'beat Nelnet'. My balance has barely moved in the past 4 years, due to a 1 year forbearance. There are so many fees and interest payments tacked on, I actually am paying an $89 'fee' each month. I am never going to get this paid off unless I pay in one lump sum, which I guess I just need to suck it up and start saving for it. I had no idea I'd have such a terrible time paying this loan off! It was a scam when I re-financed the loan back in 2000, clearly it's my fault for being so naive, but the law that I can only refinance a student loan one time is ridiculous.

    0 Votes
  • Mr
      Apr 15, 2012

    I spoke to a guy and he explained the varying principal payments as DAILY accrued interest. So, yes you are making payments every thirty days, but because some months have 31 you are charged for those extra days. This does not sound like interest, it sounds like a FEE or as loan sharks like to call it "A VIG". I have been paying a 30k loan for the last 12 years ($300 per month) and have only whittled it away to 21k. It will take another 15 years at this rate. Would have been faster to take out a 30% credit card.

    0 Votes
  • Ne
      Apr 19, 2012

    Nelnet is willing to review each individual situation that has been referenced, please feel free to give us a call so that we can look into your accounts for you.1.888.486.4722

    -3 Votes
  • Cr
      Oct 17, 2018

    @nelnetdesiree Ha you guys don't care about any of us. Not even a payday loan companies screws you the way Nelnet is doing people. I know that for a fact because I used to use payday loans prior to taking these student loans.

    0 Votes
  • Ha
      Dec 07, 2018

    @nelnetdesiree That's crap. I've been screwed and still screwed by them for years. Even if I did forbearance and deferments. Called today cause I can lower my payments again since I'm a single father and life is tough. You will take Nelnet loans to the grave with you! $5.00 plus per day interest.. All your original amounts have been almost paid. They need to be looked at by professionals. So your always paying toward interest per payment and never settles out. I asked what can be done about my loans several times. They just say sorry and keep screwing you! I wish I never consolidated with them. Anyone find a way out or better solution let me know!

    0 Votes
  • Je
      Apr 22, 2012

    I am having some problems with Nelnet right now after they took over a Great Lakes loan that was paid ahead. I applied for Quikpay and Nelnet failed to implement it yet sent me zero due statements for three months. The reason the customer service person gave me was that I never went online and checked a "override" box to increase the amount above the minimum payment due (as I have been doing for the past 9 years with Great Lakes). They never informed me about this additional step of checking an online override box at the time I had set up Quikpay. They have so far refused to credit me the $600 in interest that has accrued during the three months they were sending me zero due statements. I am ready to send this to the NY AG but I see that he has already investigated Nelnet in the past and received settlement money from them. I think I will send it to the NY AG anyhow. If I pay the accrued interest, it will be in a separate check marked "under protest-- disputed amount-all rights reserved" in the memo line. I came to this site looking for a class action to join, but maybe I will contact a class action firm directly. If you have had your loan taken over by Nelnet please be forewarned about their Quikpay scam-- if you are NOT in default and paid ahead they will use this glitch to slow you down on your repayment and allow interest to accrue to your detriment.

    0 Votes
  • Fs
      Jun 06, 2012

    I am not surprised there are so many of you with the same degree of confusion as to how NELNET calculates interest. I started wondering about it around 2 years ago (after 10 years of paying) and noticed the fluctuating interest fees. At that moment in time i was under the false impression my student loan was a fixed interest loan for 20k at 4.5%...boy was i wrong, it was compounding daily! I called nelnet and spent almost an hour speaking to a rep that didnt even know how to explain to me. Eventually i found out that since its calculated daily the fees change due to the days in each month. After finding this out i decided to up my monthly payment from 150 to 400 only now have really begun to pay down my principle but still pay around $40 in interest each month. Whatever you do DO NOT pay the minimum. If you do the total you will pay back is double. They had me paying 150 a month for almost 20 years which in the end i would have paid them twice my original loan amount...anyway, I would be interested in joining a class action lawsuit for having no transparency in their financial practices.

    Loan Summary:
    Amount: 20k
    Years Paying: 10 years
    Total Paid: 17, 776 (88%)
    Balance: 11, 000 (55%)
    Interest Paid to NELNET: Almost 7, 000 (35%)

    this is the beauty of compounding interest on student loans. what a nightmare for the whole country.

    0 Votes
  • Fs
      Jun 06, 2012

    guys, i did the math and there is an easy loophole and its PAY MORE THAN ONCE a month on your loan.

    Don't let the interest build-up over 30 or so days. Keep cutting it down by paying twice or three times a month. You could save thousands over the long term.

