Nelnet Bank Review

BySally HerigstadFeb. 18, 2021

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In a Nutshell

Nelnet Bank, based in Draper, Utah, offers nationwide student loan refinancing and consolidation. You can apply for a loan on their website and generally receive funding within 10-14 days from when you sign your agreement.


  • Close on a loan fast
  • Co-signing options available
  • Direct lender


  • Only available to graduates with a Bachelor’s degree or higher
  • High credit score required

Nelnet Bank at a Glance 

Direct lender or marketplace?Direct lender
APR2.00% to 5.70%
Loan typesConsolidation of federal and private student loans
Refinance amount$5,000 to $500,000
Repayment terms5 to 25 years
Minimum credit score680
Suitable forCollege graduates with stable income and good credit scores who want to refinance student loans
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Suitable For?

Refinancing or consolidating student loans is one way to help you make the most of your college investment. Borrowers with good credit with a Bachelor’s degree or higher who want to apply online with a direct lender should consider Nelnet Bank.

The Application Process

You can apply and see an interest rate in as little as two minutes. Here’s how:

  1. To apply for a loan, click “Get Started” on 
  2. Create an account by filling out a short application. 
  3. Select a loan rate, term and payment.
  4. Upload required documents, such as documents to verify your income and underlying loan information.
  5. Wait 3 days, during which you have the option of cancelling the loan application.
  6. You will receive a letter from Nelnet Bank with information on how to begin making payments on your new loan.

Loan Eligibility Requirements

The main eligibility requirements for obtaining a loan from Nelnet Bank are:

  • Minimum annual income of $36,000
  • Minimum credit score of 680
  • Bachelor’s degree or higher
  • Be a U.S. citizen or have permanent residency status

If you don’t meet the income, credit score, or U.S. citizen or residency status requirements, you may still qualify if you have a cosigner who meets these requirements.

Loan Features: APRs, Loan Amounts & Repayment Terms

Nelnet Bank has entered the student loan refinancing and consolidation field with a mission to help families achieve their financial and educational dreams. With over forty years of experience in the student loan servicing business, they offer competitive rates, easy online loan applications, and a belief that trust is foundational to their success in banking.

Check out their main student loan consolidation terms:

  • Fixed and variable interest rates
  • APRs from 2.00% to 5.70%
  • Refinance amounts from $5,000 to $500,000
  • Repayment terms from 5 to 25 years
  • Consolidation of both federal and private student loans

How Safe Is It? 

Nelnet Bank, operating the Nelnet Bank mobile apps and, uses physical, procedural, and electronic safeguards to protect your privacy and security. 

Nelnet Bank requires you to use a browser that supports the use of Secure Socket Layer, an encryption technology that helps keep your data secure.

Your personal information is used only by Nelnet Bank and their affiliates to provide services, comply with laws, or carry out internal company functions.

Help & Support

You can get in touch with Nelnet Bank in any of these ways:

  • Use the online form to ask a question.
  • Email Nelnet Bank at
  • Call 800-446-4190 between 7:00 AMand 8:00 AM CT, Monday through Friday.

How Nelnet Bank Compares

NelNet BankEarnest
APR2.00% to 5.70%
Minimum credit score680650
Loan amounts$5,000 to $500,000$5,000 and up
Loan term5 to 25 years5 to 20 years
Suitable forBorrowers with good credit seeking loans with terms of up to 25 yearsBorrowers with fair to good credit


Q. How long has Nelnet, Inc., been in business?

A. Nelnet, Inc., which backs Nelnet Bank, was formed as a Nebraska corporation in 1978. Nelnet is one of the nation’s largest student loan servicers.

Q. Is Nelnet Bank covered by the FDIC?

A. Yes.

Q. Does Nelnet Bank offer private student loans?

A. Nelnet Bank currently offers student loan refinancing only.


Nelnet Bank is a direct lender that offers refinancing and consolidation of student loans.  You can use their online platform to quickly apply for a loan, and borrowers will typically receive funding in less than 2 weeks. Check out NelNet’s website to determine if it’s a solid option for you. 


13907 S. Minuteman Dr., Ste. 250

Draper, UT 84020

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