Nelnet Undergraduate Student Loan Review
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.
How does this loan compare?
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
- Credit Check: Soft to check rates, hard to process application
- Repayment Terms: 5, 10, 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
- 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
- Immediate Principal and Interest Repayment: Yes
- Fixed Monthly Repayment: None
- Interest-Only Repayment: Yes
- Full Deferment: Yes
- 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
- US-Based Call Center: Yes
- Hours of Operation (in addition to weekdays): Not specified by lender
- Application Timeline: Get rate in minutes
- Scholarship Search Tool: None
- Sponsors a Scholarship: Yes
- Job and Career Assistance: None
- Financial Literacy Training: Yes