CFPB Complaint

NELNET, INC. – CFPB Complaint ID 3075587

Consumer Complaint Submission

Date Received: 2018-11-15T00:00:00.000

Product: Federal student loan servicing

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: The way my loan payment is setup it is split into groups. If I pay by account, the amount I pay is split by them between the three groups. But it doesn’t specify which group is getting what.

Two years ago I made a large lump payment from inheritance that cut my owed amount in half. And after that I paid an average of {$100.00} payments which was double their {$58.00} recommended amount.

The {$58.00} was being split between Group A and Group D, with interest rates of 4.5 % ( Group A ) and 3.860 % ( Group D ) while {$0.00} was being applied to the loan with the 6.8 % ( Group B ) rate meaning it was just gaining interest this entire time.

Since then I’ve been using the ‘pay by group ‘ option so I make sure some of my payment is going to Group B.

I’ve attached the screen to show how they look, but since I already paid for this month it won’t show the automatic distribution. I can provide that at the start of the month when the next payment required shows up.

Company: NELNET, INC.

State/Zip: AR

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 3075587

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