Consumer complaint received 2021-12-02
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: Nelnet, Inc. (HI)

My name is XXXX XXXX and Id like to submit a possible investigation report on a company that I believe is scamming its consumers out of millions of dollars. 

When I started going to XXXX XXXX XXXX for a XXXX year fashion program, I was given information upon registration for a student loan program to help pay with college fees. I decided to receive the financial aid through XXXX XXXX XXXX *a NelNet branch , and have been paying this loan for over ten years now, roughly estimating {$40000.00} in payments. 

Now, FirstMark Services, XXXX XXXX XXXX ( This loan was originally through XXXX XXXX XXXX XXXX without my knowledge, they transferred over my loan to First Mark Services and I was told that any of the information from XXXX doesnt have to be given to me, even though I did not sign off on this transfer, ) claimed that my payoff amount from last month was {$39000.00}. No one can seem to explain to me, nor do they seem to understand the breakdowns themselves of why I am to be paying over 100 % interest of this loan if my rates have never gone above 5.25 % I asked for a breakdown and an elaborate and detailed explanation of all of this information, but FirstMark Services refuses to give me my master promissory note without a court order. I have a right to know what I am paying for and why. This loan initially shouldve been paid off by this year and now it seems as though I have to pay this for another XXXX XXXX Also, as this loan originated as a college loan, and through the XXXX XXXX XXXX XXXX I was made to believe that I was receiving a student loan and now they are claiming that I am not eligible for a student loan as they had signed me up for a private loan, although they are supposed to be a college loan company, such as the title they keep. Now I am not eligible for any student loan forgiveness. 

Here are the interest rates from FirstMark as follows : XXXX : 3.5 % XXXX : 3.25 % XXXX : 3.5 % XXXX : 3.75 % XXXX : 4 % XXXX : 4.25 % XXXX : 4.75 % XXXX : 5 % XXXX : 5.25 % XXXX : 4.75 % XXXX : 4.5 % XXXX : 3 % XXXX : 3.25 % ( Percentages were not able to given to me before the loan company transfer in 2016. Lots of missing information but no explanation why theres 100 % interest charge. ) For both XXXX XXXX FirstMark Services, there are several corporation lawsuits, as well as several other class action lawsuits happening with these companies for the same issues. This seems to be a larger scale complaint, as this is happening to many people. 

So it seems as though I am not the only one receiving misleading information and/or no information at all, with minimal cooperation from both companies. No one should be paying over 100 % interest of their loan if the interest rate is only fluctuating between 3 % and 5.25 %. There is no disclosure that I was given for any of these extra charges, from both XXXX XXXX XXXX ( NelNet ) and FirstMark ( XXXX ) They tricked people by saying there is a small interest rate and do not disclose that there are XXXX or XXXX other sorts of payments they will be charging me for, that is unlawful. And yet, I have no idea what they are charging me for because they will not provide that information without a court order. 

Corona has made it hard for all of us to get back on our feet, but with multi-billion dollar corporations as well as XXXX Colleges in our my own state, taking advantage and creating scam loans, its nearly impossible to start our lives again, never mind this heavy burden of a constant payment that never seems to go away. 

During Corona the loan company posted a big sign on their website stating Impacted by COVID-19? Were here for you. 
And said they would offer forbearance for those affected. The interest rate would be 3 % every month of what the monthly payment was supposed to be ( they calculated it for me at about {$30.00} a month when I was thinking of doing this, ) altogether I shouldve had about a {$300.00} interest fee but they charged me a few thousand dollars, yet again no one can explain this to me. 

This also happened right when I got out of college. The loan company encouraged me to defer my payments as a way to reestablish myself while finding the proper career. I took their advice but it was a scam to get me to pay thousands of dollars towards the deferment, not as an act to help students. As soon as the first companies principal balance was paid, I believe thats when they transferred it so a whole new company could get my principal payments all over again. 


Really hoping you can help with this. The class action lawsuits are not excepting any more clients at this time and I dont know where else to turn. I have tons of email correspondence with proof of my interactions as well as documented payment information if needed. 

Thank you so much for taking the time to read this. 

XXXX XXXX XXXX