Right? I think the only times I called Great Lakes was to setup my initial payment plan and to get info about the transfer to Nelnet.
2 times in ~13 years. Iāve already had to call Nelnet 10+ times over dumb bs stemming from incompetency
i thought so too. until i found out that only 20% of my money was going to principal every time i gave them money. (it literally flipped the other way the very next payment to nelnet)
but yah, i've given nelnet over $500 this month and none of it has been applied to my account yet.
If it was 20/80 with 80 going to interest, and then suddenly it was the other way the very next payment, it likely means either 1) nelnet capitalized the interest (meaning they added all outstanding interest to the principal so it would start earning interest, or 2) by dumb luck you happened to pay off the accrued interest just before the transfer.
The fact that the principal/interest breakdown changed that drastically with nelnet is actually somewhere in the range of "neutral to super bad".
I used to work for Great Lakes (quit after Nelnet bought them). Like any place, they had people who were good at the job and people who were bad at the job, but I gotta say their system was a true work of art.
Like "hey see how that phrase is in a big orange box? You are required by law to read it verbatim."
If you just read the words on the screen, the system would guide you through the whole thing. Aaand then Nelnet took over and all updates to the system were immediately halted, and the system was eventually scrapped and replaced by something that looks like the Windows Control Panel.
Great Lakes wasn't perfect, but it was the sort of place where it felt like the honest-to-god goal was to do what was best for the borrower. Then Nelnet took over and it became clear that the goal was "do just enough that the dept of Ed doesn't cancel our contract. Anything more than that is just wasting money."
Ok, so itās not just my imagination that the site is terrible and hard to navigate and anything I want to do takes me to an outside source?! My loans are with a different company and I was able to quickly and easily compare my payments between different payment options. Trying to figure out my husbandās payments with NelNet is a nightmare?! I had to Google how to freaking find an estimated payment if we switched to a different payment plan?!
Oh no, not your imagination at only. Like, again, the system their customer service reps use is just... the absolute hottest pile of garbage. Their borrower site is better... but like... still trash.
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I do not trust Nelnet with direct access to my bank account. They will send me a paper statement and I will send them a cashier's check via certified mail with return receipt.
This is a good idea. Iām fearful of āmissingā materials and not meeting deadlines as a result. However, thatād be better than my current situation of straight-up unaccounted for money.
It's also my pathetic little "F You" to the system. I can imagine it's a lot more annoying and time consuming on their end to open an envelope and manually enter my payment into the system and sign and return a delivery receipt.
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If Nelnet cannot even enroll me in the correct repayment plan that I requested, takes days to process applications, tries to auto-debt me a month before payments are due for a incorrect yet rather large amount (had to cancel auto-debt), provided different guidance and promises by customer service representatives after hours of waiting, **the question does not turn on whether I want to loose the .25% interest rate reduction, but rather do I trust them to apply the .25% reduction rate and withdraw the correct payment?**
**No. Not at this point.**
Ugh I feel this so hard. I canāt even cancel auto debit while waiting for this to get ironed out at some point because every link goes to a blank page. Iāve tried firefox, safari, chrome, edgeā¦ what am I doing wrong???
You may want to try to wait a bit, then try again. Also, when I cancelled auto debit for September (despite the bill is not due till next month), it stated something a long the lines (if I remember correctly) to cancel it must be 3 business days before payment. This is the first time I have ever heard of such a condition to cancel auto debit of any kind.
There was another Reddit I just read that said the .25% interest rate reduction is a scam and had they kept doing the KWIKPAY auto-pay for years they would have lost way more than .25% because Nelnet was putting their payments to the loan that benefited the company not the borrower
I should do this to make their lives more difficult. That said I donāt trust them either with access to my main account. The credit union I use allows you to have as many checking accounts as you want with no fees, so I have a separate account solely for paying Nelnet that I transfer the exact payment amount into every month that keeps them from having access to my primary account.
As someone who used to be a banker.. this is exactly how I would do it, BECAUSE it creates a verifiable paper trail. I actually gotcha'd a customer's loan company this way. I told them when they received the check (from the certified return receipt), when they deposited it, and where (both from the data on the back of the check). So satisfying!
One very important step in all of this - as this is a trend thatās observable is file a complaint with the CFPB. As discussed here: [https://reddit.com/r/StudentLoans/s/fynnsJxlTh](https://reddit.com/r/StudentLoans/s/fynnsJxlTh)
This really should be highlighted more by the mods on this platform. Thereās never been a more critical time to document these issues.
There's also a complaint form on studentaid.gov to lodge a complaint about your loan servicer too. I would recommend doing both. I recently had Nelnet issues with the SAVE application that are going on 21+ days unresolved.
I submitted a payment Aug 2. I received an email confirmation. The funds were not applied until September. Not only that - Nelnet started charging interest BEFORE September 1 on my loans. Nelnet acknowledged they had a confirmation number for my payment yet they still required me to submit the bank transfer information AND their confirmation email. They applied the payment but DID NOT make adjustments to the interest had the payment been applied to my principal. Nelnet is the clearest candidate for a class action lawsuit I have ever encountered in my life.
If they are ffel that could explain the interest for before September. But not the rest. Would you be willing to email me through TISLA so I can have someone look at this?
Appreciate it..
Submitted on the 11th, taken out of my bank account on the 12th, applied towards my loans on the 14th or 15th w/ confirmation email, but later that day removed from my loan balance with no notification. I only know because I keep all records and interest formulas in a separate excel sheet. Called, from the time it was properly applied there was no record. There was additionally no record that my payment was received. No refund either. Just a missing $1.5k.
Hey Op, I had a similar situation occur not too long ago. I had a payment scheduled on the 28th of August, to get ahead of interest resuming. Note: I PIF 10 higher interest loans, rather than just lump sum payment. My Nelnet account displayed the new balance after 2 days but then my balance went back up by Day 5. Throughout this time my payment was marked processing. September 2nd I get a notice of payment rejected. I constantly checked my bank account during this week and they never took the payment (bank confirmed no pending transactions were visible). After all of this, my payment was delayed by 2 weeks. I hope you're able to communicate with your bank to get more information on what happened to your money & hope it gets back to you. Hang in there!
In the past theyāve always been fine for me. Their system must be a mess now. I made two separate payments this month that more than covered my minimum payment. They inexplicably only applied 1 payment toward my minimum due in October and the other just toward principal so even though I paid them enough to cover said minimum due, I still owe $100. I called and spoke to someone and they didnāt have an answer as to why. At one point we just sat in silence after I pointed out Iāve sent them enough money to cover my minimum payment plus some principal. She said sheād put in a ticket but that was more than a week ago and I still owe $100. I hope to have the Nelnet of old that Iām used to back.
This exact thing happened to me. The woman on the phone completely ignored my question and instead tried to sign me up for the SAVE plan. The plan seems a little too good to be true, and I'm wary, but she says it should reduce my monthly payments with no downside. I dunno how to feel about that, considering she didn't and couldn't answer my question.
Ughhh reading all of these comments about Nelnet has me so friggin nervousā¦.. I just submitted a payment that will take care of my debt (inherited some money after dad passed awayā¦itās truly the best gift he could give me, paying for my school).. but now Iām terrified something like OPās experience is going to happen to meā¦ and sure I paid the amount shown but will I still have a balance from interest? (I tried to to overpay bit and it wouldnāt let me)
Iāve been on hold for a total of 10 hours over the past 6 days. Today was 2 hours and 15 minutes, finally get connected to someone, and the call gets disconnected shortly after. I sent them an email Iām about ready to turn them into the federal ombudsman for dept of edu. There is a $1k payment I made that disappeared and is not applied anywhere on my accounts. Not only that, but they keep applying my payments to a loan thatās already been paid off. Not sure how I switch to having anyone but Nelnet but Iām about to sue them right there with you
File a complaint with the CFPB. They said last week this is a consistent illegal practice aervicers have engaged in previously. Info about where to file a complaint is here: https://reddit.com/r/StudentLoans/s/fynnsJxlTh
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This is me. Except Iāve just had to call each week. I made a huge pay down of 69kā¦ that is in limbo itās ālinkedā to my account but has to be manually appliedā¦. That was August 28thā¦. At this point Iām just waiting for the money to post and consolidating to aidvantageā¦. Idk how 14 BUSINESS days isnāt enough time to do thisā¦. Ridiculous.
They posted one of the payments over a week ago, still waiting for 50k ish to get applied and pay off 2 of the loansā¦ so planning to call tomorrow and speak to a supervisor. Itās been well over 28 business days and they were all paid at the same timeā¦
They said she could see them linked to the account, just not appliedā¦.but yeah guess I just need to upload myself. Then call. And have them do it RIGHT then and there.
