Nelnet Bank Private Student Loan Review
Private Student Loan
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.
How does this loan compare?
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
- 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
- Minimum Annual Income: $36,000
- Maximum Debt-to-Income Ratio: 0.45
- Minimum Enrollment Restriction: None
- Approved Schools Include: Title IV + Non-Profit
- Immediate Principal and Interest Repayment: Not specified by lender
- Full Deferment: Yes
- Length of Grace Period: 6 months
- Cosigner Release Option: Yes, after 24 months on-time payments2
- Disability Discharge: Yes
- US-Based Call Center: None
- Hours of Operation (in addition to weekdays): 7am-8pm Central, Monday through Friday
- Application Timeline: 3-10 days
- Job and Career Assistance: None