As a student loan borrower, you’re paired up with a student loan servicer, which acts as the middleman between you and your lender, ensuring you have tools and resources available for successful repayment.
Nelnet is one of the main loan servicers helping student loan borrowers manage their repayment. If you have Nelnet student loans, learn about all the ways you can work with them in order to conquer your student loans.
About Nelnet student loans
Nelnet is one of the top four loan servicers for federal student loans and works with the U.S. Department of Education to help student loan borrowers manage their repayment.
Headquartered in Lincoln, Nebraska, the servicer’s mission is to “Build a more educated and fiscally responsible world.”
In early 2018, Nelnet acquired Great Lakes, reducing the number of major student loan servicers from four to three. The other two are Navient and FedLoan Servicing.
Both my undergraduate and graduate loans were serviced by Nelnet up until I finally paid off all my debt. I’ve personally had a good experience with them.
What does Nelnet do as a loan servicer?
If you have Nelnet student loans, they will work with you as a student loan borrower in every stage of your loan cycle — while you’re in school, during your grace period, and as you repay your loans.
Nelnet’s primary role will be working with you in repayment to ensure you have a solid plan that you are meeting your obligation to repay your loans.
In most cases, student loan borrowers are automatically enrolled in the Standard Repayment Plan after graduation, which comes with a 10-year repayment term. However, you can work with Nelnet if you’d like to pursue another repayment plan.
As a loan servicer, Nelnet can:
- Manage your student loan payments
- Help you lower your payments by changing your repayment plan (such as from Standard Repayment Plan to an Income-Based Repayment plan)
- Work with you to apply for deferment or forbearance, which postpones your student loan payments
- Offer resources for getting financially fit
As a loan servicer, Nelnet provides support and customer service if you have any issues during student loan repayment. They are your go-to resource if you have questions about your payments, or if you’d like to make your payments more manageable.
Making Nelnet student loan payments
In order to start making payments on your student loans, you need to create an account with Nelnet. You’ll start by creating a username and password, as well as entering your Social Security number, date of birth, and other personal details in order to retrieve your loans.
Once you have an account, you can make Nelnet student loan payments in a variety of ways:
- Auto-debit, which automatically deducts your monthly payment from your bank account (choosing this option includes a 0.25% interest rate deduction)
- Mobile app — the Nelnet app is available for iPhone and Android and lets you make payments on-the-go
- Online payment using your computer
- Snail mail (addresses vary by loan)
- Through your bank’s bill pay service
- Using Nelnet’s automated phone system
Note that Nelnet does not allow you to pay your student loans with a credit card. Borrowers can also add an authorized payer to their account, so if your parents want to make payments towards your loans, they can.
Another way to keep tabs on your payments is through text message alerts. You can sign up for text alerts through their online system once you are logged in. You can set up alerts for important things like your payment due date, past due notifications, current statement, as well as if your loan status changes.
To enroll, go to Settings and select Manage Text Alerts to choose your preferences.
Nelnet student loan repayment options
Borrowers will have various repayment options available based on the types of loans they have. If you’re enrolled in the Standard Repayment Plan and what to change it, you can do so by logging into your account and clicking on Lower My Payments on the left-hand side.
From there, you can see which options you might qualify for such as the Extended Repayment Plan, Income-Based Repayment plan, and more. You will receive a notification once you’re approved for your new repayment plan.
You can also calculate your prospective monthly payments on the Income-Based Repayment Plan as well as the cost of deferment or forbearance on your student loans.
Nelnet Contact Information
Nelnet makes it easy to stay in contact:
You can call them 24/7 — If you have any questions, give ‘em a ring:
You can also send them an email using this form.
For general correspondence, you can send letters to Nelnet here:
P.O. Box 82561
Lincoln, NE 68501-2561
If you are sending documents related to changing your payment plan, use this address:
Attn: Enrollment Processing
P.O. Box 82565
Lincoln, NE 68501-2565
Remember, your loan servicer is your friend (or, at least, they want to be), so if you are struggling to make payments or need clarification on how your payments are being distributed, use this Nelnet contact information to get in touch.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.50% APR (with Auto Pay) to 7.82% APR (with Auto Pay). Variable rate loan rates range from 2.43% APR (with Auto Pay) to 7.21% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 17, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 04/17/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.45% effective May 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.43% – 7.21%1||Undergrad & Graduate|
|2.43% – 6.65%2||Undergrad & Graduate|
|2.43% – 6.59%3||Undergrad & Graduate|
|2.44% – 6.87%4||Undergrad & Graduate|
|2.43% – 6.59%5||Undergrad & Graduate|
|2.63% – 9.67%6||Undergrad & Graduate|