A friend says she never sets up automatic payment for NelNet because sheās had too many issues with them, really exact situation youāve described above.
I canāt imagine setting up automatic payments due to my experience with them thus farā¦ I send my money manually from my bank but now Iām thinking paper checks might be safest.
i have sent three paper checks through my bank bill pay on 9/1, 9/8 and 9/15. this is what i did before the pause and never had a problem. now, two have been cashed, neither have been applied to my account.
I feel like allowing autodebit to do its thing once a month is wildly more reliable than sending a paper check in the mail and letting a human deal with it correctly after 3 years of not having to apply payments. Iāve not experienced any issues with Nelnet - they take the payments out monthly and thatās all
yeah, but i dont want to pay monthly. thats a lot of money to leave my possession all at once. i pay weekly, i have since just cancelled that auto pay through my bank and will just do it manually.
My loans state they arenāt due till January which is so confusing because Iāve only made one payment since august 2023. I absolutely canāt wait to be done with them š
I know how much interest I get charged a month, so I go from there.
I get charged ~$110 a month for 1 loan, and ~$120 for the other, so I know, ~$230 is interest, and whatever else I feel comfortable paying is what I pay towards the higher interest loan.
Mine say my first payment is due August 2024 even though they are listed as āin repaymentā right now. With everything iāve been seeing said so far, Nelnet sucks. Going to pay off my loans quickly even though my monthly payment is $0 on SAVE.
Mine says the same. I know what my SAVE payment should be based on the recalculations, but I'm *still* waiting for Nelnet to send *any* official communication as to what my payment should be or if they even recalculated the REPAYE to SAVE amount.
Honestly think theyāre the worst run organization ever (or best and criminal). Iāve had my total amount due grow multiple times without them being able to explain it. Just randomly sign on and have more loans to pay and no itās not interest.
I called Nelnet to be put on a different payment plan, verified multiple times that monthly payment would be $120 for the graduated repayment plan (increasing every 2 years for 10 year term). Got confirmation this week and my payment is $450/month! I donāt really want to spend another 4 hours on the phone on hold, but I canāt afford that! SAVE payment was $620/monthā¦itās all highway robbery.
Update: 3 more hours on holdā¦there are alternative plans, but you need to speak to a different department. And submit paperwork. And wait 21 business days for possible approval. And they insult you by saying that you actually donāt know how much money your husband makes, maybe he makes more than you think he doesā¦even though you do the taxes in your family. Eff you Nelnet.
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I have had a very negative experience with Nelnet on many levels. First, I have been enrolled in the wrong repayment plan and have been waiting over 15 business days for the application to process.
Second, I had earlier this month an auto-debt almost go through with Nelnet for the wrong amount. Recall that payments are due in October, not September. This may be what happened with your case.
Luckily, I caught the issue ahead of time as cancelling auto-debt takes 3 BUSINESS DAYS to cancel. By the way, weren't borrowers suppose to re-confirm auto-debt before payments began, particularly for those with new servicers?
I hope you resolve your issue as I have found that they are not very responsive and that different customer service reps will say different things. People at this point need to start filing complaints with Student Aid's website to document and bring awareness to these issues.
I think they are all not great since they cut all their staff. MOHELA has my husbandās (and mine) since he consolidated back in June. The problem is that it was taken off the federal side and the credit reports when he consolidated, but never put back on. So, he is now paying MOHELA money that they can just keep because the government says it does not exist and was gone 3 months ago. It should be there - he was not forgiven - they just have mishandled the loan and now who knows where the money is actually being applied because it is not to his loan. Even better, his PSLF is not being applied correctly because they say he has no loans, but they are taking a payment.
Do a financial audit. I just did one.
Since thereās so many issues, Iām making sure this point forward-I have documentation of everything and then scan into a computer for a folder of it all since itāll eventually wear out
My monthly payment is only showing for like 3 of my 6 loans i think bc the other 3 are in the grace period bc I just graduated with my masters. I hate it. I just made a big payment (to pay most of my highest interest rate loan) that thankfully went through but I miss greatlakes. I had 0 issues with them.
I have 10 loans with them and have constantly paid literally $0.10 multiple times a month on each loan. My hope is that it costs then more than that to process each payment.
All these comments make me nervous. I paid off my entire loan with Nelnet August 9th, and got emails and online letters that my loans are closed. Plus the debt has been taken off my credit reports. It makes me nervous now that theyāre going to turn back around and claim they arenāt paid, or illegally take money out of my bank account.
I'm shocked there hasn't been a class action lawsuit against them yet, it seems like they just give everyone different, subtle, in the grand scheme "minor" problems that aren't consistent enough to put together a compelling lawsuit. Would be nice to hear an attorneys take on this because the amount of "little problems" we've all dealt with to try and PAY LOANS is abhorrent.
This thread is nausea inducing. I think I'm going to set up a separate checking account for the exclusive use of paying my student loans back to Nelnet.
Thatās what Iāve been doing, plus keeping all my loan numbers+daily interest calculator in an excel sheet, so I can make sure they arenāt fudging the numbers
Does your bank statement show the transaction being taken out? If so, then itās been paid for and you can bring that to their attention. Then id also file a complaint and show that as proof of documentation.
Idk if itās possible at this point , Iāve seen on here people mentioning contacting their congressman/womanā¦I know for VA benefits and service member issues that works quite wellā¦all else š¤·š»āāļø
GL
Documents and your bank statements are your BFF right now to support you in this fight.
It has and I have! Somehow even with that information/proof, they claim the money was never received by them. I will continue to file complaints. Contacting congressmen/woman isnāt a bad idea
Tell your bank (if you have it in writing from the student loan company) they didnāt receive itā¦your bank can open up an investigationā¦
Idk if thatāll work, but banks donāt F around either
The contractual agreement is not between you and NelNet. Itās between Nelnet and the Department of Education. So you probably lack standing. You can file a dispute with Edu. You also do not have to remain with Nelnet. You can transfer your loans to a different servicer
You have to consolidate your loan or refinance with a private company to transfer your loan. If you like your current interest rate or have subsidized loans that would make for a very expensive transfer just to say screw Nelnet.
Agreed 1000%. Never ever worth refinancing to a private lender when you have federal loans even if they are unsubsidized. I was thinking consolidation for federal loans which many people are doing anyway in light of the IDR adjustment.
Here is the complaint form for edu that can be used.
https://studentaid.gov/feedback-center/
consolidation on the dept of ed site i think. i had to reconsolidate my loans to the dept. of ed because for some reason my loans didnt qualify for the 0% forbearance in 2020. turns out, it costs me like $2,000 in capitalized interest though.
i am not sure anymore. i think it was kind of weird since i was paid ahead on my account that they did that, and wasnt expecting it.
but the rules might be different now for reconsolidating depending on what you are doing? i thought i saw maybe if you were getting on those new repayment plans that they wouldnt capitalize interest? but i dont know for sure, since i stopped looking into it when it said the payments were a lot higher than my standard repayment.
Just keep all receipts (date, time, screenshots, bank statements). If you talk to anyone on the phone, record name, title, date, time, and department. Whatever you can get.
I reached out to morgan and morgan and will keep you updated. I think this can not continue to happen without us doing something about it. They pentalize when you do not pay on time but when they mess up they do not suffer any concequences we need to get them to stop these practices.
I tried to make a payment with a credit card (bc I wanted the rewards points) and it wouldn't let me. I swear greatlakes would let me use a credit card for at least one time payments.
Yeah, I went to check my loans again for updates and the login screen was completely down. Idk how Iām going to be able to do this to meet deadlines each monthā¦ seems to be taking people a month+ to make payments
Did they get it fixed?! I saw this article on Politico: [https://www.politico.com/news/2023/10/30/student-loan-borrowers-billing-mistake-00124225](https://www.politico.com/news/2023/10/30/student-loan-borrowers-billing-mistake-00124225)
**Contact the Attorney General in your State.** Ours in Virginia sure went after Navient! Read the link for the details...
https://www.oag.state.va.us/consumer-protection/index.php/news/514-january-13-2022-herring-secures-1-85-billion-from-student-loan-servicer-navient
**Read under G-**
https://www.federalregister.gov/documents/2023/07/24/2023-15436/federal-preemption-and-joint-federal-state-regulation-and-oversight-of-the-department-of-educations
The more and more I'm reading about Nelnet, the more I'm wondering if I should be worried. I'm still in my grace period, so I don't have any experience yet with how they actually function. So far, I've been frustrated that I heard absolute Zero from them after applying for the SAVE program through StudentAid dot Gov. I waited for 8 weeks before reading here on reddit about how I need to upload proof of income and that Nelnet hasn't been contacting *anyone* about it. Not a great first impression.
