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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 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 was formed in 2004 as a means of giving back to communities. The company is known for charitable contributions in the form of youth and educational oriented programs, as well as scholarships. Since its formation, Nelnet Bank Foundation has given nearly $19 million to hundreds of organizations. Additionally, each year the foundation awards renewable scholarships, and through their Learn to Dream Scholarship, they have granted more than 5,000 awards to low-income students.
Nelnet Bank Headquarters
Nelnet Bank is headquartered in Lincoln, Nebraska and they have approximately 6,600 employees.