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Apply the Truth in Lending standards for credit card statements to Student Loan Statements.

Created by A.D. on May 29, 2015

Student loan statements (at least from Nelnet) are vague, misleading, confusing, and possibly inaccurate. Statements list an amount of interest to be applied on the next due date, an amount of interest paid up to the print date, and multiple line items that can be very confusing because they overlap. Furthermore, some statements (at least from Nelnet) state accrued interest to be applied that exceeds the listed interest rate by 50% or more.

Credit card statements clearly list the interest rate you pay, the exact amount of monthly interest, as well as the duration on payments and amount of interest paid if you only make the minimum payment every month.

Student loans servicers should be held to the same standards. All statements should include this basic information!

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