Nelnet Student Loan Complaint

Nelnet Student loan department,

Non-federal student loan Dealing with my lender or servicer Trouble with how payments are handled Ohio

I have been trying to pay the balance down by paying extra on each payment and sending in a small amount in addition to that. The company is not applying the extra to my principal balance - despite the fact that I am current. When I asked about it they gave me some ridiculous line about the simple interest calculation. It sounds like a corrupt practice and is definitely causing me harm. Additionally, they are not providing me regular statements, sometimes going months between statements ( no -/-/- statement ever produced or received, no statements in -/-/- or -/-/- ) Here 's what they told me : Account : - Thank you for contacting Firstmark Services. The interest on your student loan ( s ) is calculated using the daily simple interest method. Your interest accrues at a daily rate based on the principal balance and interest rate of your loan ( s ).


2 ) Divide this amount by -, which is the number of days per year ( i.e. $800.00 / - = $2.00 ). 3 ) Multiply the daily rate by the number of days since your last payment ( i.e. $2.00 x - = $10.00 ). 4 ) This is the amount of interest that has accrued on your account. Please note that when a payment is received, it is first applied to any fees ( if applicable ), then to accrued interest, and finally to principal. Your previous payment was received -/-/-, and your most recent payment was received -/-/-. Since 23 days elapsed between payments, $410.00 of your payment was applied to interest. We appreciate the opportunity to serve you as a valued customer. If you have any other questions, please respond to this e-mail or visit our website at -. Sincerely, Firstmark Customer Service