Nelnet Bank Student Loan Refinance Review
Student Loan Refinance
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.
Other Loans that Nelnet Bank Offers:
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
- 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
- Minimum Credit Score: 680
- Minimum Anual 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