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Nelnetscam and cheating

R Review updated:

Just recently made 29th consecutive payments of the 30 consecutive payments included in a Nelnet 'incentive' program and was informed that I didn't sign up for e-correspondence within 30 days of consolidating loans with Nelnet almost three years ago.

Nelnet doesn't keep records of incentive programs, and doesn't bind themselves to actually honor these programs. They make up phony requirements and 'disqualify' their clients at the last minute. No one at Nelnet has been able to articulate why they are refusing to honor their incentive programs.

Has anyone else experienced this? My question to Nelnet is how many incentive program participants are actually honored?

Very clearly I am one which they have not honored who did everything requested at time of loan closing and consolidation.

Responses

  • La
    Lance O'Connor Jul 23, 2020
    This comment was posted by
    a verified customer
    Verified customer

    Nelnet called for my 76 year old mother, wanting to speak to her about student loans that she had. Informing her that this call was being recorded for quality control, etc... The "lady" from Nelnet wanted my mother's Nelnet account number & date of birth. if my mother did not have that information than this "lady" wanted the last four digits of my mother's SS#..
    My mother handed me the phone I spoke to this woman explaining my mother might not know her Nelnet Account information and I did not feel comfortable with giving out any part of my mothers SS#. This "lady" than began to try over talking me while I was trying to explain this to her. I finally had enough of this "ladies" rude actions and went off telling her I will hang up on her if she interrupted again. I than informed this "lady" after she shut up that she needs to send my mother the information she was requesting in writing and via regular mail. She was not happy with this, but said she would send the information to my mother and than I hung up on the "lady".

    0 Votes
  • Gi
    GiGiaccount Jan 22, 2020
    This comment was posted by
    a verified customer
    Verified customer

    Changed my account information on line to a new bank account weeks before next payment was scheduled. When you went into the account it showed my old account information, click it to edit and it showed the new account, no options available to submit anything further. I thought it would be fixed with verification of my new account on their system. Not so Nelnet then proceeded to take the payment out of the wrong account. This seems like their internal problem and they said it was my problem and wouldn't reimburse my overdraft when the payment came out of the wrong account.

    0 Votes
  • Gi
    GiGiaccount Jan 22, 2020
    This comment was posted by
    a verified customer
    Verified customer

    I changed my account information on line to a new bank account, when you went into the account it showed my old account, click it to edit and it showed the new account. Nelnet then proceeded to take the payment out of the wrong account. This seems like their internal IT problem and they said it was my problem and wouldn't reimburse my overdraft when the payment came out of the wrong account.

    0 Votes
  • Na
    Najwa Elamin Dec 26, 2018
    This comment was posted by
    a verified customer
    Verified customer

    Today I received a letter from Nelnet, I started to search about them, I came through the negative reviews from 2009, just more worries.

    0 Votes
  • Na
    Najwa Elamin Dec 26, 2018
    This comment was posted by
    a verified customer
    Verified customer

    I had a loan with the Department of Education Sallie Mae in 2009, the negative experience with Navient .And just now I recieved a letter form Nelnet, am not sure what is going on,

    0 Votes
  • Bn
    bnard15 Dec 18, 2018

    I too have been given the run around with these people. You get a different story every time you speak to someone.
    They are aware that this is not professional or legal. CNN has investigated and found Betsy De Vos is behind this scam and has finally unblocked 15, 000 loans.
    I suggest filing a compliant against these incompetent people.

    0 Votes
  • Sh
    Shellie1234 Oct 27, 2018
    This comment was posted by
    a verified customer
    Verified customer

    My school loans have increased tremendously and they all have too high of intrest. I feel misled on multiple occasions but I have realized that nothing is going to be done. I hope to help others before they make my same mistake.

    0 Votes
  • Sf
    sfran720 Aug 21, 2018

    I have read the other complaints about Nelnet and have had the same experience. They do not allow extra payments to be applied to the principal. When I asked why, the response I received was "that's not how this loan is structured." I feel like I will be paying this loan off forever. Is Nelnet running a scam?

    0 Votes
  • Fr
    FrogLegs Jun 19, 2018
    This comment was posted by
    a verified customer
    Verified customer

    I have several loans with NelNet, but hadn’t been able to work, because I’m the full time Caregiver for my Disabled Vietnam Veteran Spouse. So I filled out Discharge forms 6X’s, and they told me that I had to be Disabled in order to qualify, WELL, if they read the definition of Disability, they would see I qualify. They say I can’t use his Disability, but they want me to use his money! So unfair! I can’t work, so how do I pay? Haven’t worked since 2011.

    0 Votes
  • Ra
    RaquelCNM Aug 19, 2017
    This comment was posted by
    a verified customer
    Verified customer

    They are horrible. I spoke with someone two months ago to make sure my loans would be paid off in 10 years. She walked me through the process on line. I just looked at the statement on-line and not only am I paying more, I have 257 more payments to make!!! That is a lot more than 10 years. This is terribly wrong. I have already paid 10 years!
    Raquel

    0 Votes
  • Rs
    RSCrsc Dec 28, 2016

    They aren't any better with their employees investments, putting mine in a .05% money market account, when my stock was performing well.

    0 Votes
  • Bl
    blvnyrslf Apr 24, 2014
    This comment was posted by
    a verified customer
    Verified customer

    Thanks, Abe...Nelnet is just a drop in the bucket of corruption, but I will certainly join your Class Action and thank you for initiating it and pursuing it.

    1 Votes
  • Ab
    Abe121 Apr 23, 2014

    I live in New York, and I experienced the same situation with Nelnet. I am in the process of taking them to the Supreme Court of New York. It is time for a class action law suit. I am not planning on settling outside of court. Hopefully, the court will decide on the case and that information will be available to all interested in pursuing a class action lawsuit. Legal costs up to eight thousand so far. I have the resource and I will see the case to the end.
    Abe

    1 Votes
  • Cg
    cgloan Mar 13, 2013
    This comment was posted by
    a verified customer
    Verified customer

    Hi All, I too have had negative issues with NelNet. My student loans grew instead of decresing even though I made the correct payments, etc... I also want to pursue a class action suit for fraudlent or deceptive business practices. Nelnet is not acting in good business faith. Please contact me at [email protected]

    0 Votes
  • An
    Antoinette Lorick Feb 09, 2012
    This comment was posted by
    a verified customer
    Verified customer

    Nelnet has called me every day. They call me on my cell phone and home phone before 8:00 am.They told me i did not pay my full loan off before graduating, from the University of Phoenix On line College. I told them-the facts were not true. I have a copy of my final receipt from the school mark paid, owing them nothing.My husband paid the final balance off before .my degree in, for Associate of Arts in Business on, March 31, 2009. I ask them for proper documentation, they never delivered them. They call asking for information, over the phone and Internet. I refuse to give any personal information over the phone .

    0 Votes
  • Ne
    NelnetSUX Oct 12, 2011
    This comment was posted by
    a verified customer
    Verified customer

    I'm thinking about putting a facebook page together so we can try to get our documentation in order so we can do something. This company is a mess and there are too many people getting taken advantage of! Who is with me? I really want to go after thier practices and the politicians that suport them! LMK!

    0 Votes
  • Do
    dontlikegettingscrewed Oct 07, 2011

    I refinanced and subsequently made a final payment which they claim they couldn't apply because there were account number problems. ###. They just wanted to collect interest for however long it took me to figure out they didn't post the payment. Based on these posts it looks like I'm one of the lucky ones. I told them if they didn't see to it that the payment posts promptly I will gladly forward it to my state's Attorney General. This is our government taking your taxpayer money and mine and letting a sanctioned scam outfit (nelnet) screw over unsuspecting people.

    0 Votes
  • Fi
    FiredUpAboutNelnetDeception Aug 01, 2011

    Regarding the Balance Incentive: Payments made during deferment and any "over" payments made, have a creative, deceptive way of advancing the due date of payments. After ~54 regular, monthly, on-time payments, I still have not received my incentive and the system has shown 28 on-time payments made for 3 months now.

