Updated: August 8, 2022

Nelnet Bank Private Student Loan Review

Private Student Loan

Advertising disclosure
Undergraduate
Student Loan Rating
4.5 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.49% - 11.68% 1
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.34% - 12.02% 1
Repayment Terms
Multiple term options available
Lowest rates listed above include an interest rate reduction for eligible applications, enrollment in auto debit, and are available only to the most creditworthy applicants. Advertised variable rates reflect the starting range of rates and may increase over the life of the loan. [See Disclaimer]
Important Information

Eligibility: Maximum debt-to-income ratio of 45%; 640 minimum credit score with cosigner minimum 680

Flexibility: Allow up to 60 month deferment

Yearly and Overall Loan Limits: Minimum of $1,000; aggregate maximum of $250,000 for undergraduates

Cosigner Terms: Cosigner optional, allows for Cosigner Release after 24 on-time monthly payments

The bottom line:

With over 40 years of experience, Nelnet Inc. is one of the nation's largest student loan servicers. Nelnet Bank's Private Student Loan offers good flexibility for borrowers with a 60 month maximum deferment duration and a 120 month limit on the length of the borrower's in-school period. 

Pros

  • In-school period limit of 120 months is much higher than other lenders
  • 60-month maximum duration of deferments

Cons

  • Charges late fees
  • No repayment terms longer than 15 years
Nelnet Bank Earnest College Ave
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Fixed:
3.49% - 11.68% 1
Variable:
2.34% - 12.02% 1
Fixed:
3.22% - 12.78%
Variable:
1.34% - 11.44%
Fixed:
3.22% - 13.95% 1
Variable:
1.29% - 12.99% 1
Loan repayment terms (Years) Multiple term options available 5, 7, 10, 12, 15 years 5, 8, 10, 15 years
Cosigner release? Yes, after 24 months on-time payments 2 None Yes, after 24 months on-time payments

Nelnet Bank's Private Student Loan is flexible for borrowers needing a longer in-school period or deferments. Multiple student loan repayment term options are available and applying with a cosigner is optional. Nelnet Bank allows cosigners to be released from responsibility after 24 months of on-time payments.

While Nelnet Bank offers death and disability discharge, interest-only payments, and full deferment, a late payment fee of 5 percent of the portion of the monthly payment that was not paid in full when due, or $25.00, whichever is less, is charged if the borrower fails to make any part of a payment within 15 days of its due date.

A hard credit check is not required for pre-qualification, so you can check your rate without impacting your credit score. Borrowers generally need a 640 credit score with a cosigner whose credit score is at least 680. There are no minimum or maximum borrowing amounts, so this is a good choice if you only need a small loan.

Nelnet Bank - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft for Rate Check, Hard for Application
  • Repayment Terms: Multiple term options available
  • Minimum Borrowing Limit: $1,000
  • Yearly Borrowing Limit: None
  • Aggregate Borrowing Limit: $250,000
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Annual Income: $36,000
  • Maximum Debt-to-Income Ratio: 0.45
  • Minimum Enrollment Restriction: None
  • Approved Schools Include: Title IV + Non-Profit
Repayment Options
  • Immediate Principal and Interest Repayment: Not specified by lender
  • Full Deferment: Yes
Repayment Details
  • Length of Grace Period: 6 months
  • Cosigner Release Option: Yes, after 24 months on-time payments2
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: None
  • Hours of Operation (in addition to weekdays): 7am-8pm Central, Monday through Friday
  • Application Timeline: 3-10 days
Extras
  • Job and Career Assistance: None

Other Loans that Nelnet Bank Offers:

Wondering how much that loan is going to cost you? Check out our free Loan Calculator!
Input your loan terms and we’ll tell you how much you can expect to pay monthly and in total