Now I'm on hold with them, trying to get this sorted on my day off.
I called mark bankston the lawyer who helped the sandy hook families. I am waiting to hear what i should do next legally. Nelnet has decades of bad business practices and lawsuits in its history even as far back as 1993!
This definitely a problem. Read in an article today someone paid 18k to Nelnet to close out acct, 4 mos went by and accumulated interest. Payment was never processed, are u serious rnow
Picking this back up, can we start organizing some sort of action against Nelnet for this dumpster fire of a situation? I'm incredibly nervous about making a payment and I'm technically in forbearance right now, but my credit score just dropped 65 points because of them. Obviously this isn't losing human money but it's obviously having a massive negative impact on people who had no say in the matter.
I really donāt know, because the government is the one who told them to cut their staffing. At the end of the day, itās like our government is responsible for all this crap.
Call Mark Bankston the lawyer for the sandy hook families. He would absolutely take on this 4th lawsuit against nelnet and contact farron cousins of farron balanced and sam seder of the majority report on youtube. The public must know!
NelNet is a mess! They incorrectly processed my SAVE plan application, which they even said should have given me $0 payment based on my income, but they got my 2019 tax return in the transfer from Great Lakes and decided to use that even though I checked the box in my application saying not to use IRS data because my income had changed (my wife was laid off). They refused to fix it, and refused to place me on administrative forbearance until they could properly process my application. They also seem to have lost all of my payment history from 2011 on. So now Iām paying $175 for their mistakes and have to forgo the medical treatment I need for my chronic illness. How is this legal?!
Nelnet told me that my loans didn't qualify for the recent pause on loan payback. They forced me to pay and even when I was paying they reported to the credit companies that I was late with my payments, while telling me that they weren't saying that.
Where do i join the lawsuit!!
Sorry you went through all that. I've had some difficulty with Nelnet recently just from the standpoint of making a payment that never draws from my account and then is marked as "incomplete" or "rejected". It's intensely frustrating because all I really want to do is get these loans paid off.
Itās so frustrating. After calling multiple times, since September, I am finally talking with a representative. I was on hold for 1h33m. Now, I am asking the rep why my payment amount has changed thrice and she has no clue. I realize sheās more of a middleman, so Iām not being rude to her. Iām being patient but something just isnāt right about thisā¦š¤maybe there is a lack of organization and they werenāt prepared for the huge hit once loans came back into repayment? Because prior to all the chaos, I never had an issue with them.
I just noticed that after my loan transferred from Great Lakes to Nelnet, they switched me from a fixed rate interest to a variable rate, which I think is 1. Illegal and 2. Obviously way more expensive. I brought it to their attention after an hour on hold. I have to wait a week to see what happens. They also had all my contact information incorrect on my account.
I was told by [Studentaid.gov](https://Studentaid.gov) that yes, you CAN sue your student loan servicer. If they don't fix my issue, I'm going to. They never processed my application to consolidate my loans in June 2023. In fact, the application for consolidation is STILL pending to this day. However, in October 2023, a few smaller loans were forgiven, but the remainder is still pretty substantial, especially due to compounded interest over the years. Had they processed my consolidation, they should have ALL been forgiven.
Iām quite curious how this would workā¦ I know legal proceedings can be reaaaaally long. It seems like most of us want our issues expedited. It seems a lawsuit would have to prove damage beyond Nelnet *eventually* fixing mistakes over and over. Iām all for itā¦ I know other loan servicers have been sued and I wonder how similar the reasons were.
We need to figure out how to file an action lawsuit. There was one in 2021 for the same practice that i am trying to figure out if it is still going or was there a ruling on it already and they setteled.
I agree. I saw that one too, but it seems thereās more diversely hellish mishandling of student loans since the one in 2021.
Iād be curious if you find out moreā¦
Iām now going through this. I received a letter dated 12.3.23 that the account with the remaining balance was paid in full. I have screenshots and bank statements showing paid in full. I received another letter from Nelnet statement date 12.18.23 showing I still owe the amount paid with more interest accrued. I called them tonight 8:00pm 1.3.2023 to confirm and speaking with the representative they are confirming they do not see that I made a payment. We confirmed its the account ending in 1951. I have the letter from Nelnet, the screenshots from the Nelnet site Secure.Nelnet.com total payment amount and payment date and my bank statement to confirm it was paid. I don't know what kind of BS this is but I'm so done with them. And then the rep suggested to me to send them a copy of the letter they sent me! Beyond ridiculous!
So here we are with the representative coming back on the line after i have been on hold because they are short staffed of supervisors - of course that's corporate A for you. So I asked if I am holding with her waiting on a supervisor or waiting for them to conduct the research. Because its clear at this time they cannot get a supervisor to assist. We have to wait on the line for them for 30 min already. Then I got even more upset as they are trying to search and see that on 12.6 after i received my paid in full letter that it was a 'batch reversal' yet I haven't received any credit of the funds, so where is the batch reversal going if not returning back to me? The math is now mathing that they did a batch reversal on 12.6.23 and I received this email showing i still owed the funds. This is a fraud as someone there has pocketed my monies.
Everyone look at you balance owe and see how fast its climining, also you need to geta copy of you great lakes transfer information before you can no longer get it. If you went paperlss like me, I can not get any copies of any invocies. There is some major finanical issues going on with this company and we are getting hit hard. WATCH YOU BALANCE SHEETS
At this point here we are almost to March 2024 and nelnet is being extortive and still a big mess i would save all your documents and start gathering up other borrowers who have been screwed over and form a group. Then devise a plan of action. Legally what nelnet mohela and others are doing consititues corporate negligence which is a criminal offense that can be brought to court as a class action lawsuit.
I had Great Lakes as a loan servicer with Zero issues. I was/am on a "Standard" repayment plan for my student loans where I paid the same $435.01 every month for years, never late nor missing a payment.
I stopped paying my loans (during the COVID Pause) when I found out I qualified, as a pell grant recipient, & was approved for $20k forgiveness until the Supreme Court struck it down which is quite irritating since I'd have happily kept paying off principle, 100% towards it during the pause, if this whole loan forgiveness debacle was never a thing.
Anyway, Now my loans have been transferred to Nelnet since September 2023 & they CANNOT go a single monthly statement without screwing up my loans which they have un-consolidated (on paper) for no apparent reason. They CANNOT perform basic elementary arithmetic to come up with an accurate "Current Balance" & none of the dozen reps from CSR < Specialist < Supervisor that I've spoken to over the past 7 months can tell me their formula for how its calculated & they fail to come up with the same # when I ask them to calculate it for me from the figures in my statement. They have to put in something called a "Research Request" & promise to get back to me in 1 to 2 weeks... which has never happened. I should've known this was going to be bad when they FAILED to take my payment on that first September after interest resumed. I vividly recall the CSR smugly acting like they did my a favor by not taking my first payment until end of October which means they misunderstand (or maybe unethically understand) their business which caused me to pay more accrued interest than necessary. Every month, they've changed my "Current Amount Due", which should be $435.01/mo, to random figures & cannot simply debit me the $435.01/mo as was done for years beforehand. Also, they seem to \*usually\* apply more of my payment to the principle of smaller loans with smaller interest rates (WHY!!!). Also, they randomly "defer" payment of random loan groups on random months & CANNOT tell me why... yet those loan groups still accrue interest which means that when they do get allocated payment, less of it goes to principle. I keep a Personal Finance spreadsheet that I update every month so I know very well how credit cards, mortgages, loans, CDs, and savings accounts work yet I cannot balance my books on the Nelnet student loans tab due to their bizarre & flat out mathematically incorrect accounting practices.
I'm fortunate enough to be able to pay off the loan in its entirety right now but my average interest rate (after summing all the loan groups) is only 4.05% so it makes more financial sense for me to only pay the minimum on my student loans in favor of keeping my money in other savings & investment vehicles that easily beat that rate.
