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What is Nelnet Bank Student Loans?
Nelnet Bank is a student loan lender that offers in-school student loans, along with refinancing. Nelnet Bank has been around for over 40 years, so working with them means working with a trusted and experienced lender. And Nelnet Bank offers competitive pricing with zero origination fees. Their loan options include:
- Undergraduate student loans
- Graduate student loans
- Parent loans
- Student loan refinancing
Nelnet Bank Student Loans
Nelnet Bank student loans are private loan options that can be used when your federal, state, or institutional-based financial aid is not enough. Here is a little more information about each of the in-schools loans they offer.
Private Student Loans for Undergraduates
If you are an undergraduate student enrolled at least half-time, you may be eligible for a Nelnet Bank private loan. Cosigners are strongly encouraged as most undergraduates lack the credit score and proof of income to qualify on their own. The minimum loan amount you may borrow is $1,000 and the maximum aggregate limit is $125,000.
Graduate Student Loans
Nelnet Bank offers loans to graduate students who are enrolled in several disciplines. And they offer solutions to postgraduates and professional students, for all you future lawyers, doctors, nurses, radiologists, and more. You may borrow a minimum of $1,000. The aggregate loan limit is between $175,000 and $500,000, depending on your degree type.
Graduate and professional loan options are:
- Master's and PhD Loans
- MBA Loans
- Law Loans
- Dental Loans
- Medical School Loans
Parent Loans
Nelnet’s parent loans are an alternative to the Federal PLUS Loan and they boast zero origination fees, along with competitive interest rates. You can borrow on behalf of your son or daughter to help finance their education. Loan limits are subject to credit approval and the total cost of attendance at your son or daughter’s school.
Nelnet Bank Student Loan Refinance
Nelnet Bank's student loan refinance product is available once you have obtained your bachelor's degree - or higher. And if you’ve already been in repayment for a number of years, but are unhappy with your interest rate or loan terms, refinancing is a great option. Eligibility requirements include being a US citizen (or having permanent residency status with a Social Security Number), being of legal age, and meeting minimum income and credit score requirements. You can also apply with a cosigner to help you qualify for a new refinance loan.
Nelnet Bank Parent PLUS Loan Refinance
Nelnet Bank offers parents the ability to transfer their Parent PLUS Loan(s) to the student. To qualify, the student (the child for whom the Parent PLUS Loan was obtained) needs to demonstrate strong credit history and proof of income. But cosigners, such as a spouse, can be used.
How Do I Apply for a Nelnet Bank Student Loan?
To apply for a Nelnet Bank student loan, start by entering your school on our website to see if your college or university matches the Nelnet Bank list of schools. From there, click on “Apply Now” and you will be directed to begin the application form. And if you’re a student, we strongly suggest you apply with a cosigner to improve the odds of getting approved, as well as possibly qualifying for a lower interest rate.
How Do I Apply for a Nelnet Bank Student Loan Refinance?
We can help you with that as well. Start by choosing your lender and you'll be transferred to their website to apply for a student loan refinance. You have the option to apply on your own, or to use a cosigner to help you qualify for the best rates.
Nelnet Bank Cosigner Release
Nelnet Bank offers cosigner release which gives you the opportunity to remove your mom, dad, grandparent or whomever helped you secure the loan, from any further obligation. To qualify, Nelnet Bank needs to see that you can handle the debt and the payments on your own, without the safety net of a cosigner. This generally means the following:
- Demonstrate U.S. citizenship or permanent residency
- Have a track record of 24 on-time monthly payments
- Meet minimum credit criteria and proof of income
Terms and conditions may vary, make sure to read the terms and conditions of your loan.
Pros and Cons of Nelnet Bank Student Loans
Shopping for a private student loan means looking at both the advantages and potential shortcomings. Here are some pros and cons when it comes to Nelnet Bank Student Loans.
| Pros | Cons |
|---|---|
| Variable and fixed interest rate options | A cosigner may be needed to qualify for the lower advertised rates. |
| Loan options for undergraduate and graduate/professional students | There are no federal protections (meaning there is no government assistance in paying for the loan). |
| Flexible repayment options, including interest-only while in school | Ineligible for income-driven repayment plans. |
| Experienced lender with a 40+ year history of service | |
| Cosigner release is available if you meet the terms and conditions | |
| Unemployment protection available during hardships | These protections are limited. There are more deferment and forbearance options , along with modified repayment options available in the federal student loan program. |
| Nelnet Bank also offers student loan refinancing | Including federal student loans in a refinanced loan could mean sacrificing certain borrower benefits, including loan forgiveness. |
| Parent PLUS Loans can be transferred to the student through refinancing* |
*Your child refinancing the loan would need to qualify for the refinance on their own or with a cosigner.
Nelnet Bank Customer Service
Nelnet Bank has phone and email support, as well as live chat agents available to assist you. Nelnet Bank maintains an A+ rating on Better Business Bureau (BBB).
How Nelnet Bank Gives Back
The Nelnet Foundation, established in 2004, is dedicated to giving back to communities. Renowned for its charitable contributions, the foundation focuses on youth and educational programs, as well as scholarships. Over the years, Nelnet Foundation has donated tens of millions of dollars to support hundreds of organizations. Moreover, the foundation annually awards renewable scholarships and has granted over 5,000 awards to low-income students through the Learn to Dream Scholarship.
Nelnet Bank Headquarters
Nelnet Bank is headquartered in Lincoln, Nebraska and they have approximately 7,000 employees.
