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Nelnet Bank Review

Reviews 21
Nelnet Bank
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Nelnet Bank
Nelnet Bank
Reviews 21
Sally Herigstad
Feb. 01, 2024
5 min read
Sally Herigstad
Nelnet Bank Summary
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

Editorial score

Online experience

Good online resources, but no access to rates

Customer services and support

Multiple ways of reaching lender but limited hours

Repayment flexibility

Offers multiple repayment plans- but no special repayment programs

Loan Types Covered

Covers most student loan types


Loans available to all credit types, income levels, and loan types

Nelnet Bank Nelnet Bank Visit Site

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 for a loan from Nelnet bank in as little as two minutes. Here’s how:

  1. To check interest rates and apply for a loan, follow this link to Nelnet Bank and click “Get Started”
    - Checking your rate results in a soft credit pull, which will not affect your credit score.
  2. Create an account by filling out a short application. 
  3. Review and select a loan rate, term, and payment.
    - Disclaimer: Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score
  4. Upload required documents, such as documents to verify your income and underlying loan information. 
  5. Once you receive your Final Disclosure, you’ll get the required 3-business days, during which you have the option of cancelling the loan application. 
  6. You will receive a letter fromNelnetBank with information on how to begin making payments on your loan.

Loan Eligibility Requirements

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

  • 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.² 

*You or your cosigner must meet Nelnet Bank’s credit and annual income criteria

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 APR:
    7.12% - 11.19% (see disclaimer) 
  • Variable APR:
    7.60% - 14.50% (see disclaimer)
  • Refinance amounts from $5,000 to $500,000¹ 
  • Multiple loan terms available
  • 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 AM and 8:00 AM CT, Monday through Friday.


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 Bank's website to determine if it’s a solid option for you.


13907 S. Minuteman Dr., Ste. 250

Draper, UT 84020

Nelnet Bank Nelnet Bank View Rates


Lowest rates listed include an interest rate reduction for eligible applications, enrollment in auto debit, and are available only to the most creditworthy applicants. Advertised variable rates reflect the starting range of rates and may increase over the life of the loan.

Fixed interest rates range from 7.12% APR (with auto debit discount) to 11.19% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 7.60% APR (with auto debit discount) to 14.50% APR (without auto debit discount). Variable rates for Nelnet Bank Refinance Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.32% as of March 1, 2024.

The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payment. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

Auto -Debit Disclosure: Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is cancelled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

Statement: Offer of credit is subject to credit approval.

¹ Minimum loan amount: $5,000

Maximum student loan limits:

$125,000 for borrowers with an undergraduate degree.

$175,000 for borrowers with a graduate or doctorate degree.

$175,000 for borrowers with an MBA or graduate law degree.

$500,000 for borrowers with a graduate health professions degree.

² A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

• The account must have been in full principal and interest repayment for at least 24 months.

• Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made.

Note: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify toward the 24 consecutive on-time payments.

• The loan must be current at the time of request.

• The loan must not have been permanently modified from its original terms in the credit agreement.

• The primary borrower must be a U.S. citizen or have permanent residency in the United States.

• The primary borrower must meet the age of majority requirement in their permanent state of residency.

• Requirements are subject to change.

• If all of these conditions have been met, an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact us at or 800.446.4190 to get more information. 

Sally Herigstad
Written by
Sally Herigstad
Sally has been writing about personal finance since 1998 and is the author of “Help! I Can’t Pay My Bills” (St. Martin’s Griffin). She is a licensed real estate broker in Washington state and a retired certified public accountant. She writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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Trustpilot reviews
See what some customers are saying about Nelnet Bank
Bad • Reviews 21
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Dr. Will Walken
3 years ago
Saved money on my med school loans
I had a lot of medical school loans and they offered a great rate and discount to refinance them. Closed fast with minimal paperwork in just under two weeks. 👍
Casey Gentry
1 month ago
Good luck making a payment…
Good luck making a payment when the payment site is ALWAYS down. Going to pay more in late fees than my loan by the time t's over because every time I go to pay, it won't process, or says it does and then doesn't notify you when the payment isn't processed.
Clay Chapman
17 hours ago
Forced to suffer
Like many other students, I was "gifted" the misfortune of having to deal with the goblins of Nelnet for the next 15-20 years, no way out, until death do us part. I can only imagine how they are making money hand over fist, but still have the gall to offer a website more shaky than a house of cards in a wind tunnel. You had also better pray that you never need to correct or update them about something on your account, because you will spend hours and hours over the course of months needing to correct it, and jumping through hoops like a circus dog to appease their demands. I would rather have to stop-drop-and-roll on a pile of glass and shower off with lemon juice than call in to their customer service line, but since they have my banking details I have no choice but to give them a call every once and awhile. Of course they will have no problem taking whatever money they think is correct in the meantime. I don't expect them to improve their "customer experience" or their products anytime soon, because unfortunately for many there is no "other guy" and no way to "shop around" for student loans. Until they're out of my life forever, I will do everything in my power to give them as little additional money as possible and to pray every day that their databases of outstanding loans get wiped.
Caleb Westbrook
2 months ago
Auto-Payment Problems
I have had to call Nelnet so many times (each time having to wait for extended times). After an agent assured me that they had set up automatic payments on my account, I started getting emails saying that I'd missed payments. I called and found out that auto-payments cannot be set up over the phone; I have to do that on my own. So, I set up auto-payments online (with email confirmation), and AGAIN, I received emails saying that I'd missed payment. So, I'm on the phone again.
Christina Kubow
3 months ago
They are withdrawing 5x what my monthly…
They are withdrawing 5x what my monthly payment should be. They don't have history of these transactions on their website either. When I got ahold of customer support they said I need to email them my bank statements proving that extra money is being taken out of my account. This company is super sketchy.