So I just found out why my interest never goes down, even with extra money paid to principal. Nelnet is charging me the interest per month based on how many days in the cycle no matter what my principal is. This is not interest, this is a monthly fee. This cannot be fair. We have got to stop this company from ripping us all off. Anybody know how to get the ball rolling?

I am hoping that we can get something together and make this company own up. My wives student loan is with nelnet. She consolidated her student loans in 2000 with nelnet. Last year I started paying the bills and took over seeing that her student loan was paid on time. I have been doing so for the last 6 months. In that time I have been extremely unhappy with this company. I found out that this repayment is structured like a mortgage on a house. In the last 9 years, we have paid $8, 000 dollars in interest and only $6700.00 towards the principal. So I decided to up the payments to try and knock down the principal. I pay $300.00 dollars a month. Roughly $200.00 dollars goes towards principal and the rest to interest. The problem I am having is last month my interest paid was $86.00. this month it was $95.00. If my balance went down $200.00 dollars then my interest should have gone down also. Keep in mind that I have signed up for Kwik Pay. It comes out the same day every month. If I look back over the last few months it seems to be a pattern. There is still only 30 days from payment to payment. So either they are waiting a couple of days to draw my payment in order to accrue a little extra interest or its something else. I feel in my heart based on the evidence that something is amuck at Nelnet. I would love to join in on any class action suit to force them to come clean. Its bad enough for someone to get out of college and have a student loan, basically being in debt 32, 000 dollars (in my wives case). But to have a company that is supposed to help students, take advantage of these students is truly immoral and criminal.

I took two loans in 1992-1993 with Sally Mae while I was in Illinois.
Each of the two loans was for $1000.00.
Total amount borrowed: $2000.00

Despite paying $50.00 a month on these two loans, which were combined into one account, to a series of different companies who have "acquired" the loans from the original lender, since 1994, somehow they are STILL not paid off.

The most recent company that has "purchased" my loan is Nelnet, who "acquired" the loans/debt in August of 2005.

As of my most recent statement for 5/4/2009 the loans are still owing in the amounts of $1113.06 and $842.44

Now, I admit I am not a math major yet common sense tells me that if I CAN PROVE i have paid $50.00 a month since 1/2004, that by 1/2009 I have PAID more than $3000.00 and thus these two $1000.00 loans should be PAID OFF by now

(And by saying that I can prove that I have paid each month since ce 1/2004, @ $50.00 per month, I mean that I can reach into the desk drawer that is less than 4 feet from my keyboard right now, and pull out 5 plus years worth of bank statments. If I pull my "Student Loan" file from my closet filing cabinet, I have proof of payments and or tax refund seizures dating back to 1994 and can prove that I have paid these two loans off at least three times in the last 16 years since incurring them...)


When I contacted Nelnet just now today, I still somehow magically mysteriously owe them over $1955.00.

Last month I called to explain I was out of work, disabled and facing surgery and requested that the monthly payment be reduced...their representative agreed to reduce it to $14.00 total...And I received a letter from Nelnet on their own letterhead telling me that my request had been approved.

Yet not even 10 days after their own letter telling me the payment was being reduced they still took the original payment amount of $50.00. When I called to complain, they told me "Oh your request for reduced payment was reversed, didn't we call you on 5/20/09?"

Uhm no...they didn't, and I have had the SAME telephone number for over 6 years...they know it, their representatives confirm it each and every time I call...

I am seriously contemplating legal action against Nelnet...I can PROVE with banking statements dating back to 1/2004 that I have paid on these two loans monthly, and have paid more than $3000.00 yet the balances on their monthly statements never seem to go down...ever...

If there was a Class Action Lawsuit on behalf of every person who had ever taken out a student loan then ended up dealing with Nelnet, I would happily join the list of Plaintiffs...

Anyone thinking of such an action please contact me at
[email protected]

Thank you!
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