    0 Votes
  • La
    Lamont11 Aug 01, 2011

    I totally agree with the CRAP you have to put up with these people. I did not borrow from them but my loan was sold to them. WHat a headache since I and have been unemployment for the past two horrible years, I am scared to death about what is going to happen. They were a nightmare before when I was able to make monthly payments plus a little extra on my loan but now you can never talk to a live person and if write to them they don't respond. It seems like when I was paying the loan amount was going up instead of down. We need to find who is in charge in the government that over sees companies like Nelnet and start email them to invesigate this place. I was forced to have them as a loan provider would like to find someone else to handle my loan.

    0 Votes
  • Bl
    blvnyrslf Jul 07, 2011
    This comment was posted by
    a verified customer
    Verified customer

    SO WHEN ARE WE GOING TO FILE A CLASS ACTION SUIT?

    0 Votes
  • Sc
    SCarr108 Jul 06, 2011

    Has anyone had issues with Nelnet posting money to the wrong accounts? Between my husband and I, we have three accounts. Nelnet continuously posts all three payments to one account and then calls us repeatedly about "delinquent" accounts. We have been dealing with this for three years! Unbelievable that they are this incompetent.

    0 Votes
  • Wi
    willnotbackdown Jun 08, 2011

    I had the same exact problem as most wrt the 3.3% principal loan reduction, found this forum, and decided to convince Nelnet that they have no proof that they required me to sign up for e-correspondence for me to receive the benefit. For those of you accusing others of not reading the fine print, I'll have you know that I kept copies of the advertisement offering the 1% rate or 3.3% principal reductions for consolidating with Nelnet, the confirmation email indicating that I'd signed up, and a screen shot showing that the qualifications for the 3.3% loan reduction were "Must make 30 initial on-time payments" and "Keep your e-mail address up-to-date." None of this paper work I kept mentioned anything about signing up for e-correspondence, any where, including in the fine print. Because I was able to provide all of this to Nelnet, I was able to convince them to give me the 3.3% principal reduction. Good luck to the rest of you having this problem - and for the rest of you judgmental folk who think you can stand on some higher ground because you supposedly read the fine print- please realize that when there seems to be a trend, there's likely some truth to that trend.

    0 Votes
  • Ho
    HollyGreen Mar 14, 2011

    Nelnet is refusing to honor my divorce decree that states that my ex is responsible for his own student loans. I have worked hard to build my credit since my divorce and I got a letter saying that I was 355 days delinquent and owed the $55, 000. My ex originated this loan when I was 16 and didn't even know him. They will not remove my name or SSN from it. Now I am being punished by Nelnet because he will not pay his bills. I already had to take him to court to get child support. The Nelnet rep suggested I take him back to court and sue him for non-payment on his student loans, but what the hell? I am supposed to pay court fees for them not responding to a legal judgment that I already have had for 3 years?

    0 Votes
  • Xa
    Xadrian Mar 06, 2011

    Exactly. This happened to me. After not sending any correspondence to me stating when I would start being billed (I was in a period of just moved to another state/out of school for the year) Nelnet called me and said that they sold my account to a default collection agency. Then stated they would get the account back from the default agency if I gave them $4, 000 while on the phone call with them. I didn't have $4, 000 to give, so the Nelnet CSR said he would try to help me out if I gave me $300 now. I didn't have the money - that was for rent, but I gave it to him anyway. I called a few days later to see if everything is kosher and the next Nelnet CSR told me she couldn't see anything in the computer that said it was sold or up for bidding by a default agency. And this was when my loans were suppose to be in deferment.

