Nelnet Bank is a private company that helps students refinance their loans. They are also a bank; thus, they provide high-yield savings accounts and CDs. Nelnet Bank Review
There are a lot of government and private student loan options out there, each with its own terms, conditions, fees, and interest rates.
Shopping around for the best prices might take a long time because there are so many options. This is why a comparison-shopping tool like Credible can be so helpful.
Nelnet Bank was added to the list of new entries. You might know Nelnet Inc. better as a company that helps people pay back their federal student loans. Nelnet Inc. is the parent firm. Nelnet Bank, on the other hand, offers banking products, student loan refinancing, and private student loans for students who are still in school.
Read on for our full review to find out more about what Nelnet Bank has to offer and whether or not it is worth your time.
Who Is Nelnet Bank?
Nelnet Bank is an online-only bank that offers in-school student loans, student loan refinancing, and some banking products. Its CEO is Andrea Moss. Nelnet Bank was formed in November 2020. It operates as an internet bank franchise and is a subsidiary of Nelnet, Inc. It is based in Salt Lake City, UT. Nelnet Bank Review
In a press release, Moss said, “At Nelnet Bank, our mission is to help families achieve their dreams with financial knowledge and access to education. Nelnet Bank will allow us to meet the changing and diverse needs of the higher education market.” Nelnet Bank Review
Banking
While Nelnet Inc. is mostly known as a student loan lender, their subsidiary Nelnet Bank is a bank – and as a bank they offer key banking products. They currently offer business CDs and a high-yield savings account.
Their high-yield savings account is offered in partnership with Raisin. It currently earns 3.00% APY, with just a $1 minimum to open. You can open a savings account here >>
Student Loans
Currently, Nelnet Bank offers private student loans, parent student loans, and student loan refinancing. Here are the key details that you should know about Nelnet Bank before you apply with them: Nelnet Bank Review
Private Student Loans
Nelnet Bank currently offers private in-school student loans. These loans are a competitive option for families looking to pay for college beyond the Federal loan limits.
They offer four different repayment plan options, and they have a cosigner release program.
Right now, as of February 2, 2026, they have the following rates:
- Variable Rate: 5.81% – 9.99% APR
- Fixed Rate: 3.47% – 9.99% APR
They also offer parent student loans ass well.
Student Loan Refinance Rates And Terms
Note: Nelnet Bank has currently paused student loan refinance.
Nelnet Bank offers both fixed-rate and variable-rate loans.
If you sign up for auto-debit, Nelnet Bank will reduce your interest rate by 0.25%.
Loan terms are available for 5 to 25 years. In general, the shorter the loan term, the lower your interest rate will be. However, your monthly payment will also be higher. Nelnet Bank Review
There are limits on the amount that can be refinanced with Nelnet Bank. The minimum loan amount for all borrowers is $5,000. The maximum you can borrow will depend on the type of degree you hold, as the table below shows.
Parent Plus Refinancing
Nelnet Bank recently added “Parent Plus Refi” to its list of products. Not only will they refinance Parent Plus Loans, but they’ll also allow the loans to be transferred into the child’s name.
Of course, you’ll need to meet Nelnet Bank’s loan eligibility criteria on your own in order to assume ownership of your parents’ loans.
Cosigners And Cosigner Release
If you don’t meet the credit score or income thresholds, your cosigner must meet them. Cosigners are not required but can help you get the best rate. And non-residents can become eligible for refinancing by applying with a cosigner who is a creditworthy U.S. citizen or permanent resident. Nelnet Bank Review
Nelnet Bank does have a cosigner release option after 24 consecutive, on-time payments of principal and interest have been made within 15 days of their due date. To release a cosigner, the borrower must meet the latest credit underwriting eligibility requirements.
Are There Any Fees?
While there are no origination or application fees, there is a 5% late fee if you’re 15 days late. The fee is applied to the payment amount. This fee cannot be more than $25. You’re not charged any fees for paying your loan off early or making extra payments. Nelnet Bank Review
How Does Nelnet Bank Compare?
Nelnet Bank’s interest rate ranges are competitive. And we love that they’ll accept cosigner release requests after just 24 months. But they aren’t currently offering any cash bonuses, and it’s too early to know what level of customer service they’ll provide.
To get the best rate on student loan refinancing, it’s important to shop around with multiple lenders. Check out this quick comparison:
What Borrower Protections Are Available?
Nelnet Bank offers a 12-month forbearance period for borrowers. Twelve months of forbearance is still better than some lenders offer.
It’s unclear if Nelnet Bank offers death or disability discharge. We also couldn’t find any written guidelines regarding active-duty military deferment or deferment for going back to school. Nelnet Bank Review
How Do I Apply?
You can visit the Nelnet Bank website to apply. There are three steps in the application process:
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1
Complete application
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2
Review loan offers
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3
Accept loan offer
After getting approved, you’ll need the most recent student loan or payoff verification statement. Proof of income is also required, which can be your two most recent pay stubs. Nelnet Bank Review
Contact
Nelnet Bank customer service is available from 7 a.m. to 8 p.m. (CT) Monday through Friday. They can be reached at 800-446-4190 or Loans@NelnetBank.com.
There are no customer service reviews of Nelnet Bank on Trustpilot as a separate entity from their parent company, Nelnet Inc. It also hasn’t received any reviews and is not yet accredited with the Better Business Bureau (BBB). Nelnet Bank Review
Why Should You Trust Us
I am America’s Student Loan Debt Expert™ and have been actively writing about and covering student loans since 2009. Myself and the team here at The College Investor have been actively tracking student loan providers since 2015 and have reviewed, tested, and followed almost every provider and lender in the space. Nelnet Bank Review
Furthermore, our compliance team reviews the rates and terms on these listings every weekday to ensure they are accurate. That way you can be sure you’re looking at an accurate and up-to-date rate when you’re comparison shopping.
Who Is This For, And Is It Worth It?
Nelnet Bank has the resources and experience of Nelnet Inc. (which has been part of the student loan industry for 30 years) at its disposal. In theory, that could result in knowledgeable service and solid benefits. Nelnet Bank Review
But, at the end of the day, it all comes down to fees and interest rates. There are no fees with Nelnet Bank, but you’ll have to shop around to see if they offer the best rate.
We can help you with that. Check out our post on the best places to refinance student loans. It’s great for helping you compare rates and terms from multiple lenders. Nelnet Bank Review
Common Questions
Let’s answer a few common questions people ask about Nelnet Bank:
Is Nelnet Bank legit?
Yes, Nelnet Bank is a subsidiary of Nelnet, Inc., which has been involved in the student loan industry for 25 years. However, the jury’s still out regarding whether Nelnet Bank will be able to provide stellar customer service to its private loan borrowers.
Are Nelnet Bank student loans forgiven?
No, while Nelnet, Inc. services federal student loans (which can be forgiven under certain circumstances), Nelnet Bank loans are private and, thus, don’t qualify for federal forgiveness programmes.
When will my first student loan payment with Nelnet Bank be due?
In most cases, first payments are due about 45 days after loan disbursement.
Does Nelnet Bank offer any bonuses?
Not currently, but we’ll make sure to update this review if Nelnet Bank decides to add a cash bonus promotion in the future. Nelnet Bank Review