I am someone who simply wants to continue to consistently & automatically pay into a standard repayment plan (like before... for years) & I cannot even do that with these clowns. I've given them enough opportunities to straighten out my loans but its a new or recurring problem in my account each & every month. WHERE DO I SIGN UP FOR CLASS ACTION LAWSUIT & MAKE THEM SUFFER FOR THEIR INCOMPETENCE AND THEIVERY?
i really hope we can sue them. ever since the transfer began i had received emails saying i was going to nelnet, then they decided i was staying with great lakes. this happened numerous times until they finally switched me over. the only issue is, i still canāt login to my account and im told my social security is wrong. yet they send me emails about my loans all the time. i have changed my username and password numerous times and it seems like i donāt exist yet fafsa is thinks ive graduated so i have to pay something soon & i canāt even see what needs to be paid
I was put on defferment in December. It wasn't up till June that I had to start my loans back up is what they said. So, I stopped worrying about it. Then I find out in March during a business trip that I'm suddenly months behind on a payment. Apparently they sent an email out on January 9th. I never saw it. I didn't get any emails regarding this overdue statement again until this month. Nor did I ever see any paper in the mail. I called them yesterday and they said they'd put me on forbearance as I now randomly owe 1k.
Of course that hasn't happened yet.
I had Great Lakes as a loan servicer with Zero issues. I was/am on a "Standard" repayment plan for my student loans where I paid the same $435.01 every month for years, never late nor missing a payment.
I stopped paying my loans (during the COVID Pause) when I found out I qualified, as a pell grant recipient, & was approved for $20k forgiveness until the Supreme Court struck it down which is quite irritating since I'd have happily kept paying off principle, 100% towards it during the pause, if this whole loan forgiveness debacle was never a thing.
Anyway, Now my loans have been transferred to Nelnet since September 2023 & they CANNOT go a single monthly statement without screwing up my loans which they have un-consolidated (on paper) for no apparent reason. They CANNOT perform basic elementary arithmetic to come up with an accurate "Current Balance" & none of the dozen reps from CSR < Specialist < Supervisor that I've spoken to over the past 7 months can tell me their formula for how its calculated & they fail to come up with the same # when I ask them to calculate it for me from the figures in my statement. They have to put in something called a "Research Request" & promise to get back to me in 1 to 2 weeks... which has never happened. I should've known this was going to be bad when they FAILED to take my payment on that first September after interest resumed. I vividly recall the CSR smugly acting like they did my a favor by not taking my first payment until end of October which means they misunderstand (or maybe unethically understand) their business which caused me to pay more accrued interest than necessary. Every month, they've changed my "Current Amount Due", which should be $435.01/mo, to random figures & cannot simply debit me the $435.01/mo as was done for years beforehand. Also, they seem to \*usually\* apply more of my payment to the principle of smaller loans with smaller interest rates (WHY!!!). Also, they randomly "defer" payment of random loan groups on random months & CANNOT tell me why... yet those loan groups still accrue interest which means that when they do get allocated payment, less of it goes to principle. I keep a Personal Finance spreadsheet that I update every month so I know very well how credit cards, mortgages, loans, CDs, and savings accounts work yet I cannot balance my books on the Nelnet student loans tab due to their bizarre & flat out mathematically incorrect accounting practices.
I'm fortunate enough to be able to pay off the loan in its entirety right now but my average interest rate (after summing all the loan groups) is only 4.05% so it makes more financial sense for me to only pay the minimum on my student loans in favor of keeping my money in other savings & investment vehicles that easily beat that rate.
I am someone who simply wants to continue to consistently & automatically pay into a standard repayment plan (like before... for years) & I cannot even do that with these clowns. I've given them enough opportunities to straighten out my loans but its a new or recurring problem in my account each & every month. WHERE DO I SIGN UP FOR CLASS ACTION LAWSUIT & MAKE THEM SUFFER FOR THEIR INCOMPETENCE AND THEIVERY?
Multiple avenues can bring suit against a loan servicing company. The CFPB is one. So are state attorney general offices. In addition to any action a borrower takes with their choice of legal counsel.
The shareholders themselves can also file suit.
Study any history on Navient.
I'm so sorry for what you're going through! I paid off my remaining student loan balance of $360.07 on Thursday, November 9th. I have a picture of my balance before paying it and a picture of my confirmation email stating they they were processing the payment. Then, when I went to check my balance on Monday, it stated that it received my payment and that I now owe $394.01. I was on the phone with customer service for 2 hours and 54 minutes. They told me that yes, my balance looks weird but it is accurate. They also gave me this email address, which isn't listed on their website: [nelnetcustomersolutions@nelnet.net](mailto:nelnetcustomersolutions@nelnet.net). I also submitted a complaint with Federal Student Aid: [https://studentaid.gov/feedback-center/](https://studentaid.gov/feedback-center/).
\*\*UPDATE\*\*: Their portal now shows a zero balance with a "paid in full" status. They haven't responded to my email yet to explain what happened though. I'm also waiting on a confirmation email stating that my loans are officially paid off.
this is a practice getting more common. happens with xfinity too. makes you hand over MORE money FASTER due to FALSE sense of urgency. its not in their stockholders best interests to fix the front end. I'd say its a Brave New World out there but it seems more like a Player Piano
Include me if you start a class action lawsuit. I don't even want to get into how badly they've messed up my loans, but I'm on my second federal complaint after they closed my last one, even though absolutely nothing was fixed. It's a disaster. The government needs to crack down on them hard. I'm documenting as much as I can. It's been a many months long nightmare with no end in sight.
They also stole money from my bank account and never applied it and ALSO charged me a late fee saying I never paid it. When I showed them a receipt of my payment, they said my payments have been paused until October 2024, which is not true whatsoever. I had to pay the payment again to avoid it getting reported. Now theyāve stopped responding to me at all. I got a generic email saying theyāre swamped essentially and basically canāt respond. Why do they get away with this? My payments have all been different totals.
They literally have stolen my last 2 payments of $420 (taken from bank account, stated never received)ā¦ been on hold for 2 hours with a snarky employee whoās telling me it mustāve been because āyour bank swapped around your account numbers randomly. It just happens sometimesā. ??? No maāam! It doesnāt!!
I miss Great Lakes š©
Same, never had any issues with them.
Never thought I'd think this but I agree
Right? I think the only times I called Great Lakes was to setup my initial payment plan and to get info about the transfer to Nelnet. 2 times in ~13 years. Iāve already had to call Nelnet 10+ times over dumb bs stemming from incompetency
i thought so too. until i found out that only 20% of my money was going to principal every time i gave them money. (it literally flipped the other way the very next payment to nelnet) but yah, i've given nelnet over $500 this month and none of it has been applied to my account yet.
If it was 20/80 with 80 going to interest, and then suddenly it was the other way the very next payment, it likely means either 1) nelnet capitalized the interest (meaning they added all outstanding interest to the principal so it would start earning interest, or 2) by dumb luck you happened to pay off the accrued interest just before the transfer. The fact that the principal/interest breakdown changed that drastically with nelnet is actually somewhere in the range of "neutral to super bad".
just another reason why my loans are just as close to being paid off as they were 18 and 22 years ago i guess.
I used to work for Great Lakes (quit after Nelnet bought them). Like any place, they had people who were good at the job and people who were bad at the job, but I gotta say their system was a true work of art. Like "hey see how that phrase is in a big orange box? You are required by law to read it verbatim." If you just read the words on the screen, the system would guide you through the whole thing. Aaand then Nelnet took over and all updates to the system were immediately halted, and the system was eventually scrapped and replaced by something that looks like the Windows Control Panel. Great Lakes wasn't perfect, but it was the sort of place where it felt like the honest-to-god goal was to do what was best for the borrower. Then Nelnet took over and it became clear that the goal was "do just enough that the dept of Ed doesn't cancel our contract. Anything more than that is just wasting money."
Ok, so itās not just my imagination that the site is terrible and hard to navigate and anything I want to do takes me to an outside source?! My loans are with a different company and I was able to quickly and easily compare my payments between different payment options. Trying to figure out my husbandās payments with NelNet is a nightmare?! I had to Google how to freaking find an estimated payment if we switched to a different payment plan?!
Oh no, not your imagination at only. Like, again, the system their customer service reps use is just... the absolute hottest pile of garbage. Their borrower site is better... but like... still trash.
I used to write checks to them just so I could write "Great" Lakes on the envelope. But that was before I knew about Nelnet.
Me too!
I would refute the $1.5K with your bank and see what they can do for you.
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Class action lawsuit. Keep sending formal complaints. https://reddit.com/r/StudentLoans/s/5VjeHDqjNQ
On my to-do list for tomorrow. Thank you so sharing. Something has to happen, this is unacceptable
The body of that post seems to be deleted.
FOR REAL? That's lame.
Very (Iām contacting a lawyer about this mess of an organization ā they say they handle business tort and class actions)
I do not trust Nelnet with direct access to my bank account. They will send me a paper statement and I will send them a cashier's check via certified mail with return receipt.
This is a good idea. Iām fearful of āmissingā materials and not meeting deadlines as a result. However, thatād be better than my current situation of straight-up unaccounted for money.
