Thursday, August 12, 2010

The Federal Government is suing my student loan servicer, Nelnet, for defrauding the Federal Government

What a fucking circle jerk. First, my student loans were held by Citigroup. Then, the Dept of Education "bought" my loans from Citi and I was making payments to the Dept of Education every month. Then, the Dept of Ed allows Nelnet to service the student loans. Ever since Nelnet has been my servicer, they sent me one statement in the mail and thats it. Its been 3 months now and Ive been making payments over the phone because I cant get a human being on the phone to talk to me. Its all automated bullshit. I haven’t received a single statement. I made some online account but cant remember the fucking password. Still, I havent received any email notification or anything from Nelnet. Then, I see the news that Nelnet is being sued by the feds for apparently defrauding the gov. I realized that something was fishy with this company but now it makes perfect sense. Good thing I only have a half day today as Ive been working 7 days per week 12+ hr days as I will stop at nothing until I get SOMEONE on the phone.
America is slowly turning into a Banana republic. First, my girlfriend shows up at the DMV for her driving test (Aussie national) at 1230pm and is told at 4pm to leave because they were 7 hrs behind schedule lol. There goes a day wasted. Then, I call the Dept of Health for LA County and request a copy of a permit for one of my restaurants and they fax me a permit from 2008 lol lol lol. So much for the government leading the way for job growth right?? Speaking about jobs, the last 2 months of data SUCKED and today’s first time jobless claims at 482,000 with last week revised up to 479,000 does not bode well for the overall job market. Many expect economic contraction by 4qtr 2010. Not that we ever got out of the first dip as we simply had a government bounce with a good $3 trillion of extra federal debt to show for it. Wooohoooo!!! Were getting closer to national insolvency by the month!!!
Back to my student loan boondoggle, can you imagine that 75k is flying around between so many parties just like that? I wonder how many times my student loans will be bought and sold to the point where the promissory note is lost and then I wont have to pay them jack shit perhaps?? Wouldn’t that be nice. Well, keep dreaming subprime. Things are slowly but surely becoming more dysfunctional. This is what happens when a society begins the process of decomplexity. As a dark reminder from the past, during the dark ages of Europe people actually ripped off stones from the Coliseum to built huts alongside it. They used portions of great monuments of their forefathers to construct their little shacks. Imagine how defeating that must be.

I don't know if the eventual fall of America will bring upon a new dark ages (although the accompanying fall of Europe and Japan will certaintly push us in that direction), one thing I can say with absolute certainty is this: we will all have to work alot harder for much less in return. We must accept this new reality and move forward. In time the issues of fraud will be dealt with as the excesses at the top of the pyramid can only continue for so much longer.



  1. White type on black is really difficult for me to read for some reason. It burns my retinas or retinae - whatever that is.

    That said, the whole of student lending is a fraud, from state schools that need tuition increases year-on-year to places like the University of Phoenix. Then you look at how the lenders basically excluded anyone more than two years delinquent from the calculation of their "default rate", which was what the government used (for federal loans) to decide what percentage of their private portfolio to guarantee, and add in the reality that the student lenders were securitizing these things like they were mortgages and using the guarantee rate to effectively price the fictitious instruments in the market, and you get one great big fraud.

    Now add in the fact that there is more student loan debt in the U.S. than credit card debt.

    What a concoction.

  2. My student loan debt from my Undergrad days was small, but was taken care of because I became 100% permanently and totally disabled. They were discharged. I am going to a well known Internet bashed Law school in Jan. I might be able to get it paid for, without student loans. However, I can still get student loans. If I want I can take out the Federal loans. The previous loan discharge does not preclude me. Taking it a step further, my condition has never improved. If I want to take out the loans, then someday in the future claim that I am still 100% disabled, I could and get them discharged. Do you see a problem with this system?

  3. Just received my student loan bill from Nelnet today and am not happy. With the hidden fees, hidden insurance costs and the mysterious loan amount calculations, I feel that I am being defrauded by Nelnet. I wonder how many other students are being scammed by Nelnet.

  4. It's important to realize that there may be some repercussions to working with a lesser known student financial institution. This may involve different conditions and issues with expenses. If you work with a lesser organization, it's a great concept to first examine their popularity to make sure that you're making a intelligent choice.

    1. my nelnet loan got double instead of getting lower. icalled them and they cant get my statement and history payment.

  5. i'm calling a lawyer...can't find anyone else who is. Nelnet is stealing money from my family. we send it....we can't find where it gets applied. it hocus pocus and I never signed on to them...they were assigned to me? I need some kind of procedure to get my loan serviced by someone else. in the meantime theres a lot of money that has disappeared that I need credited back. I'll check back this site, i don't even trust putting my contact info here bc of their crazy spies, I've seen responses debating the complaints of people like me..makes me wonder. i'll check back.

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