    0 Votes
  • St
    students matter Mar 04, 2011

    O.K. so now the next scam... Our son is freshman this year. Loan cost 4 points + 7.9% interest. We were told if first 12 payments were on time, $154 would be refunded. I have been trying to find out who we are supposed to pay and when payments begin... finally, last week was told Nelnet is the lender. Called Nelnet to find out when and where to send payments and they said 1st payment was late. That it was due February 18. It was the 25th of Feb. We had never received any statement or notice of any kind. Didn't even know who Nelnet was. We signed up on line, while on hold, created password etc. First clerk said that they had sent 5 notices to email and they were posted on online account. Sure enough, they were online, only we had never set anything up any account until we were on hold..didn't know who they were. 2nd clerk stated that the statements were not emailed, they were sent via usps. WE NEVER received anything. When asked who set up our account they said we did, back in Sept. 8. This never happened. We never set up the account, didn't have a clue who they were. We never received ANYTHING from Nelnet saying what was due and when. Went ahead and made Feb. & Mar payment over the phone and asked about the $154 rebate. They said sorry, you are 7 days late on your first payment and you can't be more than 6. Clerk said the govt. doesn't just "give away free money" Free?! really? Didn't they just take that from our account? Placed a call into U.S. Dept of Ed. Someone there took our information and said someone would call. When we asked when the loan was sold to Nelnet, they said they could not tell us but the rep might be able to do so. Ironically, immediately after making phone payment, we received confirmation via email, AND just received first ever paper correspondance (invoice) for February and March payment...postmarked Feb. 28 and dated Feb. 25th, the day we called them. It is not the $154, it is the principal. Someone is bilking students and consumers out of millions, yes MILLIONS! I just found that another whistle blower case just yielded a settlement of 55 million from Nelnet. AND THEY HAVEN'T LEARNED...clearly neither has the Dept of Education!!! I am in and willing to blow this out of the water!!! Please, anyone interested, or if this has happened to you, contact me [email protected]

    0 Votes
  • Ma
    March2011 Feb 24, 2011

    As many before...lots of issues with Nelnet practices. Here is a solution: Contact the NE Attorney General's office in Lincoln, NE (headquarters of NelNET). Individuals can file an individual complaint and the supervisor assigned to the student loan complaint division will walk consumers thru the mediation process with Nelnet customers. One item to note (and I learned the hard way) you have to SPECIFICALLY REQUEST your payment to go to the principal otherwise (most, if not all) will be applied to the interest. Although disgusting this is true. Send the letter of request (i.e payment to go directly to principal) via certified mail so you have written documentation NELNET received the request. The following is a link to file a complaint with the NE AG office. http://www.ago.ne.gov/consumer/forms.htm This is a morally bankrupt institution. You can also call the attorney general's office and they can mail a form to you. [protected]. GOOD LUCK and don't give up!

    0 Votes
  • Ne
    NelNetHater Jan 17, 2011

    This is the problem with the government managing anything. There is no one to complain to and no one to hold them accountable. All of my loans were with Wells Fargo, where I do all of my banking. They actually have customer service. They don't want to lose their customers, so they are easy to work with. Then I got a notice that the Dept. of Ed. bought my loan (no one ASKED me if I wanted to move my loan). Then Nelnet bought it, and all I have had is problems with them. It is extremely frustrating, and we (the customers) have no say or advocate on our side.

    0 Votes
  • Mo
    moolgae Jan 09, 2011

    I have been with Nelnet for awhile. My interest payment keeps going up as I pay off my principal. How could this be... I would love to join in the law suit. Did anyone start it yet? Also, does anyone know how I can change the lender? Any recommendations?

    0 Votes
  • Li
    Lilfoot Jan 02, 2011

    Does anyone know if there is a lawsuit started? If so, I wouldn't mind adding my statement in. I think I made my final decision have my bank do a transfer transaction and pay NelNet off and I will just make payment to my bank. I trust my bank 110% more than I can with NelNet.

    0 Votes
  • Jr
    jrb2003 Dec 22, 2010

    I graduated 2003 and I have made every single payment on time through Kwikpay.

    Last year I tried to switch bank accounts on their website and it got all screwed up so I lost my incentive, through no fault of my own.

    I just noticed this recently and called them up to demand them to lower me back down...of course they said there is nothing they can do...I told them to take a hike, I'm paying off my school loan...I don't want to give this company one more dime in interest.

    They suck

    Be very careful if you ever have to change your automatic withdrawal...I think they screw it up on purpose.

