Nelnet Bank Student Loan Refinance Review
Student Loan Refinance
(*variable rate only)
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.
How does this loan compare?
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
- 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
- Minimum Credit Score: 680
- Minimum Annual Income: $36,000
- Citizenship Restriction: Citizens or Residents
- Degree Requirement: Bachelors or greater
- 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
- 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
- Scholarship Search Tool: None
- Sponsors a Scholarship: Yes
- Job and Career Assistance: None
- Financial Literacy Training: Yes