Consumer complaint received 2023-12-02
Product: Student loan — Federal student loan servicing
Issue: Dealing with your lender or servicer — Don't agree with the fees charged
Company: Nelnet, Inc. (NJ)

Name : XXXX XXXX XXXX Account Number : XXXX XXXX Last 4 of XXXX Address : XXXX XXXX XXXXXXXX XXXX XXXXXXXX, XXXX, NJ XXXX Phone Number : ( XXXX ) XXXX Nelnet Loan Servicing XX/XX/XXXX Dear Nelnet, On XX/XX/XXXX I filed a complaint with The Consumer Financial Protection Bureau in regard to my student loan account. On XX/XX/XXXX, you ( Nelnet ) Reponses with the following : As we understand it, you assert interest should not be accruing on your account because you are enrolled in the Saving on A Valuable Education ( SAVE ) repayment plan and the interest has caused your credit score to decrease. Youre asking us to stop the interest accrual on your account. 

While enrolled in the SAVE Plan, if you make your full monthly payment, but it is not enough to cover the accrued monthly interest, the government covers the rest of the interest that accrued that month. Your credit score is used by lenders, insurance companies, and other agencies to predict a variety of financial behaviors. Data furnishers such as student loan servicers, credit card companies, and banks have adopted a consistent set of standardized data categories for which we furnish your account data. 

To the above statement I respond as following : My current balance is inaccurate due to the daily interest accruing in my account that should be covered by the government as stated under the Saving on Valuable Education ( SAVE ) Repayment Plan. I was approved for this repayment Plan on XX/XX/XXXX and it began as of XX/XX/XXXX. I have spoked to multiple Nelnet and ED supervisors and have been informed that the balance should be written off and/or covered by the government every month when my monthly statement closes. However, my account is not displaying this, it only shows an increase in the balance every month. My monthly payment based on the SAVE plan is $ XXXX, which is my full payment, therefore, any interest accrued after that $ XXXX should be paid off/Covered by the government based on the SAVE Plan Interest Subsidy. My principal balance is {$9400.00}, that should be my total balance at the end of each monthly statement unless I make any additional payments. 



My account is in Admin forbearance until XX/XX/XXXX, due to my borrower defense claim with the U.S. Department of Education ( ED ). This counteracts the Saving on Valuable Education ( SAVE ) Repayment Plan Interest Subsidy because when Student loans are in forbearance, they will accrue much significant interest. Although Im waiting for my borrower defense application to be processed, I do not wish my student loans to continue in forbearance. Instead, I want to be in repayment status under the Saving on Valuable Education ( SAVE ) Repayment Plan and be able to use the interest subsidy as I am entitled to. 



I demand my rights to enter repayment status under the Saving on Valuable Education ( SAVE ) Repayment Plan and be able to use the interest subsidy as I am entitled to immediately. Furthermore, any interest accrued from XX/XX/XXXX when my ( SAVE ) plan began until now should be retroactive since all that accumulated interest should have been paid off by the government which covers the rest of the interest that accrued each month since XX/XX/XXXX. 



Please proceed to taking the further steps necessary to ensure that all my petitions, under the law, mentioned above, are fulfilled as soon as possible. 







I look forward to hearing back from you and getting all these issues resolved as soon as possible. 







Kind Regards, XXXX XXXX XXXX