    0 Votes
  • Ja
    james auzenne Dec 17, 2010
    This comment was posted by
    a verified customer
    Verified customer

    I am a 100% disable veteran, I fax Nelnet a form that I gotten from the VA.They still refused my paper work . telling me they need the oreginal signature on the forms .All I have is what the VA worker gives me. Its just a crock of bull .Im In on a class action if anayone else wants to.JAMES

    0 Votes
  • Bl
    blvnyrslf Nov 23, 2010
    This comment was posted by
    a verified customer
    Verified customer

    I AM PERMANENTLY DISABLED. I JUMPED THRU NELNET'S HOOPS, SUBMITTING PHYSICIAN'S STATEMENTS; NELNET HAS IGNORED THESE AND INSISTRD I DO IT AGAIN. DENIED BOTH TIMES.
    I WOULD BE INTERESTED IN A CLASS-ACTION LAWSUIT; AND THE PERSON WHO WAS DISABLED WITH PTSD...IT'S MY UNDERSTANDING THAT YOUR SOCIAL SECURITY IS EXEMPT FROM BEING SEIZED.

    0 Votes
  • An
    AngryInTennessee Dec 17, 2019
    This comment was posted by
    a verified customer
    Verified customer

    @blvnyrslf Your Social Security Benefits can and will be offset! Mine have been.
    I applied for the TPD in Dec of 2010 and was approved. I was told by ECMC that there would be a 3-year monitoring period that would end 3 years from “the date my doctor signed the TPD application”. That would put the end date being 12-14-2013. The letter also stated that during the 3 years “I MAY” be requested to give information on my income and disability status. I received a 1099-C from ED for the tax year 2011 which stated the loan was discharged on 12-29-2011. I had to claim the amount of the discharged debt on my tax return as income. In January of 2013 Nelnet requested income verification for 2011 so I provided that information. In 2016 (mind you, 6 years after the date my doctor signed the TPD application and 5 years after the filing of form 1099-C) my SSDI benefits were offset and I found out that Nelnet had reinstated my loans in 2015 saying I didn’t provide income verification for the 3-year monitoring. Nelnet and FSA both state I was sent notice of their intent to offset in 2015 but I didn’t receive anything because I moved in October of 2014. By then I would've had no obligation to notify them of my address. I’ve tried to tell them I was not asked to provide any proof of anything except for the year 2011 and that wasn’t requested until 2013. They (Nelnet and FSA) won’t hear any it and have tried to trick me into reapplying for TPD discharge because I am requesting all the money they’ve taken from my SSDI benefits to be refunded. They have tacked on over $7, 000 in interest and fees in addition to the amount that I already claimed as income on my 2011 tax return as a result of the 1099-C. I have filed a complaint with BBB and that has gone nowhere. I filed a complaint with CFPB (Consumer Financial Protection Bureau) only to have them completely reject it stating I needed to file my complaint with Federal Student Aid (FSA). I filed my complaint with FSA, they completely ignored the fact of the 1099-C and said that if Nelnet says they mailed requests to me, that’s all the proof they need. Basically, saying I am a liar for saying I never received any such requests. I have a letter from Nelnet dated in 2014 advising me of the National Poverty Level for the state I was living in and on that letter, it states everything was good and no further action was required of me. 2014 is already 4 years passed the date my doctor signed the TPD application. I filed a complaint with ED’s office of the Inspector General only to have them forward it to the Ombudsman’s office. The Ombudsman’s office in turn had some “Joe-Blow” out of the FSA office in Chicago, IL write me a letter basically saying I need to pay this, and they’ve sent it to, yet another, collection agency! There’s been at least 3 of them (collection agencies) during this process. I keep sending the 1099-C to the collection agency and they stop the harassment, for a while but then another collection agency will start it up again. I’ve now written back to FSA and forwarded a copy of their letter and mine to the Dept of Justice. I don’t know what else to do here. My disability is visual, so this makes trying to fight this nearly impossible. I’m so frustrated! How do I force them to honor the 1099-C? I’ve called IRS even and they’re no help. They told me they’ve never heard of anyone collecting after a debt has been cancelled and 1099-C filed. I’ve even written to the SSA and the White House. All my complaints have gone nowhere! I feel like I’m playing a game of chess where I’ll move a pawn and Nelnet’s move is always “check-mate”! They're not playing by the rules. It really angers me that Nelnet, the Dept of Education (ED), Federal Student Aid (FSA), Educational Credit Management Corporation (ECMC) and whoever else can and will fight me using lawyers paid for by my tax dollars! I'm trying to get a lawyer now but open to any class action suits.