    0 Votes
  • Je
      Aug 22, 2012

    I agree with all of the above. Horrible customer service. One representative actually called me ignorant and hung up on me. My loans are currently in deferment due to economic hardship and I'm terrified of what that means for my loan totals. To be totally honest, I'm not convinced I actually owe what they say I owe. And how they acquire my loans in the first place. It's all very confusing. I've been in school on and off for awhile (stay at home Mom of two young children) and I've always dealt with Iowa student loan liquidity. Now all of a sudden I start getting info from Nelnet and my monthly payments almost double. Doesn't seem right!

    0 Votes
  • Sa
      Sep 25, 2012

    My stoy is the same as all the other complaint. I am trying to get another loan to pay off Nelnet becuse i have been paying 350.00 monthly for 10 years but my balance is not moving. I am so desperate i would like to join the class. My interest rate is at 7.5% i cannot even get them to look at lowering the rate.

    0 Votes
  • Cl
      Jan 16, 2013

    I too am dealing with this. I am paid five years in advance (roughly 14K to 2017) and I have asked they apply my current payments to principle (not to advance them) and they said there is nothing they can do. They said that all loan payments are paid in advance by law. Well the law state's "Federal regulations allow the lender to apply a prepayment to "future installments by advancing the next payment due date" unless otherwise specified by the borrower." As the borrower I have asked numerous times not to advance my extra payments and they still advance it. I am contacting a lawyer and hoping that I can start a class action suit. If Nelnet would have not advanced my payments I would owe 15K less that my current outstanding balance.

    0 Votes
  • Ga
      Apr 28, 2013

    I have been paying for my wife's loan. I have checked her original loan with SalleMae
    and the total was $10, 206. Now with Nelnet consolidation loan the total was
    $22, 479.32 in 2010. Now my total is $20, 813.23 after paying for three years most
    of it is interest!
    I am concerned how her total 0f $10, 206 jumped to $22, 479 for a so called
    consolidation loan. I am thinking of having an accountant or a lawyer check
    these figures for me. Their is definitely something fishy with Nelnet

    0 Votes
  • Ms
      May 25, 2013

    I would love to do a class action. I requested a forebearance with direct loans until next year. It was approved. Ny loan was then transferred to Nelnet. I called them because I had a different payment agreement with Dls. They said they would honor that agreement and the deferment. Now they said DLS made a mistake and I am ineligable for a deferment and now they won't honor it.

    Email me if you want to go in. [protected]@aol.com

    0 Votes
  • Au
      Jul 03, 2013

    I am also very interested in staying in the loop for a class action lawsuit. I am so upset with how they are charging interest of wildly different amounts each month, and even doing my own calculations on simple daily interest, I can NEVER get to the amount they claim accrues on my loans each month. It all started when they recalculated my standard repayment plan (meaning I will pay the exact same amount for 10 years as long as there is no deferment/forbearance). They chopped several months off the term, which upped my payment (almost $600/mo). In the last two days I've spoken to four customer service reps. One of whom was intelligent and understood the problem the other three who were EXTREMELY RUDE, speaking to me as though I was ignorant "this is how student loans work", irresponsible "this is the risk you take in accepting federal student loans" and "it's your responsibility to check your statement every month, we are not responsible to inform you if we recalculate your payment", and even dumb "it is simple math". I have a master's degree and work as an accountant, so you can believe they got an earful about how their "simple math" was wrong. My problems are: 1) they have no amortization schedule for the standard repayment plan, 2) they are allowed to recalculate my perfectly sound and unchanged payment schedule without my knowledge or consent, 3) they do not have to disclose any changes to me, and 4) there is NO LOGIC TO THEIR INTEREST CALCULATIONS. I have saved all of my emails, chat sessions, and documents and believe I have serious concerns Department of Education should know about or a class action lawsuit would be interested in using. Unfortunately, I have no idea how to contact Department of Education about these complaints and evidence - maybe the contracting official in charge of Nelnet's contract?

    0 Votes
  • Ti
      Sep 14, 2013

    I think my husband and I have everyone trumped as far sad the ought are factor goes! Paying his loan with nelnet since 2002... Original loan amount when consolidating with Nelnet was $32, 000... 11 years later after paying $700 a month we still owe Nelnet $55, 000!!! If you total up how much we have paid them since 2002 it is about $84, 000!!! But the monthly statement says we have only paid $63, 000... We hired an attorney recently and paid $500 for him to tell us a month later that since it is federal, Nelnet is not subject to Truth and Lending Act. Are you kidding me! And of course, if you can get a personal loan to pay off make sure you don't mention to the bank it is to pay off a student loan. We were lined up to get a loan from BB &T and at the last minute they said no because we mentioned student loan.
    I know many of you above have mentioned a class action lawsuit. I would be willing to pursuit this for real if enough are interested. At this rate we will never be able to pay off this loan (9% interest).
    Email us at [protected]@me.com

    0 Votes
  • Ry
      Nov 12, 2013

    After reading those complaints, it's pretty obvious Nelnet is trying to accumulate money from everyone. I requested for deferment three times, and I will send in fourth request after filing this. Nelnet representative claimed that they got my requests however I did not send in the necessary documents to justify my request for deferment.

    0 Votes
  • Ro
      Mar 15, 2014

    I also am a victim of Nelnet. I have paid $27, 000 of the $32, 000 that I borrowed. My current balance is at $35, 000. I now owe more than I borrowed. Something is wrong. I have no issue with paying back what I owe, but I do have an issue with their business practices. I too would join in on a class-action suit.

    0 Votes
  • Th
      Apr 25, 2014

    Maybe people should actually read the promissory note they signed for. Literally everything is laid out in it. The fact that your interest will accrue daily based on you IR and principle. A lot of people dont understand also that even during times of in school deferment the unsubsidized loans still accrue that interest daily. That's why all your payments in the beginning of repayment go towards just interest. And if you take out 50 grand in loans obviously you're going to rack up a high interest total. As for your specific problem I'm guessing when the Dept of Ed did your consolidation it was a variable rate consolidation which is subject to change the IR. The problem isn't the companies that service your loans...you have to remember that these guys all work under government rules and regulations. So if anything blame the federal Dept of Ed and your schools for making ### rules and not educating the borrowers of what they're actually signing for. Or just blame ourselves for not reading what we're signing.

    0 Votes
  • Mj
      Jun 12, 2014

    NelNet loans are criminal to say the least, my financial adviser at college told me it was a good place to get a loan from. Over the life of the loan (since 1/14/2014 to 6/12/2014) 61.15% of my payments have gone towards interest! This is unheard of, they are loan sharks and take advantage of people who can not afford a higher education. I called them a few times to lower my interest or change the interest accruals. They did not help me at all and I was put on hold several times, by the time they got back and gave me a bunch of excuses I had it and hung up on them. These people disgust me and something needs to be done to end this so future generations will not be bullied by loan sharks like NelNet.

    0 Votes
  • My
      Jul 04, 2014

    Criminal is right. I would support a class action suit. It is true - what everyone is saying, and I have had the same experiences. At the least, they should reported and investigated. It would be great to see a national media outlet do an investigative report, and air their report during prime time.

    0 Votes
  • My
      Jul 04, 2014

    They settled a lawsuit in 2010 check this out: http://www.huffingtonpost.com/2010/08/13/nelnet-lawsuit-settled-st_n_681856.html

    0 Votes
  • Se
      Aug 20, 2014

    I am also a victim of Nelnet, and would love to join in on a class-action suit. Their practices are ridiculous!

    0 Votes
  • Sh
      Oct 27, 2014

    I would love to be part of a class action against Nelnet. I've been paying on my loan since 2007 and the balance then is the same as it is now in 2014. When I asked about it, their customer service rep said that "what you see online isn't accurate" and that he'd send me a detailed payment summary. WHAT?!?! Why would they not have the accurate information online? How could I have paid over $20K and not decreased my balance at all?!?! They don't even offer the option to pay a principal only payment because "interest is accrued daily" and whatever is leftover after the interest is paid is automatically applied to the principal. Then how have I been paying over the minimum amount and not had anything apply to the principal? This company is super shady. Please point me in the direction of a lawyer, ASAP.

    0 Votes
  • La
      Nov 28, 2014

    Does anyone know anybody that has paid off a loan with Nelnet? I do not understand how payments could be made and the balance goes up. I wish I knew the kind of attorney to contact, the class is already set.

    0 Votes
  • Sw
      Dec 15, 2014

    i got a 5000 teacher forgiveness to my account. guess what they did? they took $1356 of it in interest?
    i have paid $400 back every month for 20 mths automatically from my bank account. it started doing this while i was still in school. i paid $400 per month during the 6 mth grace period so that my interest would not be capitalized on the loan.
    in short, i have paid $8000 of my own money and got $5000 in forgiveness for a total of $13000. but my load principal has only gone down $6933, which means they have taken $6000 of interest so far in 20 mths. wow. so why cant we start a class action law suit?
    these people cant even properly explain the random capitalizing of interest 1 year after a loan has been in repayment and i have been making payments all the while. every mth. same day each mth.

    +1 Votes

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