Nelnet Bank recently restructured and relaunched its student loan refinancing program. Nelnet Bank may be a good option for borrowers who already have student loans with lender Nelnet, Inc.
| Loan Limits | $5,000 – $500,000 |
| Fixed Rates | 3.01%* – 9.99% |
| Variable Rates | 3.03% – 10.34% (16.00% Cap) |
| Terms | 5, 7, 10, 15, 20 or 25 years |
| Min. Credit Score | 680 |
| Apply | Link |
*Lowest rates always include a 0.25% interest reduction for enrolling in auto-pay.
Skip to: Rates & Fees | Eligibility Requirements | Repayment Options | Consumer Reviews & Complaints | FAQ
| Private student loans | ✓ |
| Private parent loans | ✓ (in either name†) |
| Federal student loans | ✓ |
| Federal Parent PLUS loans | ✓ (in either name) |
†Parents may refinance in their own names or transfer debt to a child
Nelnet Bank Refinance Rates & Fees
Nelnet Bank offers fixed rates and variable rates. Note that the lowest rates always include a 0.25% interest rate reduction for enrolling in automatic payments.
| Term | Fixed Rate | Variable Rate |
|---|---|---|
| 5, 7, 10, 15, 20, & 25 Years† | 3.01% – 9.99% | 3.03% – 10.34% |
†Only variable rates are available with 25-year terms; fixed rates are available on terms up to 20 years.
Additional information about Nelnet Bank refinance rates:
- Checking your rate with Nelnet Bank will not affect your credit score. They will conduct a soft, not hard, credit inquiry (learn the difference).
- Nelnet Bank does offer a discount for setting up auto-pay: 0.25% interest rate reduction; this reduction is void any time three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.
- Variable rates are based on the One-Month or 30-day Average SOFR (3.72% as of this writing) as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the 25th day (or the next business day) of the immediately preceding calendar month.
| Year End | Fixed | Variable |
|---|---|---|
| 2025 | 3.01% – 9.99% | 3.03% – 10.34% |
| 2024 | 7.12% – 11.19% | 7.60% – 14.50% |
| 2023 | 7.12% – 10.79% | 7.59% – 14.49% |
| 2022 | 4.49% – 9.44% | 6.35% – 13.01% |
| 2021 | 2.30% – 5.96% | 1.87% – 5.33% |
Additional Fees
Beyond interest rates, there are a number of fees a refinance lender may charge up-front or during the loan servicing period. Below is a list of these fees that Nelnet Bank does or does not charge.
| Fee Type | Amount Charged |
|---|---|
| Application Fee | None |
| Loan Origination Fee | None |
| Disbursement Fee | Undisclosed |
| Prepayment Penalty | None |
| Late Payment Fee | The lesser of $10 or 5% of the overdue amount |
| Returned Payment Fee | $20 |
| Collection Fee | Undisclosed |
- Application fee – fee to apply for rates & approval.
- Loan origination fee – fee to create the new loan.
- Disbursement fee – fee for distributing funds to lenders to pay off loans that have been refinanced.
- Prepayment penalty – fee for making extra payments to reduce a refinance loan balance or pay it off early.
- Late payment fee – fee for making a late payment.
- Returned payment fee – fee for failed payments due to insufficient funds, also known as a “bounced check”.
- Collection fee – fee for collection activity on a defaulted debt.
Current Promotions & Offers
Nelnet Bank offers a 0.25% interest rate reduction for enrolling in auto-pay.
Nelnet Bank Refinance Eligibility Requirements
To qualify for refinancing with Nelnet Bank, all borrowers must meet the criteria below.
- Citizenship Requirement: U.S. citizenship or permanent residence.
- Income Requirement: $36,000 annual minimum without co-signer.
- Credit Score Requirement: 680 minimum score.
- Graduation Requirement: if the borrower is not a state licensed registered nurse, a minimum bachelor’s degree is required.
- Location Requirement: unspecified.
Additional restrictions apply for specific individuals and loans.
- Borrowers must not be enrolled in school half-time or more.
- Borrowers with undergraduate degrees may refinance up to $125,000.
- Graduate or doctorate degree holders may refinance up to $175,000.
- A graduate degree in a healthcare profession may qualify the borrower to refinance up to $500,000.
- No history of student loan default; this applies both to the primary borrower and the co-signer.
