NELNET, INC. – CFPB Complaint

By on July 5, 2018
Consumer Complaint Submission

Date Received: 2018-05-05T00:00:00

Product: Private student loan

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: My private student loan from XXXX University XXXX XXXX XXXX was serviced by XXXX for over 10 years. It was recently was sold to XXXX and now XXXX XXXX. I noticed that when the servicing was transferred my student loan payments began increasing despite making on time payments for 10 years. The principal balance is about $ 60K. I went from paying ~ {$700.00} per month to now, I looked at my XXXX account and the monthly balance due is now {$800.00}. I have noticed that the interest rate keeps climbing significantly and I am not sure why. When XXXX serviced my account the interest rate did not fluctuate and if it did, it was very minor. Now every month, I am asked to pay more and more despite the fact that the principal balance is shrinking. I want to know why all of sudden the interest rate is fluctuating so much. Is there a limit to how much interest can be charged? Also, XXXX has not uploaded my 10 years of payment history to my account. There are no records in this regard.

I would like my payment history added to my account and an explanation as to why my interest rate keeps climbing. The interest rate is now 5.77 % and when XXXX serviced the loan, it was under 5 %, probably around 3-4 %. I would also like my due date extended giving these outstanding issues. I have been paying my student loans for over 10 years ( on time! ) and since XXXX took over and now XXXX my payments are increasing rather than decreasing. I find this very suspect. There is also no pay off statement which I thought was required by law. Please investigate. I have also lodged my complaint with XXXX.

READ  WELLS FARGO & COMPANY - CFPB Complaint

Company: NELNET, INC.

State/Zip: VA 232XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: No

Did Consumer Dispute Company Response: N/A

Complaint ID: 2897615

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