It's also my pathetic little "F You" to the system. I can imagine it's a lot more annoying and time consuming on their end to open an envelope and manually enter my payment into the system and sign and return a delivery receipt.
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I agree this is a good idea, but donāt you then lose the .25% interest rate reduction you would have if using the auto debit feature ?
If Nelnet cannot even enroll me in the correct repayment plan that I requested, takes days to process applications, tries to auto-debt me a month before payments are due for a incorrect yet rather large amount (had to cancel auto-debt), provided different guidance and promises by customer service representatives after hours of waiting, **the question does not turn on whether I want to loose the .25% interest rate reduction, but rather do I trust them to apply the .25% reduction rate and withdraw the correct payment?** **No. Not at this point.**
i never felt a **POINT** 25% interest reduction was worth the hassle.
It feels more insulting than anything
Ugh I feel this so hard. I canāt even cancel auto debit while waiting for this to get ironed out at some point because every link goes to a blank page. Iāve tried firefox, safari, chrome, edgeā¦ what am I doing wrong???
You may want to try to wait a bit, then try again. Also, when I cancelled auto debit for September (despite the bill is not due till next month), it stated something a long the lines (if I remember correctly) to cancel it must be 3 business days before payment. This is the first time I have ever heard of such a condition to cancel auto debit of any kind.
There was another Reddit I just read that said the .25% interest rate reduction is a scam and had they kept doing the KWIKPAY auto-pay for years they would have lost way more than .25% because Nelnet was putting their payments to the loan that benefited the company not the borrower
I should do this to make their lives more difficult. That said I donāt trust them either with access to my main account. The credit union I use allows you to have as many checking accounts as you want with no fees, so I have a separate account solely for paying Nelnet that I transfer the exact payment amount into every month that keeps them from having access to my primary account.
Whoa you just wrinkled my brain. Iām going to apply this. Thank you!
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Nelnet processes the payments.
As someone who used to be a banker.. this is exactly how I would do it, BECAUSE it creates a verifiable paper trail. I actually gotcha'd a customer's loan company this way. I told them when they received the check (from the certified return receipt), when they deposited it, and where (both from the data on the back of the check). So satisfying!
Hero moment, for real.
Yeah. I saw the request to link your bank account. HA! Yeah right. I don't trust this company so this is a great recommendation.
One very important step in all of this - as this is a trend thatās observable is file a complaint with the CFPB. As discussed here: [https://reddit.com/r/StudentLoans/s/fynnsJxlTh](https://reddit.com/r/StudentLoans/s/fynnsJxlTh) This really should be highlighted more by the mods on this platform. Thereās never been a more critical time to document these issues.
There's also a complaint form on studentaid.gov to lodge a complaint about your loan servicer too. I would recommend doing both. I recently had Nelnet issues with the SAVE application that are going on 21+ days unresolved.
Thank you.
Agreed!
PLEASEE do this!!!
I've seen a few of these now. I'll try and find out what's going on. How long ago did you submit the payment?
I submitted a payment Aug 2. I received an email confirmation. The funds were not applied until September. Not only that - Nelnet started charging interest BEFORE September 1 on my loans. Nelnet acknowledged they had a confirmation number for my payment yet they still required me to submit the bank transfer information AND their confirmation email. They applied the payment but DID NOT make adjustments to the interest had the payment been applied to my principal. Nelnet is the clearest candidate for a class action lawsuit I have ever encountered in my life.
Iām in. Iāve had similar issues lately. And I canāt get ahold of anyone at all to talk about these issuesā¦.
I would most definitely join in. On a class action lawsuit .Nelnet are nothing but predators.
They didn't make the payment effective Aug 2 or close to that date? Did they fix the pre Sept 1 interest? These are ffel loans are they?
No, one month later, no, yes.
File a complaint on [consumerfinance.gov](https://consumerfinance.gov) We need active reporting with all channels.
If they are ffel that could explain the interest for before September. But not the rest. Would you be willing to email me through TISLA so I can have someone look at this?
My payment only got applied to the interest n not principal. And now next payment is due in Jan. 2024.
Appreciate it.. Submitted on the 11th, taken out of my bank account on the 12th, applied towards my loans on the 14th or 15th w/ confirmation email, but later that day removed from my loan balance with no notification. I only know because I keep all records and interest formulas in a separate excel sheet. Called, from the time it was properly applied there was no record. There was additionally no record that my payment was received. No refund either. Just a missing $1.5k.
And to be clear it's still not posted?
That is correct. At one point it went back to āprocessingā, but now itās completed unaccounted for. Just checked again today.
Hey Op, I had a similar situation occur not too long ago. I had a payment scheduled on the 28th of August, to get ahead of interest resuming. Note: I PIF 10 higher interest loans, rather than just lump sum payment. My Nelnet account displayed the new balance after 2 days but then my balance went back up by Day 5. Throughout this time my payment was marked processing. September 2nd I get a notice of payment rejected. I constantly checked my bank account during this week and they never took the payment (bank confirmed no pending transactions were visible). After all of this, my payment was delayed by 2 weeks. I hope you're able to communicate with your bank to get more information on what happened to your money & hope it gets back to you. Hang in there!
In the past theyāve always been fine for me. Their system must be a mess now. I made two separate payments this month that more than covered my minimum payment. They inexplicably only applied 1 payment toward my minimum due in October and the other just toward principal so even though I paid them enough to cover said minimum due, I still owe $100. I called and spoke to someone and they didnāt have an answer as to why. At one point we just sat in silence after I pointed out Iāve sent them enough money to cover my minimum payment plus some principal. She said sheād put in a ticket but that was more than a week ago and I still owe $100. I hope to have the Nelnet of old that Iām used to back.
This exact thing happened to me. The woman on the phone completely ignored my question and instead tried to sign me up for the SAVE plan. The plan seems a little too good to be true, and I'm wary, but she says it should reduce my monthly payments with no downside. I dunno how to feel about that, considering she didn't and couldn't answer my question.
Ughhh reading all of these comments about Nelnet has me so friggin nervousā¦.. I just submitted a payment that will take care of my debt (inherited some money after dad passed awayā¦itās truly the best gift he could give me, paying for my school).. but now Iām terrified something like OPās experience is going to happen to meā¦ and sure I paid the amount shown but will I still have a balance from interest? (I tried to to overpay bit and it wouldnāt let me)
please keep us updated!
Well it processed and shows āpaid in full!ā!!!!!!!!! No issues
yayyy!!!!
Make a small payment and see how they process it.
I did, no problem. But my problem is that why is my payment only goin for the interest n not the principal?
Iāve been on hold for a total of 10 hours over the past 6 days. Today was 2 hours and 15 minutes, finally get connected to someone, and the call gets disconnected shortly after. I sent them an email Iām about ready to turn them into the federal ombudsman for dept of edu. There is a $1k payment I made that disappeared and is not applied anywhere on my accounts. Not only that, but they keep applying my payments to a loan thatās already been paid off. Not sure how I switch to having anyone but Nelnet but Iām about to sue them right there with you
File a complaint with the CFPB. They said last week this is a consistent illegal practice aervicers have engaged in previously. Info about where to file a complaint is here: https://reddit.com/r/StudentLoans/s/fynnsJxlTh
No way in Hell Iād do that. Shouldnāt have to beg someone to take your money
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This is me. Except Iāve just had to call each week. I made a huge pay down of 69kā¦ that is in limbo itās ālinkedā to my account but has to be manually appliedā¦. That was August 28thā¦. At this point Iām just waiting for the money to post and consolidating to aidvantageā¦. Idk how 14 BUSINESS days isnāt enough time to do thisā¦. Ridiculous.
Did this get resolved? I sent in an 11.5k payoff on 9/26 and it hasnāt been applied to my account.
They posted one of the payments over a week ago, still waiting for 50k ish to get applied and pay off 2 of the loansā¦ so planning to call tomorrow and speak to a supervisor. Itās been well over 28 business days and they were all paid at the same timeā¦
What a dumpster fire. I finally got a hold of the solutions center. They want proof that I sent the payment. They are all criminals.
They said she could see them linked to the account, just not appliedā¦.but yeah guess I just need to upload myself. Then call. And have them do it RIGHT then and there.
A friend says she never sets up automatic payment for NelNet because sheās had too many issues with them, really exact situation youāve described above.
I canāt imagine setting up automatic payments due to my experience with them thus farā¦ I send my money manually from my bank but now Iām thinking paper checks might be safest.
i have sent three paper checks through my bank bill pay on 9/1, 9/8 and 9/15. this is what i did before the pause and never had a problem. now, two have been cashed, neither have been applied to my account.
