Nelnet Bank Student Loan Refinancing Review 2021

What it is advisable know:

  • Nelnet Financial institution is an internet financial institution that at the moment affords pupil mortgage refinancing. Sooner or later, it plans to supply personal pupil loans and high-yield CDs.
  • Versatile compensation choices allow you to select the appropriate one in your funds.
  • Refinancing obtainable for these with a Bachelor’s or graduate diploma.

Nelnet, one of many largest federal pupil mortgage servicers, created Nelnet Financial institution. It affords pupil mortgage refinancing and allows you to verify your rate of interest with out a laborious credit score verify. Right here’s a fast overview of Nelnet Financial institution’s pupil mortgage refinancing product:

Standout function

Versatile compensation phrases

Cosigners allowed



Fastened and variable

Accessible phrases

5, 7, 10, 15, 20, 25 years

Minimal mortgage quantity


Most mortgage quantity

  • $125,000 for undergraduate levels

  • $175,000 for graduate, doctorate, MBA, or regulation levels

  • $500,000 for graduate well being skilled levels

Origination charges


Minimal revenue


Minimal credit score rating


Guardian PLUS Mortgage refinancing obtainable

Sure; new refinanced loans are put underneath the scholar’s identify.

Nelnet Financial institution pupil mortgage refinancing: execs and cons

Each refinancing alternative has benefits and drawbacks. Let’s take a better take a look at Nelnet Financial institution the benefits and drawbacks of a Nelnet refinance.


  • Aggressive rates of interest. Nelnet Financial institution can assist you save on curiosity funds with low refinance charges.
  • Versatile compensation choices. You’ll discover a number of mortgage phrases and hardship forbearance alternatives with Nelnet Financial institution.
  • No laborious credit score verify. Wish to know your fee earlier than submitting an utility? Nelnet Financial institution runs a gentle credit score verify in order that your credit score rating isn’t affected whilst you’re evaluating affords.
  • No utility price. It’s free to use for a refinance mortgage with Nelnet Financial institution.
  • Autopay low cost. You possibly can lock in a 0.25% rate of interest low cost once you enroll in autopay.
  • Cosigner choices. Want the assistance of a cosigner? Nelnet Financial institution permits cosigners in your mortgage.


  • Sturdy credit score rating required. With a credit score rating requirement of 680, not everybody is ready to work with Nelnet Financial institution.
  • Minimal annual revenue. You’ll have to earn at the least $36,000 yearly to borrow from Nelnet Financial institution.
  • Will need to have a Bachelor’s diploma. You’ll have to have graduated with at the least a Bachelor’s diploma to refinance with Nelnet Financial institution.

Eligibility necessities

To work with Nelnet Financial institution, you’ll want to fulfill a number of eligibility necessities.

You should be a U.S. citizen or have everlasting residency standing. When you don’t meet this requirement, you’ll have to discover a cosigner that does.

Moreover, you’ll have to have a credit score rating of at the least 680 and an annual revenue of at the least $36,000. Lastly, you’ll have to have accomplished your Bachelor’s diploma to qualify for this refinancing alternative.

Software course of

When you determine to work with Nelnet Financial institution, you’ll discover pupil mortgage refinancing alternatives with mounted and variable charges, and phrases that vary from 5 to 25 years. You possibly can kickstart the method by checking your fee with a gentle credit score pull. It typically takes two minutes to see your fee.

To submit a proper utility, choose a mortgage time period and cost choice that matches your price range. You may have to add supporting paperwork to proceed the appliance (e.g. proof of revenue and mortgage statements).

Nelnet Financial institution will evaluation your paperwork. In case your utility is permitted, you’ll have three days to cancel the mortgage. When you determine to maneuver ahead, then Nelnet Financial institution will ship funds to your present lender to repay the scholar loans you’re refinancing.

Afterward, you’ll obtain info from Nelnet Financial institution on repay your new refinance mortgage. Usually, your first cost is due 45 days after the brand new mortgage is funded. You’ll obtain a 30-day discover to make your first cost in your refinanced pupil mortgage.

Must you refinance with Nelnet Financial institution?

As you take a look at your pupil mortgage refinancing choices, Nelnet Financial institution gives a worthwhile alternative to think about. With aggressive charges and versatile compensation phrases, you may discover the very best cope with Nelnet Financial institution.

Nelnet’s gentle credit score verify course of means you don’t have anything to lose by exploring a pupil mortgage refinance via the lender. Earlier than diving into any pupil mortgage refinancing association, don’t overlook to think about whether or not refinancing is an efficient technique in your long-term compensation.

If you refinance federal pupil loans, you’ll lose entry to advantages supplied via these loans, like forgiveness packages, income-driven compensation, and beneficiant deferment and forbearance choices within the occasion of hardship.

If you understand you received’t depend on these advantages sooner or later, have solely personal pupil loans, or don’t intend on working within the public sector, refinancing your loans may be a wise transfer.

Earlier than making a last choice with a lender, store round to match pupil mortgage refinance choices to seek out the very best deal.

Refinance pupil loans, get a bonus in 2021

1 Disclosures
$1,050 BONUS1 For 100k+. $300 bonus for 50k to 99k.1
VISIT LAUREL ROAD Variable 1.64-5.65percent1 Fastened 2.25-5.75percent1

2 Disclosures
$1,050 BONUS2 For 100k+. $300 bonus for 50k to 99k.2
VISIT COMMONBOND Variable 2.49-6.84%%2 Fastened 2.59-6.74percent2

3 Disclosures
$1,000 BONUS3  For 100k or extra. $200 for 50k to $99,9993
VISIT EARNEST Variable 1.88-5.64percent3 Fastened 2.44-5.79percent3

4 Disclosures
$1,000 BONUS4 For 100k+. $300 bonus for 50k to 99k.4
VISIT SPLASH Variable 1.88-6.15percent4 Fastened 2.44-6.62percent4

5 Disclosures
$1,275 BONUS5  For 150k+. Tiered 300 to 575 bonus for 50k to 149k.5
VISIT ELFI Variable 2.39-6.01percent5 Fastened 2.47-5.99percent5

6 Disclosures
$1,000 BONUS6 For $100k or extra. $200 for $50k to $99,9996
VISIT SOFI Variable 2.25-6.59percent6 Fastened 2.49-6.94percent6

7 Disclosures
$1,250 BONUS7  $350 for 50k to 100k7
VISIT CREDIBLE Variable 1.80-8.90percent7 Fastened 2.15-9.15percent7

Undecided what to do along with your pupil loans?

Take our 11 query quiz to get a personalised advice of whether or not it is best to pursue PSLF, IDR forgiveness, or refinancing (together with the one lender we expect may provide the greatest fee).

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