Consumer complaint received 2019-03-05
Company: Nelnet, Inc.
State: OR
Product: Student loan
Sub-product: Federal student loan servicing
Issue: Struggling to repay your loan
Sub-issue: Problem lowering your monthly payments

Complaint:
XXXX University provided misleading information about the quality of the program claiming that smaller classes led by " industry experts '' meant a higher quality education. The school claimed to have a " strong rooted reputation for academic excellence '', insinuating the college would be around in the future ( See Attachments ). When in reality, in the fall of XX/XX/XXXX, the president XXXX XXXX cut 60 classes, hiked the tuition, and, " delayed spending on software and professional development '' ( XXXX XXXX, XX/XX/XXXX-XX/XX/XXXX ). No doubt these financial setbacks affected the quality of the professors teaching the program and the program itself, especially, in a time of fast technological advances. About five years of financial struggles leading up to the XX/XX/XXXX announcement were omitted from the XX/XX/XXXX enrollment process misleading me to believe XXXX ( a private school ) had a better reputation than other higher learning institutions. I would not have obtained federal student loans if the university were honest about its financial trouble. However, Nelnet and the department of educations approved student loans. 

XXXX University omitted to tell their financial status and the likelihood that the school would shut down. According to the XXXX, the school had a negative enrollment trend for about five years leading up to when I applied in XX/XX/XXXX to begin attendance in XX/XX/XXXX. Between XX/XX/XXXX and XX/XX/XXXX enrollment decreased from XXXX to XXXX ( XXXX XXXX, XX/XX/XXXX-XX/XX/XXXX ). By XX/XX/XXXX,  enrollment had fallen to XXXX students ( XXXX XXXX, XX/XX/XXXX ). According to XXXX XXXX, " XXXX 's tax returns show that revenues plunged from {$21.00} XXXX in XX/XX/XXXX to {$15.00} XXXX in XX/XX/XXXX and over the past two years, the university posted combined operating losses of {$6.00} XXXX ''. The school did not inform me of their financial struggles before I enrolled in my first class in XX/XX/XXXX, nor did they inform me of continuing losses while I was enrolled in XX/XX/XXXX, had I known, I would not have chosen to attend XXXX University. I pursued a graduate education because I wanted to gain the relevant skills to find a more fulfilling career with higher earning potential than I was able to obtain previously. I chose to attend XXXX University because they represented that their program would give me useful skills, that their degree would allow me to earn more than I previously did, and that these benefits outweigh the burden of paying off the obligations I would incur to finance the degree. 

Almost a decade of declining enrollment created a high likelihood that the XXXX 's reputation would be irreparably damaged to the point where the degrees they issued would be worthless in my local community and beyond. The college never notified me or otherwise made me aware that my degree would be worthless due to the quality of their curriculum as a result of their financial problems. After submitting numerous job applications ( over two years ), I realize I was not taught the useful skills that employers are looking for in the finance industry. I need to go back to college to obtain those useful skills. If I leave the degree off of my resume and a potential employer finds out about it, the chances of me being hired are reduced. If I am hired, I could be fired if my employer found out that I omitted to disclose my degree. In the future, as XXXX 's online presence dwindles, it will become difficult to prove that I have a degree at all. XXXX mislead me to believe that their degree would allow me to earn more than I previously did. 

Because of XXXX 's conduct, I have federal student loan debt, which has caused me stress, forced me to divert funds from other aspects of my life and otherwise burdened me. I have an inability to enroll in another graduate program. I am missing the opportunity to attend a better higher education institution and lack eligibility for not only additional federal student loans, but for a mortgage as well. Because of XXXX, I can not afford a house, which means I can not start a family. I take XXXX and XXXX  XXXX. As each day passes, I become closer to defaulting on my student loans. 
Currently, a group of students has filed a lawsuit against XXXX University. I have provided links below : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation