Is Nelnet known to be scammy and unethical?

When I consolidated my loans with Nelnet in 2004, I was offered a fixed rate and also a rate reduction after 36 months of payments. HOWEVER, my interest rate has gone up..........

Additionally, I noticed, looking through my payment history that they have a very erradic way of postiing my payments. I understand that my payment is applied in this order.

1. fees
2. interest
3. principal.
BUT, looking at months where
1. the same amount was paid toward my loan and
2. no part of my payment was applied to fees.
the amount applied to the principal is different. How can it be different. Additionally, there are several (and I mean A LOT) of months where NOTHING was applied to principal..........even though there was no amount of the loan applied to fees.
NOW, does it make any sense at all that after 40 months of payments of approx 100.00 per month that only exactly 142.45 has been applied to the principal balance of the loan??

Has anyone else come across this.... or can anyone help me see what I am missing??

HIO~

LOL! I called them with the same question on my loan. It's at a 3.125% fixed, but have the same problems you mentioned.

They explained that the interest accrues daily. Since the date of payment varies each month, the interest and principal portion varies slightly. Over the 12 month history, you should see the principal portion increase and the interest portion decrease.

Here's my payment info from Nelnet:
Effective Date Description Payment Amount Fees Interest Principal
01/15/2008 Nelnetpay $200.00 $0.00 $24.87 $175.13
12/17/2007 Nelnetpay $200.00 $0.00 $27.91 $172.09
11/15/2007 Nelnetpay $200.00 $0.00 $26.60 $173.40
10/16/2007 Nelnetpay $200.00 $0.00 $26.15 $173.85
09/17/2007 Nelnetpay $200.00 $0.00 $30.24 $169.76
08/15/2007 Nelnetpay $200.00 $0.00 $27.93 $172.07
07/16/2007 Nelnetpay $200.00 $0.00 $29.31 $170.69
06/15/2007 Nelnetpay $200.00 $0.00 $29.77 $170.23
05/15/2007 Nelnetpay $200.00 $0.00 $28.26 $171.74
04/16/2007 Nelnetpay $200.00 $0.00 $31.66 $168.34
03/15/2007 Nelnetpay $200.00 $0.00 $28.12 $171.88
02/15/2007 Nelnetpay $200.00 $0.00 $35.82 $164.18

The loan has an approximate $10k balance.

yours looks ok....
look at mine. seriously.............it is so sporadic and NOTHING is going toward principal. I dont get it.






Effective Date Description Payment Amount Fees Interest Principal
01/18/2008 Other $108.26 $0.00 $100.96 $7.30
12/14/2007 Other $216.52 $6.50 $125.70 $84.32
11/05/2007 Other $108.26 $0.00 $108.26 $0.00
10/10/2007 Other $108.26 $6.50 $101.76 $0.00
08/20/2007 Check $108.26 $0.00 $101.33 $6.93
07/16/2007 Check $108.26 $0.00 $60.46 $47.80
06/24/2007 Kwikpay $108.26 $0.00 $84.54 $23.72
05/24/2007 Kwikpay $95.82 $0.00 $81.85 $13.97
04/24/2007 Kwikpay $95.82 $0.00 $84.62 $11.20
03/24/2007 Kwikpay $95.82 $0.00 $76.49 $19.33
02/24/2007 Kwikpay $95.82 $0.00 $84.73 $11.09
01/24/2007 Kwikpay $95.82 $0.00 $84.75 $11.07
12/24/2006 Kwikpay $95.82 $0.00 $82.07 $13.75
11/24/2006 Kwikpay $95.82 $0.00 $84.84 $10.98
10/24/2006 Kwikpay $95.82 $0.00 $82.15 $13.67
09/24/2006 Kwikpay $95.82 $0.00 $84.92 $10.90
08/24/2006 Kwikpay $95.82 $0.00 $84.96 $10.86
07/24/2006 Kwikpay $95.82 $0.00 $82.26 $13.56
06/24/2006 Kwikpay $95.82 $0.00 $85.02 $10.80
05/24/2006 Kwikpay $95.82 $0.00 $82.34 $13.48
04/24/2006 Kwikpay $95.82 $0.00 $85.12 $10.70
03/24/2006 Kwikpay $95.82 $0.00 $84.99 $10.83
02/24/2006 Kwikpay $95.82 $0.00 $95.82 $0.00
01/24/2006 Kwikpay $95.82 $0.00 $95.82 $0.00
12/24/2005 Kwikpay $95.82 $0.00 $95.82 $0.00
11/24/2005 Kwikpay $95.82 $0.00 $95.82 $0.00
10/24/2005 Kwikpay $95.82 $0.00 $95.82 $0.00
09/24/2005 Kwikpay $95.82 $0.00 $95.82 $0.00
09/06/2005 Check $191.64 $5.75 $185.89 $0.00
07/04/2005 Check $95.82 $0.00 $95.82 $0.00
01/25/2005 Check $93.70 $0.00 $89.02 $4.68
01/10/2005 Check $187.40 $5.62 $181.78 $0.00

Looks like something changed on or around August 2007. Did you call them and ask?

i sent an email inquiring today.
however, i am more concerned with the amount of my payment being posted to principal. i dont understand at all..... hoping there is an error, but not holding my breath.

whats the balance? did you request graduated repayment plan?

the balance is just over 25k and i did not ask for a graduated repayment plan....