Nelnet Student Loans: 2025 Review

Private student loans with Nelnet

Nelnet offers fixed-and variable-rate student loans starting at $1,000. Borrowers have four repayment options, including:

• Immediate: You'll make principal and interest payments while in your program, starting shortly after your loan funds are disbursed.
• Interest only: While in school, you'll only pay interest on the loan. Once your program ends, you'll make principal and interest payments
• Fixed: While participating in your program, you pay a fixed monthly amount of $25. After separating from the program, your payment will go up, and you'll pay principal and interest on the loan.
• Deferred: You will not make any principal or interest payments on the loan until your program ends. However, interest will accrue during your schooling.

The lender offers private student loans for undergraduate, graduate and doctoral degrees, with higher loan limits for certain degree programs. Before applying for undergrad or graduate school private loans, it is recommended that you fill out the Free Application for Federal Student Aid (FAFSA) to see what grants and federal student loans you may qualify for.

Undergraduate student loans

Undergraduate loans have a max borrowing limit of $125,000, though the amount you borrow is based on your needs after scholarships, grants and other financial aid. Since younger undergrad students may not have the credit score needed to qualify, they’ll likely need a co-signer. Luckily, Nelnet allows co-signers and offers co-signer release after 24 consecutive monthly payments.

Graduate student loans

Graduate students may borrow more than undergraduate students, and the maximum amount depends on the degree program. For MBA, law and other graduate and doctorate programs, the maximum is $175,000. For graduate health professions programs, the maximum is $500,000. However, your maximum loan amount will depend on your total student loan debt.

Where Nelnet stands out

• Higher funding for specific degrees: While undergraduate loans are limited to $125,000, you can borrow an additional $50,000 for graduate and doctoral degrees — up to $175,000. And if you’re pursuing a profession in healthcare, you can borrow up to $500,000.
• Co-signer release: You can release your co-signer after at least 24 consecutive, on-time payments.
• Prequalification: You can see your rate within minutes without hurting your credit. Prequalification can help you compare lenders or know what loan amount you can afford to repay.

Where Nelnet falls short

• Some fees: While Nelnet doesn’t charge an application fee or prepayment penalty, the lender does charge a late fee of up to $25 and a returned payment fee of $20.
• Higher credit score requirements: While an exact number isn’t specified, Nelnet’s minimum credit score requirement falls in the mid- to high-600s range.
• Limited term information: Nelnet provides information on its four repayment options but does not disclose its specific repayment terms for private student loans.

Nelnet customer service

Student loan borrowers can call 800-446-4190 to speak to a customer service representative, Monday through Friday between 7 a.m. and 6 p.m. CT. For less pertinent needs, you can also email loans@nelnetbank.com or fill out a contact form online.

Nelnet has an A+ rating with the Better Business Bureau, but reviews say otherwise. The lender has a one-star rating and resolved around 700 complaints in the last year. Many negative reviews cite difficulty signing into their online accounts and having payment issues.

How this lender compares

When choosing the right lender for your educational and financial goals, it’s always good to compare multiple lenders and student loan rates to find the best fit.

Nelnet vs. College Ave

Like Nelnet, College Ave has fixed- and variable-rate student loans for undergraduate and graduate students. Which lender has a lower APR will depend on your individual terms. While College Ave says loans will cover up to 100% of the cost of your graduate program, there is a maximum loan limit of $150,000, thousands of dollars lower than Nelnet’s graduate school loans, including medical school and MBA student loans.

Nelnet vs. Sallie Mae

Sallie Mae has a lower minimum APR but higher maximum compared to Nelnet. Between the two lenders, Sallie Mae provides potential borrowers with more transparency regarding loan deferment, grace periods and repayment terms. Those seeking help financing their residency, bar study or career training can find more offerings with Sallie Mae.

Do you qualify for a loan with Nelnet?

There are certain requirements you must meet to qualify for a loan from Nelnet. These include:

• Be a half- or full-time student at an eligible school
• Be a U.S. citizen or permanent resident
• Have a valid social security number
• Have a minimum FICO
• credit score falling in the mid- to high-600 range
• Meet state age requirements

You may also have a co-signer, who can help you meet the citizenship, credit score and age requirements. Along with helping you qualify for a loan, a co-signer may also help you qualify for better rates.

How to apply for a loan with Nelnet

You can apply for a Nelnet student loan on the lender's website. From there, you’ll follow a few steps:

1. Fill out the application, providing your name, citizenship status, contact information and information about your school.
2. Add a co-signer and their information, if needed.
3. Choose the best loan option after you receive your pre-qualified rates.

Methodology

To evaluate student loan lenders, Bankrate considers 16 factors, including loan amounts, fees, repayment terms and options, as well as fixed and variable APR ranges. Lenders are rated using our vetting system known as the Bankrate Score, which focuses on three main categories.

• Availability: We looked at minimum and maximum loan amounts, as well as the lender’s eligibility requirements, co-signer option, degrees covered and state availability. Lenders that offered the most flexibility as well as nationwide servicing and that offered financing for a variety of programs ranked higher in this section.
• Affordability: Fixed and variable interest rates, fees, penalties and discounts were measured in this category. Lenders with the lowest rates, fewer fees and multiple discounts got the higher scores.
• Customer experience: Our team looked at the ease of the application process, as well as online account management tools, customer support hours, app availability, repayment options and grace periods offered by the lenders. This allowed us to determine the lenders’ ability to satisfactorily serve customers.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

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