    0 Votes
  • Ma
    MarkM.. Sep 22, 2010
    This comment was posted by
    a verified customer
    Verified customer

    I had the same thing happen to me. I signed up to receive the 3.33% principal reduction and counted the months until I had made my 36 ontime payments. After completing the payments I expected something to happen automatically but it didn't. I contacted Nelnet and learned that I had "not signed up to receive electronic notifications." I called and spoke with several representatives and appealed the decision. Still pissed about this scam. Just got off the phone with them again this morning!! Have any of you been able to overturn the decision?

    0 Votes
  • Ma
    Mac Nummy Sep 14, 2010

    I was told the same thing years ago. I have been on the phone with them a dozen times trying to get something in writting. The paper work the send no one can figure out. I am suppose to be on an auto repay that will pay my loans off in under 10 years. From what I am readng on-line it doesnt sound like that is what thr real deal is. I wish i knew how to get in english that someone could understand.
    I dont have a court case but it sounds like there should be a class action law suit against them. I am willing to submit info if it would help.
    [email protected]

    0 Votes
  • Pv
    p.velrig Sep 14, 2010
    This comment was posted by
    a verified customer
    Verified customer

    Well the SCAM just keeps going! I just called because I saw that I was disqualified for my 36 payment discount offer. They listed my disqualification date as: 9/2008. I was in DEFERMENT at that time.

    I called and first verified that my account was in deferment at the time, then brought up the issue. I was told that I was disqualified for late payments received in 2006! They said that my first three payments were late! I have no way of verifying when these payments were actually received, since I closed that old account years ago. I thought I was fine all along. I asked him: why it took TWO YEARS for them to disqualify me. No answer.

    I am so angry. I want to join any action anyone is willing to take. Who can we turn to? Where do I complain?

    0 Votes
  • De
    defaultmgmt Aug 27, 2010

    I work with a company that does default managment for several schools and on a daily basis we work with Nelnet and I must say they are a JOKE. I have has several students whom they put more effort into the student defaulting on their loans then helping them keep current and stay active. Not one but two reps at Nelnet told a student that they defaulted on the loan but when they spoke with the guarentor on the loan they were told it is still with Nelnet and the default has nto been paid yet. Their reps are trained to confuse and give students the run around so they can say they gave due diligence when they default. If there is a problem with paperwork submited Nelnet does not even call the student to tell them, they let sleeping dogs lie and wonder why students yell when they acctually get someone on the phone.

    1 Votes
  • Ne
    Nelnetsucks Jul 28, 2010

    I worked for Nelnet. When I was let go without any severance or notice, the HR reps comment was
    "What can I say? We work for a horrible company!"
    Trust me, they treat their employees worse than their customers and I will never be a customer of theirs.

    0 Votes
  • No
    nobaloney Jul 01, 2010

    Yeah, we had similar "communication" problems. Mostly their lack of communication. My wife has a set of Nelnet consolidated loans which she setup automatic payments for. When they first consolidated the loan they did not disclose the fact that the minimum payments were interest only. She realized quickly and setup automatic payments for interest plus $100 in principal a month. It was going fine for about 1.5 years then it stopped. My wife and I had our daughter so we assumed everything was fine and we noticed regular withdrawls for the next few months, but it was interest only. Then in a few more months the payments stopped all together. Shame on us for not noticing, but the automatic withdrawl agreement clearly states that the terms and continuance of the withdrawls cannot be modified or amended without written authorization from the borrower. Needless to say we had thousands of dollars accumulated in extra interest and all the principal payments were totally negated. When we called and asked, one of there reps was kind enough to tell us he was quiting because of all the scripted responses he had to tell borrowers when they called to complain. We just got tired of calling in for excuses and escalations to managers that never resulted in anything. We'd love join any lawsuit to reclaim the lost interest and principal paydown we could have made.

