Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Nelnet Review

Advertiser Disclosure

About lender

Nelnet is a federal and private student loan servicer. Nelnet acquired Great Lakes Educational Loan Services in 2018, and together, they implement the best financial tools that allow them to outperform other lenders providing federal student loans than any other servicer.

Nelnet was founded in 1996 and serviced federal student loans for the U.S. Department of Education. It is currently based in Lincoln, Nebraska.

Pros and cons

Even though Nelnet has recommended itself as one of the best federal student loan servicers, its financial solutions still deserve to be thoroughly analyzed.

Pros 

  • For customers having difficulty making payments to their student loans, Nelnet offers deferment and forbearance options to postpone the payments. These services do not hurt the clientele's credit.
  • Nelnet enables international students to apply for loan options with a co-signer, a qualified U.S. citizen, or a permanent resident.
  • Customers can see if they qualify for Nelnet financial solutions and what rate they get without a hard credit check.
  • With Nelnet, customers can qualify for the loan even if they filed for bankruptcy after seven years.
  • The company charges no prepayment fees and penalties for its services.
  • Nelnet's loans are available in all the U.S. states.
  • The loan servicer provides customers with online payment arrangements.

Cons

  • The company has below-average customer support compared with other lenders.
  • Nelnet doesn't allow biweekly payments via autopay.
  • Nelnet has comparatively high eligibility requirements of an approximate minimum credit score of 640 with a qualified co-signer and a minimum income of $36,000. Hence, not every customer with an average income can apply for the loan servicer's financial solutions.
  • The loan servicer does not assign customers a dedicated student loan advisor.
  • Nelnet reports to the credit bureaus on a monthly basis. That may affect the clientele's credit score positively or negatively, depending on how they make payments.

Conclusion

Hence, Nelnet is a loan servicer best suitable for borrowers who may need wiggle room on payments or debt cancellation options. Like any other financial company, it has its benefits and drawbacks. Nelnet is a trusting loan company offering federal student loans at highly compatible rates, providing pre-qualification options and various payment arrangements. However, the company may not be an appropriate solution for customers with low credit scores and income.

Terms and conditions

Nelnet's fixed APR is from 4.49% to 8.44%, while variable APR is 5.31-11.97%. Typically, the minimum required monthly payments for students' loans are $50.00. Nevertheless, it may be higher for graduates, doctorate, and MBA.

Funding a loan

The money is disbursed by the loan servicer toward the clients directly through the Nelnet app or to the customer's account through the banking or checking account. Typically, customers can get their money within a few business days.

Nelnet

Reviews

FAQ

Is Nelnet a federal or private loan?

Nelnet is primarily known as a student loan servicer. It offers private education and consumer loans.

Is Nelnet legitimate?

Yes, Nelnet is a trustworthy and reliable private company contracted by the federal government to service federal student loans. Furthermore, it has many positive reviews on its website.

What company took over Nelnet?

Great Lakes Higher Education Corporation, one of seven companies that service federal loan debt by collecting and tracking payments, took over Nelnet.

Is Nelnet still handling student loans?

Yes, currently, Nelnet services federal student loans and refinancing programs made by the Department of Education and offered through a partnership with the Union Bank and the Trust Company.

Company documents

Terms of use
Privacy Policy

We are a technology company, idea incubator, start-up accelerator, and education expert.

© Nelnet, Inc.
Offers
Nelnet
Private Student Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $57,500
Rate
i

Interest rate

from 4.49%
Term
i

Loan term for the financial product

up to 25 years
Apply
Similars products
Sallie Mae
Student loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $15,000
Rate
i

Interest rate

up to 12.85%
Term
i

Loan term for the financial product

up to 15 years
Apply
Navient
Private Student Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from $5,000
Rate
i

Interest rate

from 5.8%
Term
i

Loan term for the financial product

up to 30 years
Apply
LendKey
Private Student Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from $2,000
Rate
i

Interest rate

from 4.89%
Term
i

Loan term for the financial product

up to 15 years
Apply
Calculate loan payments in Nelnet

Nelnet calculator will allow you to calculate an approximate payment schedule for the loan

Nelnet calculator
Interest rates are given in accordance with the rates of the Nelnet of 18.07.2024
Loan amount
i

Enter the desired loan amount

USD
USD
1000 $
57500 $
Loan term
i

Specify the loan term for the calculation

years
months
1
25
State
Your comment has been added
Error
Your complaint has been recorded
Invalid username or password
comment.alert.error-reg
Please log in to like/dislike
Invalid SMS code has been entered
Nelnet reviews 2024
Leave feedback
Similar companies
NaviRefi
123 S Justison St, Wilmington, DE 19801-5360
+1 (844) 381-6621
HESAA
PO Box 545, Trenton, NJ 08625-0545
+1 (609) 584-4480
RISLA
935 Jefferson Blvd, Suite 3000, Warwick, RI 02886
+1 (800) 758-7562
VSAC
10 East Allen Street, Winooski, VT 05404
+1 (800) 642-3177
Funding U
309 East Paces Ferry Rd. NE Suite 400, Atlanta, GA 30305