In addition to having its own portfolio of student loans, Nelnet also services loans made by dozens of … In June 2009, the Education Department awarded Nelnet student loan servicing contracts. The Department of Education (DOE) uses several companies to help borrowers manage their student loans. A loan servicer acts as the customer … Nelnet and Great Lakes, which are part of the same company and collectively service federal student loans for approximately 13 million student loan borrowers, may no longer service federal student loans after December 2020. Parents may also apply for federal student loans, called Federal PLUS Loans. Students must submit the FAFSA® and meet several other basic eligibility requirements to qualify. Once you’ve taken out a student loan, that loan is assigned to a loan servicer. Nelnet is one of the biggest federal loan servicers. They act as the middleman between you … In case you missed it, the U.S. Department of Education is making huge changes to the federal student loan servicing system next year. Nelnet provides customer service for federal student loans made by the Department of Education and for other lenders, and we are happy to help any way we can. Some schools require that a FAFSA be completed before a PLUS loan can be awarded, but some do not. Visit StudentAid.gov/coronavirus for information. Nelnet Is a Servicer to Federal Student Aid You have a network of support to help you succeed with your federal student loan repayment. You don’t need to apply for a new student loan servicer. Zack is the Founder & CEO of Make Lemonade (www.makelemonade.co), a leading online personal finance company that empowers you to live a better financial life. Nelnet provides customer service for federal student loans made by the Department of Education and for other lenders, and we are happy to help any way we can. Eligibility: Eligibility depends on a modest credit check. Start with these four options, all of which have no fees: What Trump and Biden think about your student loans, Second stimulus checks: your questions answered, Trump wants at least $2 trillion for next stimulus, Navient settles lawsuit — what it means for your student loans, Student loan refinancing rates are incredibly cheap, Zack Friedman is the bestselling author of the blockbuster book, THE LEMONADE LIFE. The company provides a range of products through its subsidiaries that include; customer service for student loan borrowers, technology related to student loan … Nelnet has had an ongoing contract with the Education Department to service federal student loans since 2009 and as of the end of 2019 was servicing 13 million borrowers and nearly … Loan limits: Stafford loan amounts increase each year you are in school. Opinions expressed by Forbes Contributors are their own. “We are frustrated and disappointed by this decision and the lack of transparency in the process and will pursue every legal avenue available to ensure that students have the high quality service they've come to expect from us.”. Nelnet's Past Student Loan Servicing Problems. Student Loan Hero has independently collected the above information related to Nelnet Bank student loans… As these loans are not need-based, parents don't need to demonstrate financial need to apply. Eligibility: Nearly all students are eligible for a Stafford Loan, regardless of credit. Access Your Account Log In Bestselling Author, The Lemonade Life. The interest on subsidized loans is paid by the government while you're still in school. The office may also offer the option of completing the PLUS application and MPN online at StudentLoans.gov. All Rights Reserved, This is a BETA experience. 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