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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
- Student loan refinancing
Nelnet Bank
- Simple application process
- See your rate in minutes without affecting your credit score2
- Auto debit savings3
- Flexible repayment plans and multiple loan terms available
- No application fees and no origination fees
- Easy cosigning options
Nelnet Bank (Member FDIC)
Lowest rates shown already include an auto debit discount.
1 Fixed interest rates range from 3.69% APR (with auto debit discount) to 9.36% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan. Variable interest rates range from 6.22% APR (with auto debit discount) to 10.32% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.25% as of October 1, 2024. The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.
2 Credit Score: Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.
3 Auto Debit: Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest), interest only and fixed pay are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.
Student Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. All applicants must be the legal age to enter into binding contracts in their state of residence or territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. Student must be enrolled at least half-time at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.
Undergraduate Loan Amounts*:
Minimum loan amount: $1,000
Maximum loan amount: $125,000
Graduate Loan Amounts*:
Minimum loan amount: $1,000
Maximum Loan amount:
- Graduate or doctorate degree: $175,000
- MBA or graduate law degree: $175,000
- Graduate health professions degree: $500,000
*Maximum loan amounts are subject to limits on total student loan debt
This referral partner is not the creditor of Nelnet Bank loans and may receive compensation from Nelnet Bank for the referral of Nelnet Bank loan customers.
Before taking out a private student loan, make sure to take advantage of any federal student loans, grants, or scholarships you have access to. Federal student loans often include benefits and lower interest rates, so be sure to consider all of your options before applying for a private student loan.
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.
Graduate Student Loans
Nelnet Bank offers loans to graduate students who are enrolled in a number of disciplines. And they offer solutions to postgraduates and professional students, for all you future lawyers, doctors, nurses, radiologists, and more!
Graduate loan options are:
- MBA Loans
- Law Loans
- Health Professions Loans
Nelnet Bank Student Loan Refinance
Nelnet Bank's student loan refinance product is available once you are finished with your degree program. 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. This is something that has continued to gain in popularity, but not all lenders offer this option. 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?
You’ve come to the right place 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 answering a few basic questions on our website to see if Nelnet Bank student loan refinance is an option for you. From there you will be redirected to being the application form. 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 basically gives you the opportunity to let your mom, dad, grandparent or whomever helped you secure the loan, off the hook. 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 if Nelnet Bank Student Loans
Shopping for a private student loan means looking at both the advantages and potential shortcomings. Here are some critical pros and cons when it comes to Nelnet Bank Student Loans.
| Pros | Cons |
|---|---|
| Variable and fixed interest rate options | The better your credit history, the better your chances of qualifying for a low advertised rate. A cosigner may be needed. |
| Loan options for undergraduate and graduate/professional students | No federal subsidy (meaning there is no government assistance in paying for the loan) |
| Flexible repayment choices, 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 | There may be more deferment and forbearance 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 in the Direct Loan Program |
| 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
According to Independent Service Ratings from Feefo, Nelnet Bank boasts a customer satisfaction score of 4.6 out of 5. Nelnet Bank has phone and email support, as well live chat agents available to assist you.
How Nelnet Bank Gives Back
The Nelnet Bank 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 Bank Foundation has donated nearly $19 million 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 6,600 employees.