CFPB Complaint

NELNET, INC. – CFPB Complaint 3077082

Consumer Complaint Submission

Date Received: 2018-11-17T00:00:00.000

Product: Federal student loan servicing

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: Several times in the course of the last year, I have made large lump sum payments to my student loans ( Federal ) which are serviced by NelNet. On the subject line of these checks, I write my account number, and the instruction to ” Apply to Loan Group with Highest APR!! ” Despite these clear instructions, NelNet repeatedly applies my payments to the loan group with the LOWEST rate, a fixed rate of under 4 %. I don’t care to pay down this aggressively, I’m trying to knock out the 6 % APR debt that is growing too fast.

NelNet errors in their own favor over and over again. Most recently with a lump sum of {$3000.00} sent in the month of XX/XX/2018. I have just emailed them to have it adjusted, and I’m sure they will comply ( as they have in the past ). But it’s criminal that the onus is on me, the borrower, to make sure my payments are applied fairly. NELNET IS RIPPING OFF STUDENTS.

Company: NELNET, INC.

State/Zip: NY 100XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 3077082

The above data is from the Consumer Financial Protection Bureau. Keep in mind that every company will get a complaint from time-to-time, even the great ones. But there are a few key data points that will give you an idea about how well the company values their customers and handles consumer issues.

Look at the item Company Response to Complaint: and Did Consumer Dispute Company Response: to get a better idea of how this was resolved. And the field Consumer Complaint: can give you some context of the issue.

In particular what you are looking for was that the company response was timely and that the consumer did not dispute it. The posting of complaints has proven to be a valuable resource for both companies and consumers.

READ  Franklin Collection Service, Inc. - CFPB Complaint 2018-10-11



About the author

Research Department

Here is where you will find important stories located from around the web which can impact you and your financial life.

Scroll to Top