Complaint Review: nelnet - Internet
- nelnet P.O.Box 82561 Internet United States of America
- Phone: 1.888.486.4722
- Web: www.nelnet.com
- Category: Collection Agencies
nelnet nelnet is an ripoff company indeed. unethical loan practices. Internet
*UPDATE EX-employee responds: Please Review Your Promissory Note
*UPDATE EX-employee responds: Here's how you do it
*Consumer Comment: When did you take out loan? Are you still in school?
trying to payoff my student loan but this company takes my payments towards fees and interest instead of the principal.
i double my loan payments to payoff quickly but it reads in their website that my next payment is due next year but i owe them about 60 dollars today.
when i pay more they charge more in interest and fees. i gave up trying to contact them. this is probably the same for anyone with a student loan taken over by nelnet.
please help, i want justice.
This report was posted on Ripoff Report on 02/21/2011 09:37 PM and is a permanent record located here: https://www.ripoffreport.com/reports/nelnet/internet/nelnet-nelnet-is-an-ripoff-company-indeed-unethical-loan-practices-internet-698287. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#3 UPDATE EX-employee responds
Please Review Your Promissory Note
AUTHOR: TheCreditor - (United States of America)
SUBMITTED: Wednesday, June 22, 2011
You can pay ahead 'til the stars come home. You have no pre-payment penalty.
Your complaint/consumer suggestion is common among people that don't know up from down. Any payment you ever make above the outstanding interest and late fees always goes to principal. Please note that no special request from you is needed or welcome.
Have a flawless evening.
#2 UPDATE EX-employee responds
Here's how you do it
AUTHOR: TheCreditor - (United States of America)
SUBMITTED: Wednesday, June 22, 2011
They're required by federal law to advance your due date, when you pay more than minimum. It is common for people that don't understand student loans to think that a "paid ahead" status doesn't reduce their principle/interest/total amount owed. As of the day they got your payment, they applied it first to late fees/attorney fees/collection costs, then interest, then principle. There is no secret account hiding up there for future payments to be held unto. Once their late fees and interest are covered there is no place for your payment but principle. I hope this knowledge empowers you to make a wise choice.
#1 Consumer Comment
When did you take out loan? Are you still in school?
AUTHOR: Steven - (U.S.A.)
SUBMITTED: Friday, February 25, 2011
Not sure if I understand the problem or not. Did you take out an unsubsidized student loan?
Sounds like you are just being sent a statement with the current interest .
From what I remember I was sent a statement with the quarterly interest. Paying this interest was optional and not was not required (but didn't hurt to pay it anyway).
You can pay them more than 60 dollars if this is the case and that amount would go toward the principal.
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