Nelnet Bank Student Loan Review

By Anita Thomas February 21, 2021

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Nelnet Bank is a partner lender from which we receive compensation. Edvisors® evaluates each lender we partner with and only recommend loan programs which we believe are a best fit for our audience.

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 

Apply for an Ascent Private Student Loan

Recommendation

Best for Private Loans

Interest Rates

Variable rates as low as: 1.47% APR¹

Fixed rates as low as: 3.28% APR¹

Repayment Terms

5, 7, 10, 12 and 15 years

Apply Now More Info

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• AFFORDABLE variable rates starting at 1.47% APR with Automatic Debit Discount*
• 1% CASH BACK Graduation Reward*
• NON-COSIGNED option may be available for undergraduate juniors and seniors.
• PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
• FORGET FEES – No application, origination or disbursement fees. No prepayment penalty if you choose to pay your loan off early.
• COVER UP TO 100% of your tuition and eligible living expenses.

* Ascent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs

Rates are effective as of 01/01/2022 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentFunding.com/Rates

1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. Cosigned Credit-Based Loan student borrowers must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner.  Lowest APRs are available for the most creditworthy applicants and may require a cosigner.

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.

*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.