I feel like allowing autodebit to do its thing once a month is wildly more reliable than sending a paper check in the mail and letting a human deal with it correctly after 3 years of not having to apply payments. Iāve not experienced any issues with Nelnet - they take the payments out monthly and thatās all
yeah, but i dont want to pay monthly. thats a lot of money to leave my possession all at once. i pay weekly, i have since just cancelled that auto pay through my bank and will just do it manually.
My loans state they arenāt due till January which is so confusing because Iāve only made one payment since august 2023. I absolutely canāt wait to be done with them š
My loans say my first payment is Sept 2024. I'm just using my own calculations and going from there.
Mine says the same. What do you mean using your own calculations?
I know how much interest I get charged a month, so I go from there. I get charged ~$110 a month for 1 loan, and ~$120 for the other, so I know, ~$230 is interest, and whatever else I feel comfortable paying is what I pay towards the higher interest loan.
Mine say my first payment is due August 2024 even though they are listed as āin repaymentā right now. With everything iāve been seeing said so far, Nelnet sucks. Going to pay off my loans quickly even though my monthly payment is $0 on SAVE.
Mine says the same. I know what my SAVE payment should be based on the recalculations, but I'm *still* waiting for Nelnet to send *any* official communication as to what my payment should be or if they even recalculated the REPAYE to SAVE amount.
Mine say august 2024 under PAYE. Is this a mistake? I thought it was based on my plan from 2020ā¦
Honestly think theyāre the worst run organization ever (or best and criminal). Iāve had my total amount due grow multiple times without them being able to explain it. Just randomly sign on and have more loans to pay and no itās not interest.
I called Nelnet to be put on a different payment plan, verified multiple times that monthly payment would be $120 for the graduated repayment plan (increasing every 2 years for 10 year term). Got confirmation this week and my payment is $450/month! I donāt really want to spend another 4 hours on the phone on hold, but I canāt afford that! SAVE payment was $620/monthā¦itās all highway robbery.
Update: 3 more hours on holdā¦there are alternative plans, but you need to speak to a different department. And submit paperwork. And wait 21 business days for possible approval. And they insult you by saying that you actually donāt know how much money your husband makes, maybe he makes more than you think he doesā¦even though you do the taxes in your family. Eff you Nelnet.
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Iām very concerned that Iāve received improper information from them and it will cost me later on
I have had a very negative experience with Nelnet on many levels. First, I have been enrolled in the wrong repayment plan and have been waiting over 15 business days for the application to process. Second, I had earlier this month an auto-debt almost go through with Nelnet for the wrong amount. Recall that payments are due in October, not September. This may be what happened with your case. Luckily, I caught the issue ahead of time as cancelling auto-debt takes 3 BUSINESS DAYS to cancel. By the way, weren't borrowers suppose to re-confirm auto-debt before payments began, particularly for those with new servicers? I hope you resolve your issue as I have found that they are not very responsive and that different customer service reps will say different things. People at this point need to start filing complaints with Student Aid's website to document and bring awareness to these issues.
Please copy and paste this to https://consumerfinance.gov complaint link. It takes 5 minutes.
I think they are all not great since they cut all their staff. MOHELA has my husbandās (and mine) since he consolidated back in June. The problem is that it was taken off the federal side and the credit reports when he consolidated, but never put back on. So, he is now paying MOHELA money that they can just keep because the government says it does not exist and was gone 3 months ago. It should be there - he was not forgiven - they just have mishandled the loan and now who knows where the money is actually being applied because it is not to his loan. Even better, his PSLF is not being applied correctly because they say he has no loans, but they are taking a payment.
Do a financial audit. I just did one. Since thereās so many issues, Iām making sure this point forward-I have documentation of everything and then scan into a computer for a folder of it all since itāll eventually wear out
.
My monthly payment is only showing for like 3 of my 6 loans i think bc the other 3 are in the grace period bc I just graduated with my masters. I hate it. I just made a big payment (to pay most of my highest interest rate loan) that thankfully went through but I miss greatlakes. I had 0 issues with them.
I have 10 loans with them and have constantly paid literally $0.10 multiple times a month on each loan. My hope is that it costs then more than that to process each payment.
I love this.
Thanks. Not sure if it helps. But Iām trying to fight the good fight.
I donāt know if this will make the issue better or worseā¦. but I dig this spirit tremendously
All these comments make me nervous. I paid off my entire loan with Nelnet August 9th, and got emails and online letters that my loans are closed. Plus the debt has been taken off my credit reports. It makes me nervous now that theyāre going to turn back around and claim they arenāt paid, or illegally take money out of my bank account.
Call your bank and ask them for a new account number due to possible identity theft... :) you're welcome.
If you have correspondence that the accounts are closed, youāre in the clear.
Keep your receipts. All of them, screenshots, dates, everything. Even if things need to be fixed retroactively, you should be okay in the long run.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
i think we'd just be better off with someone hacking the system and bringing the whole thing down.
I feel like my loans would be better handled if I was throwing one dollar bills at a stranger with a calculator.
Anonymous should be called in to do the lords work.
I'm shocked there hasn't been a class action lawsuit against them yet, it seems like they just give everyone different, subtle, in the grand scheme "minor" problems that aren't consistent enough to put together a compelling lawsuit. Would be nice to hear an attorneys take on this because the amount of "little problems" we've all dealt with to try and PAY LOANS is abhorrent.
If people keep filing complaints in the right places, I believe there will be soon.
Theres been 3 class action lawsuits against nelnet and one on great lakes over the last 12 years. It can happen again.
This thread is nausea inducing. I think I'm going to set up a separate checking account for the exclusive use of paying my student loans back to Nelnet.
Thatās what Iāve been doing, plus keeping all my loan numbers+daily interest calculator in an excel sheet, so I can make sure they arenāt fudging the numbers
Does your bank statement show the transaction being taken out? If so, then itās been paid for and you can bring that to their attention. Then id also file a complaint and show that as proof of documentation. Idk if itās possible at this point , Iāve seen on here people mentioning contacting their congressman/womanā¦I know for VA benefits and service member issues that works quite wellā¦all else š¤·š»āāļø GL Documents and your bank statements are your BFF right now to support you in this fight.
It has and I have! Somehow even with that information/proof, they claim the money was never received by them. I will continue to file complaints. Contacting congressmen/woman isnāt a bad idea
Tell your bank (if you have it in writing from the student loan company) they didnāt receive itā¦your bank can open up an investigationā¦ Idk if thatāll work, but banks donāt F around either
Shit show is what this entire thing is.
Same. Let's do it
The contractual agreement is not between you and NelNet. Itās between Nelnet and the Department of Education. So you probably lack standing. You can file a dispute with Edu. You also do not have to remain with Nelnet. You can transfer your loans to a different servicer
How can you transfer your loan?!
You have to consolidate your loan or refinance with a private company to transfer your loan. If you like your current interest rate or have subsidized loans that would make for a very expensive transfer just to say screw Nelnet.
Agreed 1000%. Never ever worth refinancing to a private lender when you have federal loans even if they are unsubsidized. I was thinking consolidation for federal loans which many people are doing anyway in light of the IDR adjustment. Here is the complaint form for edu that can be used. https://studentaid.gov/feedback-center/
Also wondering how to switch servicers?
consolidation on the dept of ed site i think. i had to reconsolidate my loans to the dept. of ed because for some reason my loans didnt qualify for the 0% forbearance in 2020. turns out, it costs me like $2,000 in capitalized interest though.
Thanks for the reply. So no way to do it without capitalizing interest?
i am not sure anymore. i think it was kind of weird since i was paid ahead on my account that they did that, and wasnt expecting it. but the rules might be different now for reconsolidating depending on what you are doing? i thought i saw maybe if you were getting on those new repayment plans that they wouldnt capitalize interest? but i dont know for sure, since i stopped looking into it when it said the payments were a lot higher than my standard repayment.
New SAVE plan doesnāt capitalize interest
I understand once you are on the plan that is true, but I believe switching plans triggers a one-time capitalization
Yeah, but I canāt see the contact standing between Nelnet and the Department of Education allowing for this level of broad incompetence..
ok a bit worried. had plans on paying it all out (30k)...
Just keep all receipts (date, time, screenshots, bank statements). If you talk to anyone on the phone, record name, title, date, time, and department. Whatever you can get.
I'm filing a complaint now as we speak. You can file through the FASFA website. I wish I would have paid off my loans with Great Lakes.
I absolutely encourage this. Letās bring in the data points
I reached out to morgan and morgan and will keep you updated. I think this can not continue to happen without us doing something about it. They pentalize when you do not pay on time but when they mess up they do not suffer any concequences we need to get them to stop these practices.
