
Nelnet Bank summary
Pros
- Close on a loan fast
- Co-signing options available
- Direct lender
Cons
- Only available to graduates with a Bachelor’s degree or higher
- High credit score required
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
Eligibility
Loans available to all credit types, income levels, and loan types
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:
- 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. - Create an account by filling out a short application.
- 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 - Upload required documents, such as documents to verify your income and underlying loan information.
- 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.
- 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:
- 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.²
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:
4.49% - 8.44% (see disclaimer) - Variable APR:
4.00% - 10.51% (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 NelnetBank.com, 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 Loans@NelnetBank.com.
- Call 800-446-4190 between 7:00 AMand 8:00 AM CT, Monday through Friday.
FAQs
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.
Summary
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.
Address
13907 S. Minuteman Dr., Ste. 250
Draper, UT 84020
Disclaimers
Lowest rates listed include enrollment in auto debit, and are available only to the most creditworthy applicants. Advertised variable rates reflect the starting range of rates and fluctuate (increase or decrease) over the life of the loan.
Fixed interest rates range from 4.49% APR (with auto debit discount) to 8.44% 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 4.00% APR (with auto debit discount) to 10.51%% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Refinance Loans are calculated as the One-Month SOFR plus the applicable Margin percentage. Variable rates will be based on the highest One-Month 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 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 0.98% as of June 16, 2022.
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.
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 in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
• 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)

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.