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Borrower Experience: Special Direct Consolidation Loan Opportunity

January 27, 2012

We are happy to provide an update on the progress of Nelnet’s participation in the Department of Education’s new Special Direct Consolidation Loan opportunity.

The consolidation opportunity has been available to eligible borrowers since January 17, 2012, and Nelnet’s call center has been staffed to take calls about eligibility and the details of the opportunity since that time.

Nelnet began sending e-mails to qualified borrowers on January 18. The second e-mail will be sent on January 31 to all eligible borrowers who haven’t yet applied. Our communication efforts, which include a series of six e-mails, as well as a series of three direct mail postcards, will continue through June. Nelnet’s internally developed website (www.specialdirectconsolidationloan.org), which helps borrowers learn more about Special Direct Consolidation Loans and how to apply, is also live.

As we have moved through the first week of availability, we have seen an increase in phone calls and open rates for our e-mail campaigns. We are aware that there has been some confusion regarding how to apply. We have updated our communications and our website by including more explicit application instructions before the borrower is redirected to www.studentloans.gov.

We are excited to be able to serve eligible borrowers with this new option to help them better manage their student loans. We continue to develop a program that will allow schools to request a copy of their students who have been contacted by Nelnet regarding the Special Direct Consolidation Loan Opportunity, and we will send you additional information as it becomes available.

Please let us know if you have questions.

Don Buehrer, Regional Director, Nelnet Partner Solutions

3 Comments leave one →
  1. James permalink
    March 6, 2012 9:38 am

    I have to be honest and say that this Special Direct Consolidation Loan opportunity through Nelnet has been an absolute nightmare for my wife and I. We’ve spent at least 10 hours a week, almost every week, dealing with this.

    I received the qualification email, applied properly, and waited. Without divulging too much of our personal information online, loan verification statements were never sent to other lenders. I had to call and inquire about that (what the hold up was) and force the process. Again, statements were never received by the other lenders. I had to call and request Nelnet send them again. And again, never received by the other lenders. We’re on a carousel and unable to get off it. We’ve contacted the Department of Education, as well as our state representatives, to share our total frustration with everyone involved.

    There’s a severe gap in Nelnet’s processing department for this. Under no circumstances (according to Nelnet’s own agents we’ve spoken to, agents at the other lenders, and the Department of Education agents we’ve spoken with to look into this situation on our behalf), should it take two months for information to be sent electronically from one lender to another, especially since it’s a connected system.

    I’d appreciate an acknowledgment of this comment (via email and/or phone call), especially if you choose not to publish it. All we want is some trustworthy information, and to get the ball rolling reliably.

  2. March 22, 2012 2:04 pm

    Hi James,
    Thank you for your feedback, and I am sorry to hear this has been a difficult process for you. I was told that one of our Customer Service Representatives was able to get in touch with you and discuss the process and will keep in touch with you until the consolidation is complete. Did you receive the information and help that you needed? – Jodi Miller, Social Media Strategist

  3. Kevin permalink
    July 17, 2012 1:40 pm

    My wife and I appear to be having issues similar to what James described. Can you please help me solve this problem. Thanks.

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