    0 Votes
  • Mi
    mike56 Jun 13, 2010
    This comment was posted by
    a verified customer
    Verified customer

    I can believe Nelnet is over-billing on interest. I am sure I was only one of thousands to over pay. Unfortunately I never invested the time to track all the "book-keeping". I recently just paid off my student loan (early): after 14 years of payments, my original loan principle of $29K was only down to $22K. I've tried over the past couple of weeks to call nelnet to talk to a customer service rep and I can never get to one through their automated phone menu. I would not advise anyone to use Nelnet as an educational lender. I hope there is a class-action lawsuit and there is some restitution for the many hard-working people who were taken advantage of by Nelnet.

    0 Votes
  • 2j
    2Jewels Jun 02, 2010

    For those of you who actively monitor your Nelnet account(s), did you notice anything fishy happening with accrued interest during May 28 thru June 1, 2010? If you didn't notice I will tell you that Nelnet didn't post daily updates to borrower's account like they normally do.

    On June 1 and into the morning hours of June 1, the system was only showing accrued interest thru May 28. Then after the extended Memorial Day weekend, and presumably after their staff returned to work the system was slowly updated throughout the day on June 2.

    However, their accrued interest calculations are wholly incorrect. How do I know that? Well, the days leading up the May 28, my accounts were accruing interest at $0.64 per day. From May 29 - June 1, the daily interest chargers suddenly and unexplainably surged to 3-times the correct amount.

    Then on June 2, it went back down to accruing at $0.64 per day -- the proper amount. I notified Nelnet of the situation and as usual, they were arrogant as can be. Despite me proving my claims, they refused to adjust my account.

    And let it be known that this instance is the umpteenth time this sort of thing has happened since I've been monitoring my accounts on a daily basis over the past 8 months. I have countless numbers of printouts from my online account that prove my case. Separately, I have crafted an Excel spreadsheet that calculates the interest every day, so I know when Nelnet is and isn't making errors. Sadly, Nelnet is making a lot of errors, yet I would never have know if I wasn't tracking it for myself.

    I've had enough of their nonsense and ineptitude, so I have filed a 64-page formal complaint along with my documentation of all circumstances to the Dept. of Education via certified delivery receipt. Early next week, I am set to meet with a major law firm to become a whistle blower and initiate the proceedings for a class-action lawsuit. It only takes 2 people to initiate class-action suits, and finding a 2nd local person to join me was cakewalk.

    All told, Nelnet has over-billed me in excess of $40 -- all of it due to miscalculating interest charges. Not a single cent of it is attributed to me being late or having some sort of miscellany fees imposed because every month I have paid early or on time 100% of the time and my payments are always way more than the minimum amount due -- often times 6 to 24 times the minimum amount due so my next due date is multiple years into the future, yet I still pay every month and more than the minimum.

    I suspect tens or hundreds of thousands of borrowers are being similarly treated with miscalculated interest. Meanwhile Nelnet is quietly mis-billing interest charges then raking in the payments from unsuspecting borrowers -- all while Nelnet ignores the problem. They are simply pocketing the extra interest charges as profit -- something they never rightfully earned in the first place.

    Enough is enough.

    2 Votes

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    Unhappy consumers gather online at Complaintsboard.com and have already logged thousands of complaints.
    If you see dozens of complaints about a certain company on ComplaintsBoard, walk away.
    One of the largest consumer sites online. Posting here your concerns means good exposure for your issues.
    A consumer site aimed at exposing unethical companies and business practices.
    ComplaintsBoard is a good source for product and company gripes from especially dissatisfied people.
    You'll definitely get some directions on how customer service can best solve your problem.
    Do a little research on the seller. Visit consumer complaint websites like ComplaintsBoard.