Consumer complaint received 2024-03-21
Product: Student loan — Federal student loan servicing
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: Nelnet, Inc. (AZ)

On XX/XX/XXXX I contacted Nelnet student loan servicer and spoke to representative XXXX about getting a history of all student loans statements sent to me. The reason I wanted the history of all payments made and interest accrued was to verify why the interest accrued on my student loan was as of XX/XX/XXXX was {$360.00}. The interest was very high for only a 15-day period since the government student loan forbearance period was not lifted until XX/XX/XXXX due to Covid forbearance placed by government on all federal student loans. 

The overcharge of interest from XX/XX/XXXX - XX/XX/XXXX signaled me to do further research on the overall student loan since the amount I have paid since I borrowed federal funds has never gotten any lower. The request of the statements was supposed to have been put into processing based on my conversation with the Nelnet representative on XX/XX/XXXX, who stated it could take up to 4 weeks for me to receive the statements. 

I waited until XX/XX/XXXX after not receiving the initially requested statements, in order to call back Nelnet because I had not received the history of statements. On XX/XX/XXXX, I spoke to representative XXXX who stated that the order of my original request was not put into action. XXXX then stated he would place another request into processing. Hearing that the history of statements had never been placed was concerning to me, since I had called Nelnet on XX/XX/XXXX. On this same date I made a payment in the amount of {$560.00}. The payment was received and now looking into my statements I see that XXXX dollars were applied to principal from that payment and on previous payments made in XX/XX/XXXX & XX/XX/XXXX only a small portion of those payments actually went to principal. To date of this submission I have not received any historical statements or letters from Nelnet about my inquiry request ( XXXX ). 

In doing my own research I have found that as of XX/XX/XXXX I have made a total payment amount of {$47000.00}. Of that amount {$28000.00} has been applied to principal and the remaining amount of {$18000.00} was applied to interest. Having completed research using the Nelnet online services, I am truly concerned, due to the total loan amount paid off as of XX/XX/XXXX is more than the original amount borrowed ( {$41000.00} ). Understanding interest would have accrued I am making this complaint to you asking for assistance with the negligence of Nelnet. I am in need of the history of statements from inception of the loan to provide them to an attorney who will be assisting me with this negligence of the student loan servicer and known incorrect application of payment to principal vs interest since I began repayment XXXX years ago. 

As of this date of submission XX/XX/XXXX to the government asking for assistance, I have made additional payments to bring the total amount paid into the loan equaling {$74000.00}. Of this total amount paid in, the principal amount paid is now {$55000.00}, and the interest amount charged by Nelnet is {$19000.00}.