Nelnet Logo
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LAST UPDATED: November 10th, 2021
Founded in 1978 and headquartered in Lincoln, Nebraska, Nelnet deals with student loans and educational financial services. The company's goals are to help students find lower monthly payment options and to guide borrowers through the entire process of taking out a student loan. Nelnet has served more than 5 million borrowers and provides over $1.2 million in scholarships each year.

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The Good

  • Consolidation program
  • Multiple ways to make payments
  • Well established
  • Available 24/7

Consolidation Program

Nelnet offers loan consolidation through the U.S Department of Education. Loan consolidation is meant for graduates, those who have left school temporarily, or those who are taking classes part-time. Borrowers can easily apply for this program at or by mail. If approved, there is no consolidation fee and borrowers can conveniently combine all student loans into one affordable monthly payment. Additionally, borrowers who choose to consolidate can potentially access flexible repayment plans that they wouldn't otherwise have access to. Nelnet conveniently lets borrowers switch from variable to fixed rates if they so choose. Additionally, borrowers have the option to sign up for income-driven repayment plans.

Multiple Ways To Make Payments

Nelnet is unique in that it offers multiple ways for borrowers to make payments. Borrowers can choose to use the company's mobile app, pay online, send a payment by mail, pay by phone, pay online, or sign up for auto debit. There is a $6 fee to pay by phone.

Well Established

Nelnet was started in 1978 and has a positive reputation in the student loan service industry.

Available 24/7

Nelnet representatives are available around the clock. Customers are encouraged to contact Nelnet at any time if the have questions or concerns. Borrowers can reach the company by email, mail, or phone.

The Bad

  • Consolidation program lacks transparency
  • Lawsuits
  • Loan eligibility

Consolidation Program Lacks Transparency

While Nelnet's website provides a lot of information about federal student loan services, the site lacks transparency in regards to loan consolidation. For example, the Nelnet website does not provide any information about fees, interest rates, term lengths, state eligibility, cosigners, loan amounts, or required documents.


Nelnet has been involved in a few lawsuits, one of which was settled for $1.2 million after the company was accused of illegally recording calls.

Loan Eligibility

Not all loan types are eligible for Nelnet's programs. For example, direct payment PLUS loans are not eligible for pay-as-you-earn or income-based payment plans and private loans are not eligible for Nelnet's direct loan consolidation program.

The Bottom Line

Nelnet is a student loan company that provides educational financial services. The company offers several ways for borrowers to make payments and its customer service program is available 24/7. However, Nelnet's website lacks transparency in some areas and not all loan types are eligible for the company's programs.
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7 Reviews

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Autumn Lewiston, ID

After graduating college my student loans were serviced by Nelnet. My experience with them was always great. They could answer questions over the phone, help with PSLF questions, and go over the different types of student debt re-payment options. I would recommend Nelnet to others in the future as a good student loan service company.

1 year ago

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They have always been willing to help those who have had financial hardship.

5 years ago

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Debby Willis Dunn, NC

I have had no problems with getting my student loans

5 years ago