Updated: November 23, 2021

Nelnet Bank Student Loan Refinance Review

Student Loan Refinance

Advertising disclosure
Refinance
Student Loan Rating
4 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.
2.30% - 5.94%
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.
1.87% - 5.41%
Repayment Terms
5, 7, 10, 15, 20, 25* years

(*variable rate only)

Important Information

Rewards: 0.25% interest rate deduction with autopay included in rates above

Eligibility: *25-year repayment term only available with variable rate. Must have attained Bachelors degree or greater

Flexibility: Multiple types of repayment assistance for borrowers facing financial hardship

Overall Limits: $5,000 (minimum)

 

The bottom line:

Nelnet Bank is a good student loan refinancing option for well-qualified borrowers and borrowers looking to refinance PLUS loans. Nelnet Bank is one of the more flexible lenders across the board. Nelnet Bank offers fairly competitive interest rates on its refinance loans to the most credit-worthy borrowers.

Pros

  • Customizable monthly payment due date
  • 0.25% interest rate reduction with autopay
  • Cosigner release available
  • Multiple types of repayment assistance for borrowers facing financial hardship
  • No origination, application or prepayment fees

 

Cons

  • Late fees
  • Does not offer grace periods
Nelnet Bank Earnest LendKey
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:
2.30% - 5.94%
Variable:
1.87% - 5.41%
Fixed:
2.44% - 5.79%
Variable:
1.88% - 5.64%
Fixed:
2.95% - 7.63%
Variable:
1.90% - 5.25%
Loan repayment terms (Years) 5, 7, 10, 15, 20, 25* years

(*variable rate only)

5, 10, 15, 20 years 5, 7, 10, 15, 20 years
Cosigner release? Yes, after 24 months consecutive on-time payments Not specified Yes, after 12 months on-time payments

Nelnet Bank is among the most flexible student loan refinancing options. 

While Nelnet Bank does not require all borrowers to apply with cosigner, it does offer this as an option. The minimum credit score required to refinance for individual borrowers is 680 and minimum annual income is $36,000. If you do not meet one of these eligibility requirements yourself, you can still qualify for a loan as long as your cosigner meets these requirements. Borrowers can apply to release a cosigner from their loan after making 24 consecutive on-time payments.

To be eligible to refinance with Nelnet Bank, you must have a minimum student loan amount of $5,000. You can refinance up to $500,000 if you have a graduate health professions degree. Choose from 5, 7, 10, 15, 20 and 25-year repayment terms, but note that you will only qualify for a 20-year loan term if your balance is greater than or equal to $25,000 and the 25-year loan term is only available with a variable interest rate. Nelnet Bank allows parent borrowers to transfer their Parent PLUS federal student loans into their student’s name when they refinance (with the student’s approval). As with most refinance lenders, borrowers can refinance federal student loan debt but will lose access to income-driven repayment options and student loan forgiveness programs.

Nelnet Bank offers plenty of ways to make repayment easier on borrowers. For example, all borrowers can customize their payment due date to fit their needs or even have loan payments paused. Borrowers may qualify for up to 12 months of hardship forbearance if they experience temporary financial hardship due to factors such as unexpected loss of income.

Nelnet Bank - Private Student Loan Refinance Details

Interest Rates, Fees and Terms
  • Credit Check: Soft for Rate Check, Hard for Application
  • Repayment Terms: 5, 7, 10, 15, 20, 25* years
  • Minimum Borrowing Limit: $5,000
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Credit Score: 680
  • Minimum Annual Income: $36,000
  • Citizenship Restriction: Citizens or Residents
  • Degree Requirement: Bachelors or greater
Repayment Options
Repayment Details
  • Maximum Deferment Period: 36 months
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: Yes, after 24 months consecutive on-time payments
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Yes
  • Hours of Operation (in addition to weekdays): 7am-8pm Central, Monday through Friday
  • Application Timeline: Get rate in minutes, funding typically within 14 days
Extras
  • Scholarship Search Tool: None
  • Sponsors a Scholarship: Yes
  • Job and Career Assistance: None
  • Financial Literacy Training: Yes
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