I was moved from Great Lakes to Nelnet, and I have not liked it at all. My payment was computed, and when I checked in just before the deadline to make sure I did not need to do anything extra, I discovered that my loan payment date had been postponed by three months and that my payment was being recalculated. I received word a few weeks later that the original $800 amount had been revised to about $1300. I paid it as it was almost my due date and then redid my IDR application after reading a lot of reports that people’s payments had been computed erroneously. Then, nearly the next day, it reappeared, $3 more per month…
A letter stating that I had not paid followed. Even though it was late, I paid because I had a screenshot of the confirmation and it had not yet been deducted from my bank account. More than a week has passed, and although my payment was applied on the 27th, according to Nelnet’s website, it has not yet left my bank account. Being a working mother, I genuinely do not have the time to sit on hold for ninety-seven minutes.
In addition, I get the impression that they will just refer me to my bank, which will state clearly that no money will be withheld. Has anyone else had this experience?
I understand that I will need to make the contact, but I was just curious if anyone else had experienced this and if so, how it was addressed or what ultimately transpired.
4 Likes
Everyone experiencing issues should contact both the Department of Education and their federal representatives. I was also transferred from Great Lakes to NelNet, and I’ve found NelNet to be inconsistent and untrustworthy.
3 Likes
I have no idea what my minimum payment is with Nelnet. The amount I owe each month keeps changing, and there’s no paperwork or explanation for how they’re calculating this number. It’s really frustrating.
2 Likes
Don’t go through Nelnet to enter the program. I handled both mine and my wife’s accounts after Great Lakes informed us they’d be transferred to the government site. Subsequently, Nelnet notified me that my account was under review due to a government notice about my savings program, and they provided a new monthly payment amount. I’ve heard negative feedback about dealing directly with Nelnet.
It’s better to use the government site (I believe it’s the Federal Student Aid site) and try your luck there. Don’t be intimidated by warnings about missing a payment or two, especially if the amount seems unjust. You essentially paid for a year for both of us, our families, and even some commenters with that one payment, which shouldn’t have been that high.
1 Like
Nelnet is terrible, misapplying payments and potentially pocketing them. I’ve filed complaints with the FTC and CFPB about a misapplied payment. In November, I made a payment to pay off my student loan debt in full and received confirmation. However, tonight, after an hour on the phone, the representative informed me that someone processed a batch reversal, and my payment hasn’t been applied, even though the money is out of my account. There is no documentation or payment history on my account showing that I made the payment, but there is a reversal of the payment. This company is fraudulent. It’s unfortunate that the Department of Education hasn’t shut them down, and colleges are still using them for tuition payments.