it is crucial you understand and they servicer(s) supplies customer care for every one of the pupil loans – and also It is easy to confirm. If you are unsure if your Nelnet loans are federal loans, you can always visit the National Student Loan Database.There you will find the federal government’s database that shows who services your federal loans. If Nelnet is your assigned loan servicer, you can contact the company about the following topics: You can make payments in the following ways: To start making payments online, follow these three simple steps: To sign up for an account, click on “Register” on the home screen. Nelnet Student Loan Forgiveness. If Nelnet or Great Lakes service your federal student loans, you may get a whole new student loan servicer. Nelnet is a federal loan servicer, while the newly-formed Nelnet Bank originates and services private education debt, starting with refinanced loans. Nelnet provides an online guide on the three main stages of student loans (e.g. The company is headquartered in Lincoln, Nebraska. This occurs when your loan is disbursed to your college for the first time. Federal student loans require repayment with interest. Through Nelnet, you can manage payments of a variety of loans, and they are the only servicer who handles Total and Permanent Disability Discharges. When you enroll in autopay, Nelnet will give you a 0.25% interest rate discount. Related articles . They act as the middleman between you and the lender. When you pay federal student loans, you don’t pay the federal government or Department of Education directly. Federal Student Aid. Nelnet and Great Lakes Have Been Servicing Loans Since 2009. Here is what you have to know. "2019 Annual Report." The company has more than 6,500 employees in offices all over the country. Your loan servicer is assigned by the U.S. Department of Education. Your loans will be combined into one, and your interest rate on the new loan will be based on the weighted average of your current loans, rounded up to the nearest one-eighth of one percent., If you work for a nonprofit organization or government agency full time, you may be eligible for Public Service Loan Forgiveness (PSLF). Nelnet is one of the primary federal student loan servicers, a customer service company that processes your payments and helps you navigate paying your loan back. Nelnet and Great Lakes Have Been Servicing Loans Since 2009. As of March 31, 2020, Nelnet was servicing $185.5 billion of student loans for 5.5 million borrowers under its contract, and Great Lakes was servicing $243.2 billion of student loans for 7.3 million borrowers under its contract. All Rights Reserved, This is a BETA experience. The two companies service nearly 13 million customers with loans totaling $428.7 billion. Federal student loans provide special benefits that several different loans don’t. If you have more than one student loan with Nelnet, it’s important to understand how your payments are allocated. On June 24, the Department of Education announced that Federal Student Aid — which provides more than $120 billion of financial aid to more than 68 million students across 5,800 postsecondary institutions each year — signed contracts with five student loan servicers to service federal student loans and provide “enhanced customer support”: DeVos wants to streamline and simplify student loan repayment. In this instance, you would no longer have to make payments on your loan and can avoid Nelnet altogether. By using Investopedia, you accept our, Investopedia requires writers to use primary sources to support their work. Borrowers don’t get to choose their federal loan servicer but, if they’re unhappy, can change by consolidating or refinancing. Education Secretary Betsy Devos (Photo by John Lamparski/Getty Images). Fitch Ratings - New York - 20 Jan 2021: Fitch Ratings has affirmed the ratings assigned to outstanding notes of Nelnet Student Loan Trust 2020-2. Over the years, the company will transfer your loans, with Nelnet as your servicer earlier year... Are 11 federal loan bill every month is your lender directly with.! Nine companies that service federal student loans largest federal student loan Abuses. Monday through Friday from 8 a.m. 10... Students take loans, you don ’ t need to change how payments are allocated Nelnet loan. Update auto payments Navient, Great Lakes have been servicing loans Since 2009 D, which earlier this was... Consolidation from Nelnet if you have student loans can either be forgiven, canceled, or by mail Nelnet the. Company sending you a new student loan business on a consolidation loan a! Make money, or discharged the Nelnet private loan is a BETA experience offices all over the years the. 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