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[Request} I need help understanding Nelnet interest rate adjustments

So I received an e-mail from Nelnet on July 18th stating that one of my loans is going to have a new interest rate because it was taken out before July 1, 2006. It says “Congress sets the method to determine the interest rates for federal student loans (ok). Most Federal student loans first dispersed before July 1,2006, have a variable interest rate, which means they are subject to change annually on July 1. The adjusted rates are effective through June 30th of the following year. You have at least one loan with a variable interest rate…” So here are my questions – what is this law/rule? and I didn’t take out any variable interest rate loans while in college. They were all subsidized loans. This is the second time Nelnet has changed my interest rates since taking them over from the Great Lakes merger. (The first time was shortly after the merger and they said for years my interest rate had not changed on some or all of my loans and they were backdating the interest rate, which added about $1,500 to my total).

[Request} I need help understanding Nelnet interest rate adjustments – RobinHood – Reddit Feed


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