Updated: September 15, 2021

Nelnet Undergraduate Student Loan Review

Undergraduate Loans

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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.
3.34% - 10.50%
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.
1.28% - 10.05%
Repayment Terms
5 years to 15 years
Important Information

Rewards: Autopay Discount

Overall Loan Limits: $1,000 (minimum), $125,000 (aggregate maximum for Undergraduates)

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

The bottom line:

Nelnet is one of the most flexible student loan lenders on our list, offering partial forbearance and generous deferment and forbearance terms. You may be able to qualify for a cosigner release after 24 on-time monthly payments. Currently, their student loans are not available in Vermont.

Pros

  • Offers partial forbearance option
  • Borrowers can customize the payment due date
  • Cosigner release option after 24 months of consecutive on-time monthly payments

Cons

  • Not available in Vermont
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:
3.34% - 10.50%
Variable:
1.28% - 10.05%
Fixed:
2.99% - 12.78%
Variable:
0.99% - 11.44%
Fixed:
3.24% - 13.24%
Variable:
1.24% - 12.23%
Loan repayment terms (Years) 5 years to 15 years Up to 15 years 5 years, 8 years, 10 years, 15 years
Cosigner release? Yes, after 24 months on-time payments None Yes, after 24 months on-time payments

Nelnet is easily one of the most flexible lenders out there. Their deferment and forbearance terms are generous, they even offer partial forbearance for student loan borrowers in financial distress, and they allow you to customize your payment due date if you have multiple accounts with them. Their cosigner release policy is decent; they require 24 on-time monthly payments in order to qualify. And if you’re interested in going with a lender that will set up a short payment period, one of Nelnet’s repayment terms is 5 years. 

In terms of costs, Nelnet’s rates are roughly average for student loans, though they will charge you a fee on any late payments. Don’t expect any reward beyond an auto-debit discount, so the rate you get is the rate you’ll be held to.

Residents of Vermont, you sadly cannot take out a student loan with Nelnet.

Nelnet Bank - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft to check rates, hard to process application
  • Repayment Terms: 5 years to 15 years
  • Minimum Borrowing Limit: $1,000
  • Yearly Borrowing Limit: Not specified by lender
  • Aggregate Borrowing Limit: $125,000
  • Application Fee: Not specified by lender
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Credit Score: 680
  • Minimum Annual Income: $36,000
  • Citizenship Restriction: Available to Citizens, Permanent Residents, and International Students with a credit-worthy Citizen or Permanent Resident cosigner
  • Minimum Enrollment Restriction: Half-Time
  • List of States where Loan is Not Available: VT
  • Approved Schools Include: Title IV
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: None
  • Interest-Only Repayment: Yes
  • Full Deferment: Yes
Repayment Details
  • Length of Grace Period: 6 months
  • Maximum Deferment Period: 36 months
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: Yes, after 24 months on-time payments
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Yes
  • Hours of Operation (in addition to weekdays): Not specified by lender
  • Application Timeline: Get rate in minutes
Extras
  • Scholarship Search Tool: None
  • Sponsors a Scholarship: Yes
  • Job and Career Assistance: None
  • Financial Literacy Training: Yes

Other Loans that Nelnet Bank Offers:

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