- Neither borrower nor co-signer can have filed for bankruptcy in the last 84 months (7 years).
Nelnet Bank Student Loan Repayment Options
Lenders vary greatly on the benefits and options provided to borrowers during the loan servicing period. Additionally, benefits may only be available on a case-by-case basis. Nelnet Bank offers some relief options.
Deferment & Forbearance
Nelnet Bank may offer forbearance under certain conditions, such as temporary hardship.
| Condition | Coverage |
|---|---|
| Returning to grad school | Undisclosed |
| Disability rehabilitation | Undisclosed |
| Active military duty | Undisclosed |
| Involuntary unemployment | Forbearance, up to 12 months |
| Economic hardship | Forbearance, up to 12 months |
| Natural disaster | Undisclosed |
| Temporary hardship | Forbearance, up to 12 months |
Additional Options
Nelnet Bank may offer other opportunities for relief or contract modification.
- Nelnet Bank offers forbearance for general hardship in increments of 2 or 3 months up to 12 months total over the life of the loan. Additional unspecified payment assistance programs are available.
- Co-signer release is available after 24 months of consecutive, qualifying payments.
- Death / disability discharge is available in the unfortunate circumstance that a borrower passes away or suffers total permanent disability.
Nelnet Bank Reviews, Complaints & Lawsuits
Beyond our own findings, our team also collected the most genuinely insightful customer experiences we could find, including any instances of legal action against the company in which the details became public.
Nelnet Bank Online Reviews
Few customer reviews specifically reference “Nelnet Bank”. Customer reviews of parent company Nelnet, Inc. have been included below for their value as unedited, uncensored, and unsolicited user experiences with Nelnet Bank’s administrating corporation. Note that these reviews are unverified, may include inaccuracies, and may provide outdated information (about rates, bonus offers, etc.).
“So I was transferred from Great Lakes to nelnet and it’s been awful from the get go. My payment was calculated and right before the due date I logged in to make sure there wasn’t anything else I needed to do and I saw a message saying my payment was being recalculated and my loan payment date deferred 3 months. A couple weeks later I got a notice they had recalculated it from $800 to almost $1300. It was almost my due date so I went ahead and paid it, then I redid my IDR application because I read a ton of peoples payments had been incorrectly calculated. It then came back almost the next day, $3/month higher…
Then I got a letter saying I had not paid. I had a screenshot of the confirmation but it had not come out of my bank account so I went ahead and paid it, albeit late. It’s now been over a week and on nelnet’s site it shows my payment has been applied (that was the 27th) but it still has not come out of my bank account. I’m a working mom and I have literally no time to wait on hold for 97 minutes.
Plus, I feel like they will just defer me to my bank, which will say the obvious: no payment deducted. Has this happened to anyone else??
I know I will have to just take the time to call, but just wondering if this has happened to others and how you resolved it/what eventually happened?” – hay_rx on reddit, 1/3/2024
“Welcome to Nelnet. Where the payment is always late and the amount you owe is never the same!” – Mile_High_Man on reddit, 1/3/2024
“I was with nelnet and consolidated [my loans] which went to FedLoan servicing. However, I’ve been paying for 5 years and it’s literally at the same balance it was 5 years ago. Absolutely ridiculous” – Aly Smotherman on Facebook, 7/9/2020
More (unfiltered) customer reviews of Nelnet, Inc. are available at TrustPilot.com (1.4 out of 5)
Nelnet Bank Consumer Complaints
As consumer finance companies, student loan refinancing lenders fall under the jurisdiction of the Consumer Financial Protection Bureau (CFPB), a federal agency. As part of their mission, the CFPB allows consumers to log official complaints. These complaints are publicly available on the CFPB official website.
Since March 1, 2012, consumers have submitted 22,864 complaints about Nelnet, Inc. (Nelnet Bank) to the CFPB at an average of one (1) complaint every five (5) hours and 17 minutes, which is almost 165 times higher than the average daily complaint rate among reviewed lenders. Among 11,076 complaints with narratives, at least 183 (1.65%) specifically reference refinancing.
In 2025, consumers filed 8,011 complaints about Nelnet, Inc., which nearly five (5) times the number of complaints Nelnet receives in an average year. Nelnet received 3,537 complaints in 2024, equivalent to:
- a 114.6% over the number of complaints in an average year.
- one (1) complaint for every $52,034 of that year’s corporate revenue.
