Consumer complaint received 2023-09-21
Company: Nelnet, Inc.
State: FL
Product: Student loan
Sub-product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Sub-issue: Trouble with how payments are being handled

Complaint:
My issue arises with poor handling of my loan payments by Nelnet and the poor to non-existent customer service presence. I have been trying to get in contact with someone, anyone in this company ( Nelnet ) for the past two weeks. I have sent multiple emails with zero response, as well as staying on hold for 3+ hours multiple days in a row, never being able to actually speak to an agent. I am at a loss for what I am to do now and I am in desperate need of assistance. I have been trying tirelessly to pay off my entire Nelnet account balance but have been stuck in an endless cycle that prevents me from actually doing so. I have sent multiple payments that were, at the time I sent them, enough to pay off my entire account balance. The problem is that Nelnet charges interest daily and then takes multiple days to actually process my payments! So by the time my payment is processed, which is multiple days later, there has been new interest added to my balance and I am therefore stuck in a never ending cycle of never actually being able to pay my balance off. Nelnet claims that payments submitted by XXXX eastern time get posted to my account same day, but that has not been my experience at all! Any time I submit a payment before XXXX eastern time, it has not posted until multiple days later. I am absolutely fed up with the lack of accountability and professionalism that this company has shown and I want nothing more to just pay off my current balance and be done with Nelnet. This company is robbing me of my money due to the lack of accuracy and competence in the systems it has in place. 

I have submitted three payments so far as detailed below : XX/XX/2023 : payment of {$3000.00} submitted XX/XX/2023 : payment of {$220000.00} submitted XX/XX/2023 : payment of {$34.00} submitted before XXXX and still has not posted as of XXXX XXXX Nelnet XXXX XXXX posted before XXXX get posted same day and payments after XXXX get posted the next business day. None of my payments have followed that schedule and took multiple days to post, with my balance accruing interest daily. 

As of Wednesday XX/XX/2023, my current account balance is {$34.00} and I had submitted a payment of {$34.00} on XX/XX/2023 XXXX XXXX  which should, according to Nelnet XXXX post same day and clear my account balance. The payment has been stuck in " processing '' and will not be posted today as promised by Nelnet. 

I am stuck in a constant, never ending cycle of trying to pay off my loan balance in full but having Nelnet delay my payments multiple days to the point where new interest accrues and I am stuck with a new balance once the payment actually does post. I am being robbed of my money due to the incompetencies imposed by Nelnet and the handling of my payments. 

While I have been constantly calling and being placed on 3+ hour holds and receiving no responses to my countless emails, I have received zero communication from anyone at Nelnet to this day. 

I am submitting this case with the Consumer Financial Protection Bureau as well as the Department of Education notifying them of my experiences with Nelnet in an effort to actually get some sort of communication and resolution from this company. It is incredibly sad that this is what people like myself have to resort to but I am hopeful for a speedy and efficient resolution.

Company response to consumer: Closed with explanation