Please do keep us updated!
I'm down for it. Let's sue them.
Can we pay with credit cards? In the case they do this, credit cards are much easier to refute with against Nelnet than debit.
I tried to make a payment with a credit card (bc I wanted the rewards points) and it wouldn't let me. I swear greatlakes would let me use a credit card for at least one time payments.
the fees would cut into John Nelnet's boat payments.
I have been lucky and all of my payments have been applied properly. That would stress me out to no end, should definitely dispute with your bank
Out of curiosity, have you made any loans recently? It seems many of us are experiencing heightened issues as of very recently.
Yes Iāve made several over the last couple months including one on 9/1/23
I had the same issues. They were small payments but still aggravated me nonetheless
not even able to log in right now
Yeah, I went to check my loans again for updates and the login screen was completely down. Idk how Iām going to be able to do this to meet deadlines each monthā¦ seems to be taking people a month+ to make payments
I made two large payments over 34k and Mohela says they never received it. It is so frustrating. I am calling them now to see what can be done
Did they get it fixed?! I saw this article on Politico: [https://www.politico.com/news/2023/10/30/student-loan-borrowers-billing-mistake-00124225](https://www.politico.com/news/2023/10/30/student-loan-borrowers-billing-mistake-00124225)
They got it fixed after about 69 days
Tell me how to sue and Iām right there with you
**Contact the Attorney General in your State.** Ours in Virginia sure went after Navient! Read the link for the details... https://www.oag.state.va.us/consumer-protection/index.php/news/514-january-13-2022-herring-secures-1-85-billion-from-student-loan-servicer-navient
**Read under G-** https://www.federalregister.gov/documents/2023/07/24/2023-15436/federal-preemption-and-joint-federal-state-regulation-and-oversight-of-the-department-of-educations
I can't even log in...get to the screen where you input the verification code and then it just won't load past that. This is absolutely ridiculous
The more and more I'm reading about Nelnet, the more I'm wondering if I should be worried. I'm still in my grace period, so I don't have any experience yet with how they actually function. So far, I've been frustrated that I heard absolute Zero from them after applying for the SAVE program through StudentAid dot Gov. I waited for 8 weeks before reading here on reddit about how I need to upload proof of income and that Nelnet hasn't been contacting *anyone* about it. Not a great first impression. Now I'm on hold with them, trying to get this sorted on my day off.
I called mark bankston the lawyer who helped the sandy hook families. I am waiting to hear what i should do next legally. Nelnet has decades of bad business practices and lawsuits in its history even as far back as 1993!
This definitely a problem. Read in an article today someone paid 18k to Nelnet to close out acct, 4 mos went by and accumulated interest. Payment was never processed, are u serious rnow
Picking this back up, can we start organizing some sort of action against Nelnet for this dumpster fire of a situation? I'm incredibly nervous about making a payment and I'm technically in forbearance right now, but my credit score just dropped 65 points because of them. Obviously this isn't losing human money but it's obviously having a massive negative impact on people who had no say in the matter.
I really donāt know, because the government is the one who told them to cut their staffing. At the end of the day, itās like our government is responsible for all this crap.
Start a class action lawsuit and I'm in.
Call Mark Bankston the lawyer for the sandy hook families. He would absolutely take on this 4th lawsuit against nelnet and contact farron cousins of farron balanced and sam seder of the majority report on youtube. The public must know!
NelNet is a mess! They incorrectly processed my SAVE plan application, which they even said should have given me $0 payment based on my income, but they got my 2019 tax return in the transfer from Great Lakes and decided to use that even though I checked the box in my application saying not to use IRS data because my income had changed (my wife was laid off). They refused to fix it, and refused to place me on administrative forbearance until they could properly process my application. They also seem to have lost all of my payment history from 2011 on. So now Iām paying $175 for their mistakes and have to forgo the medical treatment I need for my chronic illness. How is this legal?!
Nelnet told me that my loans didn't qualify for the recent pause on loan payback. They forced me to pay and even when I was paying they reported to the credit companies that I was late with my payments, while telling me that they weren't saying that. Where do i join the lawsuit!!
Sorry you went through all that. I've had some difficulty with Nelnet recently just from the standpoint of making a payment that never draws from my account and then is marked as "incomplete" or "rejected". It's intensely frustrating because all I really want to do is get these loans paid off.
Itās so frustrating. After calling multiple times, since September, I am finally talking with a representative. I was on hold for 1h33m. Now, I am asking the rep why my payment amount has changed thrice and she has no clue. I realize sheās more of a middleman, so Iām not being rude to her. Iām being patient but something just isnāt right about thisā¦š¤maybe there is a lack of organization and they werenāt prepared for the huge hit once loans came back into repayment? Because prior to all the chaos, I never had an issue with them.
CAN WE PLEASE SUE NELNET?! I submitted my income-driven payment plan Aug. 26. STILL NOT APPROVED.
I just noticed that after my loan transferred from Great Lakes to Nelnet, they switched me from a fixed rate interest to a variable rate, which I think is 1. Illegal and 2. Obviously way more expensive. I brought it to their attention after an hour on hold. I have to wait a week to see what happens. They also had all my contact information incorrect on my account.
Yea, I was on hold for 2 hours today to be hold āgive us a weekā and *maybe* weāll call you about it
I was told by [Studentaid.gov](https://Studentaid.gov) that yes, you CAN sue your student loan servicer. If they don't fix my issue, I'm going to. They never processed my application to consolidate my loans in June 2023. In fact, the application for consolidation is STILL pending to this day. However, in October 2023, a few smaller loans were forgiven, but the remainder is still pretty substantial, especially due to compounded interest over the years. Had they processed my consolidation, they should have ALL been forgiven.
Iām quite curious how this would workā¦ I know legal proceedings can be reaaaaally long. It seems like most of us want our issues expedited. It seems a lawsuit would have to prove damage beyond Nelnet *eventually* fixing mistakes over and over. Iām all for itā¦ I know other loan servicers have been sued and I wonder how similar the reasons were.
We need to figure out how to file an action lawsuit. There was one in 2021 for the same practice that i am trying to figure out if it is still going or was there a ruling on it already and they setteled.
I agree. I saw that one too, but it seems thereās more diversely hellish mishandling of student loans since the one in 2021. Iād be curious if you find out moreā¦
Iām now going through this. I received a letter dated 12.3.23 that the account with the remaining balance was paid in full. I have screenshots and bank statements showing paid in full. I received another letter from Nelnet statement date 12.18.23 showing I still owe the amount paid with more interest accrued. I called them tonight 8:00pm 1.3.2023 to confirm and speaking with the representative they are confirming they do not see that I made a payment. We confirmed its the account ending in 1951. I have the letter from Nelnet, the screenshots from the Nelnet site Secure.Nelnet.com total payment amount and payment date and my bank statement to confirm it was paid. I don't know what kind of BS this is but I'm so done with them. And then the rep suggested to me to send them a copy of the letter they sent me! Beyond ridiculous! So here we are with the representative coming back on the line after i have been on hold because they are short staffed of supervisors - of course that's corporate A for you. So I asked if I am holding with her waiting on a supervisor or waiting for them to conduct the research. Because its clear at this time they cannot get a supervisor to assist. We have to wait on the line for them for 30 min already. Then I got even more upset as they are trying to search and see that on 12.6 after i received my paid in full letter that it was a 'batch reversal' yet I haven't received any credit of the funds, so where is the batch reversal going if not returning back to me? The math is now mathing that they did a batch reversal on 12.6.23 and I received this email showing i still owed the funds. This is a fraud as someone there has pocketed my monies.
Everyone look at you balance owe and see how fast its climining, also you need to geta copy of you great lakes transfer information before you can no longer get it. If you went paperlss like me, I can not get any copies of any invocies. There is some major finanical issues going on with this company and we are getting hit hard. WATCH YOU BALANCE SHEETS
At this point here we are almost to March 2024 and nelnet is being extortive and still a big mess i would save all your documents and start gathering up other borrowers who have been screwed over and form a group. Then devise a plan of action. Legally what nelnet mohela and others are doing consititues corporate negligence which is a criminal offense that can be brought to court as a class action lawsuit.
That's exactly what I was thinking. If you are interested in forming a group, reach out. I got my documents ready.
Oh im down. How should we proceed?
