Nelnet reviews and complaints 1
View all 77 complaintsNelnet - fraudulent charges
This company runs a great scam. I applied for and received an income based reduction. My statements say I owe nothing until November of this year. My payments were $199.43 and I was signed up for the Kwikpay. The month that I reduced my payments, my checking account was suddenly debited for $226.23, an increase which caused my account to be assessed a $30.00 overdraft. Okay, my fault, but why the extra amount? All well and good, but then this month, my account gets debited for $226.23 again while my statement says amount due is $0. I logged onto the website as soon as my bank informed me that I was overdrawn and I sent them a message stating the facts. Today, I get an answer and they tell me that since I am signed up for Kwikpay, it's going to keep debiting my account. The day I logged on, I had also canceled the Kwikpay so that this would not happen again. I don't think I should have to pay my bank the $30 overdraft fee for their scam. To increase the amount that they debit my account as soon as I get approved for a reduced payment is totally underhanded. Why ESL would sell my account to them, I'll never know. I guess they were trying to balance the budget on my back.
Why does this company think I asked to reduce my payments? It sure isn't because I wanted to pay more. I would like to get my finances under control and having all these extra charges is not doing me any good. Wish we could choose the company we pay, but that isn't possible when the company we choose sells our account to shysters like these.
The complaint has been investigated and resolved to the customer’s satisfaction.
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I am also not happy with Nelnet and I haven't even graduated yet. The funny thing here is that the Dept of Education sold many loans to Nelnet a couple years ago.
My loans did not originate at Nelnet. My school gave me few options as far as student loan lenders were concerned - which I thought was weird and a set-up on their part (an obvious attempt on the school's part to provide me with a preferred lender, this instance being Bank Of America or Discover).
I chose Bank of America at the time.
One day I received a letter stating that Nelnet would now be my loan holder, something which I had no prior knowledge of, nor expected. I heard something about Obama passing a bill that would restructure the student loan system, but nothing that was well circulated or informative enough.
And as I've been doing my homework on the company I have found they are involved in some unsavory business practices. In one instance even settling a lawsuit brought against them for $55 mil!
Source: http://www.huffingtonpost.com/2010/08/13/nelnet-lawsuit-settled-st_n_681856.html
In fact, if you do a search on Google for "nelnet scam" you will discover a ton of complaints against them. primarily, changing the amount of monthly payments, incorrect accounting of fees, etc. But that's just the tip of the iceberg.
Their involvement with JP Morgan/Chase and Citigroup should say something about their involvement with unethical corporations that have been bleeding and sucking people dry.
To quote a Democratic Underground post on this: "Today, college educations are virtually dependent upon transfer payments and tens or even hundreds of thousands of dollars in debt taken on by families and students, induced and coerced by both schools and lenders who do not even comply with the law in an astounding number of cases, and whom have together lobbied for Federal Laws that are blatantly unconstitutional attachments of financial obligation for those who are, under the law, legal adults."
"This is Constitutionally indefensible and amounts to nothing other than preying upon our youth through the use of them as "levers" to both induce them to take on unconscionable debt and, when possible, abuse their parents - all for the benefit of the banksters who, this lawsuit alleges, don't even comply with the thin protections that Federal Law is supposed to provide!"
Source: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6806888
If I were you, I would consider looking at a way to transfer my loans to your own bank. I am currently looking at this option for myself because I do not like knowing that my loans are being handled by a company I knew nothing about until they started "servicing" my loans. I'll keep you updated as to my progress and what I find out along the way!