Loans » Student Loan Reviews » Nelnet Student Loans Review 2021
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Nelnet Student Loans Review 2021

Nelnet provides financial aid products and benefits to graduates, undergraduates and professionals. Here's what you should know.
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Nelnet Review

Nelnet provides money lending services for educational purposes. The company offers financial aid products and benefits to graduates, undergraduates and professionals. These benefits include; easy application process, expert customer agents, and cosigner benefits.

nelnet student loan review

On Nelnet Secure Website

Loan Types

– Private Loans
– Refinancing

Loan Amount

$1,000 – $500,000



Nelnet has been in operation for over forty years and has proven to be up to the task. Students can use Nelnet lending service with no sign-up charges, flexible payback plans and quick funding. The organization’s products serve as practical alternatives to federal loans.

 Rates And Terms

Rates and TermsRefinancing LoanPrivate Loans
Loan amounts
  • Minimum of $5000
  • $1000 to $500,000
Fixed APR
  • 2.99% to 6.63%
  • 1.23% to 12.21%
Variable APR
  • 2.00% to 6.66%
  • 2.68% to 9.46%
  • Origination fee: None
  • Late fee: Up to 6%
  • Prepayment fee: Unknown
  • Origination fee: None
  • Late fee: Up to 6%
  • Prepayment fee: Unknown
  • Repayments are made monthly
  • Repayment may be immediate
  • Interest-only repayments all through your undergraduate days
  • Defer payment till after graduation
Loan Terms
  • 5, 7, 10, 15, 20 or 25 years
  • 5 to 15 years


RequirementsRefinancing Private Loans
Minimum credit score680+680+
Minimum income$36,000$36,000
Must have graduated? Part-time students?Must have graduatedHalf-time or full-time students
Deferment YesYes. In-school Deferment
Soft credit check?YesYes
Bankruptcy?NoThere must have been no bankruptcy in 7 years
Forbearance24 months24 months

Nelnet sets a reasonable qualification procedure with no sign-up charges. Compared to its contemporaries, the company has a high credit score requirement; however, they include the option for consigners when students cannot meet up to the standard.

Nelnet has a readily available money-lending service reaching a broad audience of 49 states in the US. It is only open to American students or those that reside there permanently. The refinancing offer includes a forbearance plan for graduates who experience sudden job terminations or loss of income. Students should have attained the legal age in their various states before applying for refinancing loans. 

Nelnet Student Loans Refinancing

Nelnet permits borrowers to refinance federal and private loans and get interest rate estimates without affecting their credit scores. The company allows borrowers to refinance student loans worth $5000 or more and provides a 2-year forbearance period for unexpected income loss.

There is a 0.25% reduction in interest rate when borrowers use the automatic debit feature for repayment. There is also the benefit of releasing cosigners from the loan agreement after making twenty-four on-time repayments. Additional services include Deferment for citizens in the military and forbearance options due to natural disasters.

There are some things you must take into consideration before deciding to apply for Nelnet refinancing plans. The organization strictly admits US citizens or permanent residents. You should have attained the majority age and no longer be enrolled in school.

Borrowers are required to earn a minimum of $36,000 annually. You should be ready to provide personal and public information on the application like; residential address, social security number, proof of employment, contact details, proof of income, and loan information. Provided that you can meet these requirements, the Nelnet refinancing offer has a myriad of benefits to offer those in need. However, there are no grace periods for delayed repayments.

 Nelnet's Student Loans Pros & Cons

Every borrower has its advantages and disadvantages. However, Nelnet is definitely an alternative to finance one's higher education. There are a few benefits and drawbacks you should comprehend about this lender. Here's what you should know:

Borrowers are liable to 0.25% discounts on student loans and student refinancing loans when they opt for the automatic debt repayment plan.

They provide partnership deals to financial and educational institutions to include Nelnet student loans in their offers as; employee benefits in professional organizations, partnerships with schools, adverts in information publishing companies, and bank loans.

Private student loans grant a grace period of six months for fresh graduates to repay their loans

Borrowers can check for an estimate of their loan qualification amount without affecting their credit score.

A significant feature of the company’s service is the option to include consigners when applicants cannot meet the standard requirements. Cosigners are permitted to excuse themselves from the loan agreement after a successful and on-time repayment up to twenty-four times.

The organization offers various repayment plans like immediate, interest-only, and deferred payments for student loans. The refinancing offer spans from as low as five to twenty-five years, depending on the loan amount.

Borrowers may sometimes experience tight financial situations or unexpected circumstances. The forbearance and deferment plans help to mitigate the financial harshness that comes along with these instances.

Unlike most lenders, Nelnet doesn’t offer grace or honour grace periods for delayed repayments for student refinancing loans.

Nelnet does not offer money-lending services to international students. Nelnet student offers are unavailable in the state of Vermont.

Nelnet has recorded many customer complaints and has been involved in a few lawsuits

Customers have reported a delay in customer service response with little to no changes in their accounts after reaching out to agents to make complaints. 

Borrowers have complained of bad service when fixing payments according to the different plans. Customer service agents haven't been up to par when making changes in repayment plans and allotting loans. 

The automatic debit plan does not permit borrowers to pay twice a month.

Nelnet Repayment Options

Nelnet considers the borrower's interest by offering several repayment plans to suit different needs. First is the immediate repayment plan to pay the complete principal and interest amount as soon as the loan has been granted. Here, the monthly payments commence between thirty to forty-five days after the agreement is executed and may span through the undergraduate years. Another one is the interest-only plan that may be paid while still an undergraduate. Here, the borrower prevents the accumulation of interest by paying off the capital balance and deferring the principal sum till after graduation. And finally, is the deferred repayment plan to stall all forms of repayment till after graduation.

Nelnet’s student refinancing loan offers monthly repayments to span over various periods like five, seven, ten, fifteen, twenty, twenty-five years depending on the amount borrowed and creditworthiness. Short payback duration will attract a low-interest charge and a reduced total cost but increased monthly payments.

However, an extended repayment term will reduce monthly payments but accumulate interest rates and high absolute fees. Academic deferments, military deferments, forbearances, death and disability discharges are some of the repayment clauses for student refinance loans. 

Reputation & Customer Service 

The reputation of a lender is a very important requirement always to consider. Ensure that you look into the specific instructions and details about the lender. It's advisable to read up reviews and understand aspects like the loan requirements and previous records.

  • A+ on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.