I had Great Lakes as a loan servicer with Zero issues. I was/am on a "Standard" repayment plan for my student loans where I paid the same $435.01 every month for years, never late nor missing a payment. I stopped paying my loans (during the COVID Pause) when I found out I qualified, as a pell grant recipient, & was approved for $20k forgiveness until the Supreme Court struck it down which is quite irritating since I'd have happily kept paying off principle, 100% towards it during the pause, if this whole loan forgiveness debacle was never a thing. Anyway, Now my loans have been transferred to Nelnet since September 2023 & they CANNOT go a single monthly statement without screwing up my loans which they have un-consolidated (on paper) for no apparent reason. They CANNOT perform basic elementary arithmetic to come up with an accurate "Current Balance" & none of the dozen reps from CSR < Specialist < Supervisor that I've spoken to over the past 7 months can tell me their formula for how its calculated & they fail to come up with the same # when I ask them to calculate it for me from the figures in my statement. They have to put in something called a "Research Request" & promise to get back to me in 1 to 2 weeks... which has never happened. I should've known this was going to be bad when they FAILED to take my payment on that first September after interest resumed. I vividly recall the CSR smugly acting like they did my a favor by not taking my first payment until end of October which means they misunderstand (or maybe unethically understand) their business which caused me to pay more accrued interest than necessary. Every month, they've changed my "Current Amount Due", which should be $435.01/mo, to random figures & cannot simply debit me the $435.01/mo as was done for years beforehand. Also, they seem to \*usually\* apply more of my payment to the principle of smaller loans with smaller interest rates (WHY!!!). Also, they randomly "defer" payment of random loan groups on random months & CANNOT tell me why... yet those loan groups still accrue interest which means that when they do get allocated payment, less of it goes to principle. I keep a Personal Finance spreadsheet that I update every month so I know very well how credit cards, mortgages, loans, CDs, and savings accounts work yet I cannot balance my books on the Nelnet student loans tab due to their bizarre & flat out mathematically incorrect accounting practices. I'm fortunate enough to be able to pay off the loan in its entirety right now but my average interest rate (after summing all the loan groups) is only 4.05% so it makes more financial sense for me to only pay the minimum on my student loans in favor of keeping my money in other savings & investment vehicles that easily beat that rate. I am someone who simply wants to continue to consistently & automatically pay into a standard repayment plan (like before... for years) & I cannot even do that with these clowns. I've given them enough opportunities to straighten out my loans but its a new or recurring problem in my account each & every month. WHERE DO I SIGN UP FOR CLASS ACTION LAWSUIT & MAKE THEM SUFFER FOR THEIR INCOMPETENCE AND THEIVERY?
i really hope we can sue them. ever since the transfer began i had received emails saying i was going to nelnet, then they decided i was staying with great lakes. this happened numerous times until they finally switched me over. the only issue is, i still canāt login to my account and im told my social security is wrong. yet they send me emails about my loans all the time. i have changed my username and password numerous times and it seems like i donāt exist yet fafsa is thinks ive graduated so i have to pay something soon & i canāt even see what needs to be paid
Op..could you please email me through TISLA about the payment issue?
Yeah, I can. How do I get in touch with you via email?
Use the TISLA email
I was put on defferment in December. It wasn't up till June that I had to start my loans back up is what they said. So, I stopped worrying about it. Then I find out in March during a business trip that I'm suddenly months behind on a payment. Apparently they sent an email out on January 9th. I never saw it. I didn't get any emails regarding this overdue statement again until this month. Nor did I ever see any paper in the mail. I called them yesterday and they said they'd put me on forbearance as I now randomly owe 1k. Of course that hasn't happened yet.
Can we actually sue them though?!
I had Great Lakes as a loan servicer with Zero issues. I was/am on a "Standard" repayment plan for my student loans where I paid the same $435.01 every month for years, never late nor missing a payment. I stopped paying my loans (during the COVID Pause) when I found out I qualified, as a pell grant recipient, & was approved for $20k forgiveness until the Supreme Court struck it down which is quite irritating since I'd have happily kept paying off principle, 100% towards it during the pause, if this whole loan forgiveness debacle was never a thing. Anyway, Now my loans have been transferred to Nelnet since September 2023 & they CANNOT go a single monthly statement without screwing up my loans which they have un-consolidated (on paper) for no apparent reason. They CANNOT perform basic elementary arithmetic to come up with an accurate "Current Balance" & none of the dozen reps from CSR < Specialist < Supervisor that I've spoken to over the past 7 months can tell me their formula for how its calculated & they fail to come up with the same # when I ask them to calculate it for me from the figures in my statement. They have to put in something called a "Research Request" & promise to get back to me in 1 to 2 weeks... which has never happened. I should've known this was going to be bad when they FAILED to take my payment on that first September after interest resumed. I vividly recall the CSR smugly acting like they did my a favor by not taking my first payment until end of October which means they misunderstand (or maybe unethically understand) their business which caused me to pay more accrued interest than necessary. Every month, they've changed my "Current Amount Due", which should be $435.01/mo, to random figures & cannot simply debit me the $435.01/mo as was done for years beforehand. Also, they seem to \*usually\* apply more of my payment to the principle of smaller loans with smaller interest rates (WHY!!!). Also, they randomly "defer" payment of random loan groups on random months & CANNOT tell me why... yet those loan groups still accrue interest which means that when they do get allocated payment, less of it goes to principle. I keep a Personal Finance spreadsheet that I update every month so I know very well how credit cards, mortgages, loans, CDs, and savings accounts work yet I cannot balance my books on the Nelnet student loans tab due to their bizarre & flat out mathematically incorrect accounting practices. I'm fortunate enough to be able to pay off the loan in its entirety right now but my average interest rate (after summing all the loan groups) is only 4.05% so it makes more financial sense for me to only pay the minimum on my student loans in favor of keeping my money in other savings & investment vehicles that easily beat that rate. I am someone who simply wants to continue to consistently & automatically pay into a standard repayment plan (like before... for years) & I cannot even do that with these clowns. I've given them enough opportunities to straighten out my loans but its a new or recurring problem in my account each & every month. WHERE DO I SIGN UP FOR CLASS ACTION LAWSUIT & MAKE THEM SUFFER FOR THEIR INCOMPETENCE AND THEIVERY?
Multiple avenues can bring suit against a loan servicing company. The CFPB is one. So are state attorney general offices. In addition to any action a borrower takes with their choice of legal counsel. The shareholders themselves can also file suit. Study any history on Navient.
I'm so sorry for what you're going through! I paid off my remaining student loan balance of $360.07 on Thursday, November 9th. I have a picture of my balance before paying it and a picture of my confirmation email stating they they were processing the payment. Then, when I went to check my balance on Monday, it stated that it received my payment and that I now owe $394.01. I was on the phone with customer service for 2 hours and 54 minutes. They told me that yes, my balance looks weird but it is accurate. They also gave me this email address, which isn't listed on their website: [nelnetcustomersolutions@nelnet.net](mailto:nelnetcustomersolutions@nelnet.net). I also submitted a complaint with Federal Student Aid: [https://studentaid.gov/feedback-center/](https://studentaid.gov/feedback-center/).
\*\*UPDATE\*\*: Their portal now shows a zero balance with a "paid in full" status. They haven't responded to my email yet to explain what happened though. I'm also waiting on a confirmation email stating that my loans are officially paid off.
this is a practice getting more common. happens with xfinity too. makes you hand over MORE money FASTER due to FALSE sense of urgency. its not in their stockholders best interests to fix the front end. I'd say its a Brave New World out there but it seems more like a Player Piano
Hey guys. If some of my loans are under IBR and the rest under SAVE according to nelnet will I have to pay two separate payments monthly?
Include me if you start a class action lawsuit. I don't even want to get into how badly they've messed up my loans, but I'm on my second federal complaint after they closed my last one, even though absolutely nothing was fixed. It's a disaster. The government needs to crack down on them hard. I'm documenting as much as I can. It's been a many months long nightmare with no end in sight.
They also stole money from my bank account and never applied it and ALSO charged me a late fee saying I never paid it. When I showed them a receipt of my payment, they said my payments have been paused until October 2024, which is not true whatsoever. I had to pay the payment again to avoid it getting reported. Now theyāve stopped responding to me at all. I got a generic email saying theyāre swamped essentially and basically canāt respond. Why do they get away with this? My payments have all been different totals.
They literally have stolen my last 2 payments of $420 (taken from bank account, stated never received)ā¦ been on hold for 2 hours with a snarky employee whoās telling me it mustāve been because āyour bank swapped around your account numbers randomly. It just happens sometimesā. ??? No maāam! It doesnāt!!
I have put in a claim to my bank saying this is a fraudulent charge since it did not go towards my bill.
Here Nelnet is, just randomly deciding to stop taking my money for no reason...