Consumer complaint received 2017-08-23
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Problem with customer service
Company: Nelnet, Inc. (DC)

I have repeatedly requested that my loan servicer contact my lenders and request a loan terms and agreements review. XXXX XXXX, refuses to relay my request to my loan holders. 

The information below is our correspondence thus far. It clearly shows my repeated, clearly written requests to XXXX. It also demonstrates XXXX XXXX unwillingness to provide the services that I have requested. 

( XX/XX/XXXX ) XXXX XXXX ( XXXX ) requested the following : Hi, I just re-reviewed my student loans. I noticed that after 10 years of repayment, it looks like only 1 of my principal balances of is less than the original balances. At this rate, I will be locked into an endless debt cycle for decades to come. I need to figure out a way to keep my payments low but also get out of this perpetual student loan debt. I would appreciate it if you all could help me get this figured out. I would like to start by lowering my interest rates and fixing them. Can you please put me in touch with someone to get this accomplished? Thanks, XXXX XXXX ( XX/XX/XXXX ) XXXX XXXX ( XXXX ) Response : XXXX XXXX is required to abide by the terms and agreements of the signed and agreed upon promissory note. The Michigan Finance Authority and XXXX XXXX. have tasked XXXX XXXX  to service their loans and follow the loan program guidelines. As such, we are unable to provide payment relief options that your lenders do not offer, and we are unable to lower or fix your interest rates. At this time the only option to repay your loan faster will be to make larger or additional payments. 
(XX/XX/XXXX ) XXXX : Im asking you ( XXXX ) as my servicer to reach out Michigan XXXX XXXX and XXXX XXXX. and see if they would be willing to work with you all and me to mitigate my situation. Based on your initial response, it does not appear that you have done this yet. As my loan servicer and conduit to my promissory note holders, I would appreciate it if you would please legitimately relay my requests. Please let me know what the responses are from each loan holder and also send me some documentation of the communication. Also, please let me know if you need additional information from me to get this accomplished. 
( XX/XX/XXXX ) XXXX : We are unable to alter the terms of your loan and as such, we can not lower your interest rates, even temporarily. Your loan payment is set at the minimum payment required to pay back the loan within your repayment term. You may be able to reduce your interest rate by consolidating or refinancing. We are not able consolidate or refinance student loans unless it is offered by your loan program. As your lender does not consolidate or refinance, we recommend researching third party lenders who offer these services to find a company best suited to your needs. In accordance to the terms of your promissory note and the servicing guidelines to which we must adhere, we are unable to grant what you are requesting. We regret that we are not able to forward your request as we have an agreement with your lenders to uphold the terms set forth in your promissory note. You may look into refinancing or consolidating your loans which will allow you to change the interest rate and may offer different repayment options. 
( XX/XX/XXXX ) XXXX : Would you please forward me the exact language from the " terms of your promissory note and the servicing guidelines '' where it says you can not contact the loan holders to request an adjustment on my behalf. If you ( XXXX ) are contracted to manage my loans for I would appreciate it if you would forward my request and their response. I 'm not asking XXXX to change my loan terms, I 'm asking XXXX to ask the Michigan Finance Authority and XXXX XXXX. to review and consider changing my loan terms. I would appreciate it if you would pass my request on to the loan holders. I need to hear a direct response from them before I elevate this issue to the CFPB and my attorney general 's office of consumer financial protection. 
( XX/XX/XXXX ) XXXX : We have sent a request to have your promissory notes sent to you, for both your XXXX XXXX. loans and your Michigan Finance Authority loans. Please allow 5-7 business days for this to be done. We regret that we are unable to ask your lenders to change your loan terms. Your promissory note is a legally binding document, and the terms of a promissory note are not able to be changed, by us or by your lenders. We have an agreement with lenders to uphold the terms of promissory notes. This is why lenders offer refinancing or consolidating. That is the appropriate and legal option customers have if they want a loan with a different interest rate or repayment option.