Updated: June 14, 2021

Nelnet Bank Student Loan Refinance Review

Student Loan Refinance

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 offers fairly competitive interest rates on its refinanced loans to the most credit-worthy borrowers and financial assistance to all borrowers who need it.

Pros

  • Customizable 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

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.
2.70% - 6.10%
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.
2.10% - 5.53%
Repayment Terms
5 years, 7 years, 10 years, 15 years, 20 years, 25 years
Important Information

Repayment Options: 5, 7, 10, 15, 20 and 25 year repayment terms

 

Important Information:

  • 0.25% interest rate reduction with autopay
  • Cosigner release available
  • Late fees charged: 5% late payment fee of the entire payment that was not paid in full when due, or $10, whichever is less, if borrower fails to make any part of a payment within 15 days of its due date

Other Loans that Nelnet Bank Offers:

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

Nelnet Bank allows parent borrowers to transfer their loans into their student’s name when they refinance (with the student’s approval). 

Nelnet Bank does not require all borrowers to apply with cosigner, but it does offer this as an option. The minimum credit score required for individual borrowers is 680 and minimum annual income is $36,000. If you do not meet one of these 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 of $5,000 in student loans. You can refinance up to $500,000. 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 you will only qualify for a 25-year loan term if your balance is greater than or equal to $75,000.

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 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 Details

Interest Rates, Fees and Terms
  • Credit Check: Soft for Rate Check, Hard for Application
  • Repayment Terms: 5 years, 7 years, 10 years, 15 years, 20 years, 25 years
  • Minimum Borrowing Limit: $5,000
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes, 5% late payment fee of the entire payment that was not paid in full when due, or $10, whichever is less, if borrower fails to make any part of a payment within 15 days of its due date
Requirements to Qualify
  • Minimum Credit Score: 680
  • Minimum Anual 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
Nelnet (U-fi) Earnest SoFi
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:
2.70% - 6.10%
Variable:
2.10% - 5.53%
Fixed:
2.50% - 5.79%
Variable:
1.88% - 5.64%
Fixed:
2.74% - 6.74%
Variable:
2.25% - 6.39%
Loan repayment terms (Years) 5 years, 7 years, 10 years, 15 years, 20 years, 25 years 5 years, 10 years, 15 years, 20 years 5 years to 20 years
Cosigner release? Yes, after 24 months consecutive on-time payments Not specified None