- two (2) complaints per employee.
The allegations made in these complaints are unverified, are not necessarily representative of all consumers’ experiences with Nelnet Bank, and may contain outdated information (about rates, bonus offers, etc.). Note that a lender with a large customer base is likely to also have a higher number of complaints when compared with smaller lenders.
Below we’ve included three (3) of the most recent complaints (as of this writing) that specifically reference student loan refinance or refinancing and in which the consumer consented to sharing their details.
Complaint 14349150
6/28/2025
California
“I am the parent of a deceased student. I originally took out a federal Parent PLUS Loan, which I later refinanced into a private loan through Firstmark Services. I was not properly informed that refinancing would strip away federal protections specifically, the discharge of the loan in the event of my childs death. My daughter passed away recently, and I have already spent over {$12000.00} in burial costs while currently unemployed. When I submitted a compassionate discharge request, Firstmark responded by offering only to remove her name from the loan but continue holding me fully responsible for repayment. This is not only misleading but also unethical. I was not provided proper disclosure about losing discharge rights at the time of refinancing, and now I am being denied compassion or any clear options for relief. I am requesting that Firstmark : Provide documentation showing what disclosures I was given during refinancing ; Consider a full discharge due to my daughters death and current hardship ; Place a hold on collection, interest, and reporting while this case is reviewed.”
Complaint 14855590
7/24/2025
Georgia
“After trying to do the right thing because interest was eating me alive and my credit score was being impact drastically, I took the responsible route to refinance my student loans. Now that they are finally being removed under the XXXXXXXX XXXX XXXXXXXX lawsuit I deserve a full refund for the loans that were refinanced. You are receiving this letter because you are a member of the class of federal student loan borrowers covered by the settlement of the XXXX XXXX XXXX ( formerly XXXX XXXX XXXXXXXX ) ( ” XXXX ” ) lawsuit. You submitted a Borrower Defense to Repayment discharge application relating to your federal student loan ( XXXX ) on or before XX/XX/year>. The U.S. Department of Education ( ED ), applying a special review process agreed to in the XXXX settlement agreement, has approved your claim for settlement relief. For more information on the terms of the settlement agreement please see the Department ‘s website at StudentAid.gov/sweet. The Department has determined that you are entitled to settlement relief for the loans taken out on or after XXXX associated with your enrollment at XXXX XXXX University ( ” Relevant Federal Student Loan ( XXXX ) ” ) based on your allegations regarding the school ‘s misconduct. Pursuant to the Sweet settlement, the Department of Education will do the following : discharge your Relevant Federal Student Loan ( s ) ; provide a refund for any payments made to the Department of Education on your Relevant Federal Student Loans including Relevant Federal Student Loan debt that you previously paid off ; and delete the credit report tradeline associated with the discharged loan ( s ). The benefits described in this communication apply to your Relevant Federal Student Loan ( s ). The benefits do not apply to private loans. Discharging your Relevant Federal Student Loan ( s ) means that you will no longer owe the debt. You also may receive a refund for prior payments made to the Department on your discharged Relevant Federal Student Loan ( s ) related to XXXX XXXX XXXX Your loan servicer will let you know if you are eligible for a payment refund, which would be mailed to you. Please check your online account with your loan servicer to ensure your address is correct so you can receive any refund. Other than confirming your address, you do not have to take any further action to receive your discharge. Your servicer will send you more details about the discharge, including which loans have been forgiven. Your XXXX XXXX XXXX XXXX XXXX will remain in forbearance and collections will be stopped until you receive relief. Your credit report will also be updated to reflect this discharge when it is complete. If you have any additional questions, you may contact the Borrower Defense hotline at XXXX. You may visit StudentAid.gov/Contact for our hours of operation. Sincerely, U.S. Department of Education Federal Student Aid”
Complaint 9544311
7/17/2024
Texas
“We earned Most Valuable Payer coupons totalling {$890.00}. We called to redeem them and XX/XX/XXXX transferred {$7900.00} as a payment and mailed the coupons per their instruction. Instead of paying off the loan as they said they would, they refinanced it without applying the coupons. They are charging us late fees and now we are not even able toog onto their site to just pay it off and be done with this.”
For a full list of complaints made against Nelnet, Inc. (Nelnet Bank) in the CFPB’s Consumer Complaint Database, click here.
