Nelnet Student Loan: Are you having so many student loan problems at hand? And are you running out of options and not knowing what to do next? Then I have the perfect solution for you. Below is a guide to help you with your Nelnet student loan application and more.
On this article;
Nelnet is a student loan servicer that works with millions of borrowers in the United States and Canada. In addition to having its own portfolio of student loans, Nelnet also services loans made by dozens of other lenders.
Nelnet serviced student loans for 15.6 million borrowers. For many people, Nelnet student loan forgiveness also provides the perfect repayment strategy.
What is Nelnet?
Nelnet is primarily a student loan servicer. They work directly with borrowers to manage and repay their loans.
While these loans are owned by the federal government, Nelnet contracts with the U.S. Department of Education to handle federal student loans in repayment.
Nelnet Student Loan Servicing is the student loan arm of Nelnet Diversified Solutions. The company actually operates four separate business segments that offer other services such as payment processing and asset management to organizations and individuals. Nelnet is based in Lincoln, Nebraska.
Nelnet Loan Forgiveness Program Includes;
- FAFSA assistance
- Student loan education resources
- Information resources for parents of borrowers
- Repayment estimation calculators
- Loan consolidation
- Repayment options (including Income-Driven Repayment plans)
- Public Service Loan Forgiveness (PSLF)
- Total and Permanent Disability Discharge (TPD)
- Credit score information
- Financial wellness tips for borrowers
- Identity theft protection
Nelnet Loan Forgiveness Programs
Due to Nelnet’s partnership with the Department of Education, there are several Nelnet student loan forgiveness programs available to eligible borrowers.
Nelnet and Public Service Loan Forgiveness (PSLF)
Are you a borrower who works in the public sector or as a full-time volunteer in AmeriCorps also in Peace Corps? You might qualify for Public Service Loan Forgiveness (PSLF) if your loans are eligible.
To qualify for the PSLF program, you’ll need to make 120 on-time, consecutive payments on your eligible loans in addition to working for a PSLF-approved employer.
But once you’ve met all the requirements, your loans could be forgiven entirely through the Department of Education.
Even if you’ve been denied PSLF before, a new Temporary Expanded Public Service Loan Forgiveness (TEPSLF) could help you get approved and become debt-free!
Therefore, FedLoan Servicing being the primary servicer for PSLF, all loans approved for the program will be moved to FedLoan as part of the forgiveness process.
Nelnet and Teacher Loan Forgiveness
Teacher Loan Forgiveness through Nelnet requires you to have eligible student loans and meet certain job-related requirements.
But once these requirements are met, you might earn up to $17,500 towards your Direct Loans or FFEL program loans if you qualify.
Therefore most borrowers, one of the toughest requirements for Nelnet Teacher Loan Forgiveness is teaching full-time at a low-income school or educational service agency for five consecutive years.
Educators who apply for Teacher Loan Forgiveness earn forgiveness through FedLoan Servicing, who is the primary servicer for the program. In addition, all remaining loans and their balances will be moved to FedLoan upon approval.
Also, if you’re a teacher with a Perkins Loan, you might qualify for a Perkins Loan Cancellation if other requirements are met.
You can also learn more about a Perkins Loan Cancellation for teachers and other loan forgiveness programs for teachers here.
Nelnet and Total and Permanent Disability (TPD) Discharge
Nelnet specializes in its service offerings. Moreover, this is one of these specialties is handling the Total and Permanent Disability (TPD) Discharge for disabled veterans and individuals through the Department of Education.
To qualify for a TPD Discharge, paperwork verifying your disabled status will need to be submitted. This can come from the Office of Veterans Affairs, your doctor, or the Social Security Administration.
Therefore if your TPD Discharge is approved, any balances remaining on your student loans can be forgiven completely.
Moreover, TPD Discharge gives disabled borrowers a way to have their student loans forgiven after meeting the program’s requirements. Loans eligible for a TPD Discharge include Federal Direct Loans, FFEL Loans, Perkins Loans, and TEACH grants.
Nelnet and Income-Driven Repayment Plans
In other to access certain Nelnet loan forgiveness programs, you might need to change your repayment plan for eligibility. Here are a few income-driven repayment plans that are available through Nelnet to consider;
- Income-Based Repayment (IBR) Plan
- Pay As You Earn (PAYE) Repayment Plan
- Revised Pay As You Earn (REPAYE) Repayment Plan
- Income-Contingent Repayment (ICR) Plan
- Income Sensitive Repayment (ISR) Plan
Therefore Income-driven repayment plans typically offer lower monthly payments, longer repayment periods, and may qualify you for one or more student loan forgiveness programs that can help you become debt-free.
Nelnet Student Loan Application 2020
You should know that, Nelnet student loan application is as easy as there is. All available information are made available on their website.
Anyone attending a four-year college or university, community college, or career school can apply for federal student aid which includes:
- Grants, which don’t need to be paid back;
- Work-study, which is part-time work that allows students to earn money while in school; and
- Federal student loans
The application process includes;
- Visit Nelnet.com and click Register.
- To create your account, enter your Social Security number, date of birth, and email address.
- Create a username and password based on the rules listed on the page. Retype your password to confirm it, and click Continue.
- Each time you log in, select one image from the displayed images to help you recognize you are logging in to a secure Nelnet website and then click Continue.
- Verify your contact information (and update as needed).
- Review terms and conditions.
- Select the checkbox
- Click Continue.
Nelnet Student Loan Application FAQ’s
Below are some questions on Nelnet student loan application and their answers;
How do I create an FSA ID?
You may already have an FSA ID from when you applied for financial aid as a student; visit fsaid.ed.gov to find or create one.
Does Nelnet own my student loan(s)?
It’s possible Nelnet owns your student loan(s). However, we also act as a student loan servicer — in other words, we provide customer service on behalf of many lenders and the U.S. Department of Education (ED).
What is my Nelnet.com account?
Your Nelnet.com account is a secure section of the Nelnet website where you can view your account and loan details, make payments, ask to lower or postpone your payments, sign up for auto-debit, and more. To access your account, log in with your username and password. If you haven’t created your online account, you can create one by clicking the Register button at Nelnet.com.
How do I log in to my Nelnet.com account?
Enter the username and password you selected when you registered. If you have not selected a username or password, register on the site.
In conclusion federal loan servicers don’t have the best reputation for customer support. This includes Nelnet.
Therefore if you choose to stay with Nelnet as your loan servicer, make sure you are in the right repayment plan, file taxes correctly and stay vigilant with how Nelnet is handling your loans.
Moreover, if your Nelnet student loans are in default, be sure to take the right steps to get back on track with repayment.
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