Nelnet review: Billing

Date and Time - When COVID Forbearance ended.

My complaints are tied to how payments are processed, how statements and information are documented and retained, Misleading information given by call center employees and Unauthorized changes to my payment Plan.

Unauthorized changes to my payment Plan: During the Covid Forbearance, A call was made by me and I request that my payment plan be changed to Income Driven. I was then given a payment amount of $336 a month, with payments on all loans starting when forbearance ends. When payments resumed, my payment plan and payments were changed to $271 between 2 loans and the third loan did not resume payments. I was not notified of these changes.

Statement Generation and Misleading information: During the Covid Forbearance I noticed that $5,000 interest capitalization was being added from my principal. despite the fact that I had been making regular payments. When I called to inquire about this I was told that this would work to my advantage because my principal was lowered. While everyone is entitled to their own opinion, there is no factual reasoning to believe that $5,000 of interest is in the borrower's best interest versus it being part of the principal. When I was told that I did not make enough regular payments, I requested documentation showing what payments were made, and how interest was accrued. I was told on the phone that they could give me documentation of previous payments, but not interest that was accrued. I find it ridiculous that there is no documentation of how interest is accrued and clients are just supposed to trust what program's calculation of interest, especially in light of said system already making a mistake.

Payment processing: A 10-day payment processing time is outrageous. Maybe there is not much the company can do about it, but every other company seems to have it figured out. In those 10 days interest continues to accrue on top of outstanding interest that should be paid off, and yet again, clients are expected to trust that the interest is correctly being fixed.