CFPB Complaint

NELNET, INC. – CFPB Complaint ID 3055502

Consumer Complaint Submission

Date Received: 2018-10-24T00:00:00.000

Product: Private student loan

Issue: Struggling to repay your loan

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: Dear CFPB Leadership Team, I am the co-signer on 3 private student loans regarding my son ‘s ( XXXX XXXX ) attendance at XXXX XXXX College where he graduated with a XXXX XXXX XXXX degree in 2011. Since then, my son has worked very hard to be accepted into the XXXX Department at the XXXX XXXX XXXX.

After he graduated from XXXX XXXX, and before going back to college, he landed a full-time job and faithfully paid on his student loans for about 2 years. At some point the 3 private XXXX Bank student loans were combined into one payment. Later, there was a transfer of his accounts to XXXX XXXX. XXXX had returned to college by then and XXXX XXXX did not know he was again a student when the accounts were transferred to them. I had to plead with them to no avail about his need for deferred status while in school and eventually the MN Attorney General ‘s office became involved to help advocate for a student deferral and XXXX XXXX granted the deferment. Now we learn the transferred accounts have been taken over by XXXX and they want immediate payment. I pleaded XXXX ‘s case again with XXXX and explained that XXXX XXXX granted the student related deferment, but now XXXX phone people state that XXXX follows the original XXXX Bank arrangement and won’t help XXXX with a student related deferment. The three combined payments they want is approximately {$480.00} per month.

My son does not have that kind of money right now and neither do I. Again, he faithfully paid on his loans after graduating from XXXX XXXX. Also, it is much more difficult to secure student loans for a second XXXX XXXX degree compared to loans offered for upper level degrees which are more generous with the dollar amounts given. An XXXX XXXX degree is much too difficult to achieve when XXXX wasn’t your XXXX degree, hence my son is working for his XXXX in XXXX XXXX.

See also  I.C. System, Inc. - CFPB Complaint 2018-10-01

Thank you very much for your time. I have also written again to the MN AG office and they advised it is wise to also contact your office.

Sincerely, XXXX XXXX

Company: NELNET, INC.

State/Zip: MN 551XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 3055502

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