Nelnet Bank Lawsuits
Nelnet Bank has not been explicitly implicated in any Nelnet, Inc. lawsuits. Most ongoing litigation, such as the proposed class action Isner-Monticello et al. v. Nelnet, Inc. (Case No. 8:20-cv-02135-MSS-TGW), predates the bank’s November 2020 founding.[1]
Frequently Asked Questions
These are the most common questions consumers have about student loan refinancing with Nelnet Bank.
- Is Nelnet Bank good for refinancing student loans?
Nelnet Bank may be a good option for current Nelnet borrowers or for borrowers who wish to transfer a parent loan into the benefiting student’s name.
- Does Nelnet Bank require a minimum credit score?
Yes, Nelnet Bank requires a minimum credit score of 680 in order to qualify for student loan refinancing.
- Are Nelnet Bank loans federal?
Nelnet Bank loans are not federal. Nelnet Bank has no affiliation with the federal government or the U.S. Department of Education.
- Does Nelnet Bank charge a prepayment penalty?
There are no penalties for early payments or repaying a loan in full before its term is over.
- Does checking your rates with Nelnet Bank hurt your credit score?
For their prequalification process, Nelnet Bank performs a soft credit check, which will not hurt your credit score. If you proceed with an application, however, Nelnet Bank will perform a hard credit check that may affect your credit score.
- Can I refinance a Nelnet Bank loan?
You can refinance Nelnet Bank student loans, student loans from another private lender, and federal loans. There is no limit to the number of times a borrower may refinance with Nelnet Bank. Note, however, that every new line of credit requires a hard credit check that may affect your FICO score.
- Can I refinance just some of my loans with Nelnet Bank?
Yes, you can refinance some, all, or just one of your qualifying student loans with Nelnet Bank. You may choose to refinance your private loans only or refinance private and federal loans together.
- Can I refinance loans that have already been refinanced?
Yes, you can refinance loans as many times as you want with Nelnet Bank. Note that each time you refinance, you will have to submit a new application; every application requires a hard credit check that may affect your credit score.
- Can my spouse and I refinance our loans together with Nelnet Bank?
Nelnet Bank does not allow spouses to combine debt.
- How long does it take to refinance with Nelnet Bank?
While Nelnet Bank does not disclose a detailed timeline, refinancing generally takes several weeks. After you accept their offer of terms, Nelnet Bank estimates 10-14 business days until disbursement.
- Who services Nelnet Bank refinance loans?
Nelnet Bank services its own loans.
- Does Nelnet Bank offer a grace period?
Nelnet Bank does not offer a grace period for refinance loans.
- How often do variable rates change?
Nelnet Bank recalculates its variable rates once per month according to the 1-month SOFR.
- Can I get any special rates or discounts with Nelnet Bank?
Nelnet Bank offers a 0.25% interest rate reduction to borrowers who enroll in auto-pay.
- What happens if I file for bankruptcy?
You may still be required to repay your Nelnet Bank student refinance loan in the event that you declare bankruptcy.
Compare Student Loan Refinance Reviews
| Lender | Rating |
|---|---|
| RISLA | A |
| Brazos | A- |
| ELFI | A- |
| Credible | A- |
| Advantage | B+ |
| Laurel Road | B+ |
| Splash Financial | B |
| LendKey | B |
| Panacea Financial | B |
| UW Credit Union | B |
| Purefy | B |
| SoFi | B- |
| INvestEd | B- |
| Mpower Financing | B- |
| Earnest | C+ |
| Yrefy | C+ |
| EDvestinU | C+ |
| SC Student Loan | C+ |
| Sparrow | C+ |
| Citizens Bank | C |
| College Ave | C |
| ISL | C |
| MEFA | C |
| SuperMoney | C |
| Lend-Grow | C |
| SELF Refi | C |
| CU Student Choice | C |
| iHelp | C |
| Navy Federal | C |
| BECU | C |
| First Tech Federal | C |
| PA Forward | C- |
| Nelnet Bank | C- |
Sources
- ClassAction.org, Isener-Monticello et al v. Nelnet, Inc. et al
- Nelnet Bank, Student Loan Refinance
- Nelnet Bank, Disclosures
- Nelnet Bank, Frequently Asked Questions
- Nelnet Bank, Private Education Refinance Loan Application and Solicitation Disclosure
- U.S. Securities and Exchange Commission, Nelnet, Inc. Annual Reports