Nelnet Bank

Nelnet Bank is a federally chartered bank that offers private student loans under the Nelnet name. Nelnet is also widely known as one of the major federal student loan servicers, meaning it manages repayment for millions of borrowers with existing federal student debt.

Before applying to Nelnet Bank or any private lender, you should complete the FAFSA and fully explore federal student loan eligibility. Federal loans offer income-driven repayment, deferment, forgiveness programs, and other protections that private loans do not provide.

Nelnet Bank's private student loans are available for undergraduate and graduate students. As with most private student loan products, rates are credit-based, meaning the interest rate you receive depends on your credit history and that of any co-signer. Most undergraduates with limited credit history apply with a creditworthy co-signer.

The bank offers both fixed and variable rate options. Fixed rates provide predictable monthly payments throughout the loan. Variable rates may start lower but can increase over time as market conditions change.

It is worth noting that Nelnet Bank as a private lender is a separate entity from Nelnet's federal student loan servicing operations. Borrowing privately from Nelnet Bank does not affect existing federal loans you may have serviced by Nelnet, and vice versa.

Repayment typically includes options for deferring payments while in school, making interest-only payments, or beginning full repayment immediately. Starting payments earlier reduces the total amount of interest paid over the life of the loan.

When comparing Nelnet Bank against other private student loan lenders, examine the annual percentage rate, total repayment cost, co-signer requirements and release options, and any fees. Comparing offers from multiple lenders before choosing is always recommended.