Nelnet Student Loans ripoff, inaccurate accounting of interest. posting payments days after recived Internet

If you have a student loan serviced through Nelnet, you should be advised of the following.

Nelnet has in the past incorrectly reported payment recieved dates in order to collect extra interest in some cases 3-5 days after the payment arrived. Student loan interest is calculated on the number of days between payments. If you have or use any web bill pay services like Checkfree check the dates on when payment was sent and when it posted according to Nelnet's online payment history. If you write a check then you will need to look on the back of the check to get the encoding dates.

Nelnet also miscalculates the amount of interest payable. For example they claimed the entire payment went to interest when in fact the number of days between payments was only 26. The proceeding month showed a reduction in principal so there is no way there was any uncapped interest due, or any other fees due.

If you currently have a Nelnet account, and use a web bill pay service please review both your checking account and student loan account. If you have any questions or need help please email me at

John
nowhere, California
U.S.A.

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