Nelnet handles a variety of federal loans, and the eligibility for loan forgiveness programs such as President Biden's student debt relief plan, income-based repayment plan forgiveness, and the Income-Driven Repayment Waiver depends on the type of loan. Ahead, learn how to get your Nelnet student loans forgiven.
Public Service Loan Forgiveness
If you work in public service, you may qualify for forgiveness of the remaining balance of your eligible Direct Loans (see below) after making 120 qualifying payments while employed full time (30 or more hours per week on average) by certain public service employers.
Nelnet is a federal student loan servicer working on behalf of the U.S. Department of Education, the government agency that lends you or your child student loans.
For federal student loans, the top of a student loan bill will have the name of your student loan servicer and the name of your federal student loan program. For private student loan bills, you'll see the name of your private lender on the bill instead.
Your loans should automatically qualify for forgiveness after you've spent 20 or 25 years in repayment. Reach out to your loan servicer about any steps you may need to take.
You're not eligible for federal student loan forgiveness programs if you have private loans, but there are other strategies for managing private loan debt.
Borrowers Could Be Short Of Student Loan Forgiveness Threshold. Since not all past loan periods count toward student loan forgiveness under the IDR Account Adjustment, even borrowers whose loans originated more than 20 or 25 years ago may not quite have reached the milestone for discharge.
Today, Navient and Sallie Mae are distinct, separate companies. But they were once under the same umbrella company. When Sallie Mae started in 1972, it serviced federal student loan debt. It eventually took on private student loans, too.
Look at a recent billing statement for a company or lender name. If the lender on your statement isn't one of the aforementioned loan servicers, then the debt is a private student loan. If you're still unsure about the type of debt it is, call the phone number that's listed on your billing statement.
MOHELA. The Higher Education Loan Authority of the State of Missouri (MOHELA) is the first nonprofit federal student loan servicer to make it onto our list, narrowly squeaking ahead of Nelnet. Here's why. The more complexity a servicer is asked to deal with, the more likely they are to mess up.
Nelnet is Your Student Loan Servicer
It is possible that Nelnet owns your loan, but we also provide customer service for other lenders' loans, including those from the Department. Nelnet provides customer service on your account if: You borrowed money directly from Nelnet.
Major Student Loan Servicer Nelnet To Pay $1.8 Million For Alleged Failure To Sufficiently Communicate With Borrowers About Maintaining Access To Affordable Payments. Settlement Resolves AG's Investigation of Loan Servicer for Sending Faulty Notices to Borrowers Enrolled in Income-Driven Repayment Plans.
If your student loan balance is suddenly showing zero, some of the many reasons could be: Your federal student aid or private student loans were forgiven. You've completed one of the student loan forgiveness programs. You qualify for Public Service Loan Forgiveness (PSLF), or.
Any borrower with ED-held loans that have accumulated time in repayment of at least 20 or 25 years will see automatic forgiveness, even if the loans are not currently on an IDR plan.
There are a few reasons your account may unexpectedly list a balance of zero: You got a new loan servicer. It's common for loan servicers to change, so your account may be zero with your old servicer if your loan amount was transferred to another servicer.
If a credit balance remains after all charges are paid, you will be refunded the amount of the credit. All refunds are made through the refund method selection you made with Nelnet. Once the refund has been sent to Nelnet, it will show up on your myBLINN portal as a charge to your account that creates a zero balance.
A private loan is made by a private organization such as a bank, credit union, or state-based or state-affiliated organization, and has terms and conditions that are set by the lender. Learn about the differences between federal loans and private loans.
Please note that private loans are not eligible for PSLF, the Payment Count Adjustment for PSLF, or the SAVE plan. Private loans will not appear in your studentaid.gov account.
If you have FFELP Loans, there are several ways to become eligible for loan forgiveness. Most FFEL borrowers are eligible for the Income-Based Repayment (IBR) Plan, where you pay 10 or 15 percent of your discretionary income for 20 or 25 years before the remaining loan balance is forgiven.
History. Nelnet was founded in 1996 by Mike Dunlap and Steve Butterfield. In March 2000, Nelnet bought UNIPAC Service Corporation, an existing loan servicing company which was founded in 1978 and based in Denver, Colorado. As a subsidiary, UNIPAC Service Corporation was then renamed Nelnet Loan Services, Inc.
While newer Sallie Mae loans don't qualify for forgiveness, you may have other options. Find out if one of these strategies can help you better manage your debt.
If you have private loans through banks like Sallie Mae, they're not eligible for student loan forgiveness. However, you can refinance your current loans with another lender for a potentially lower monthly payment and rate.
"The nearly $5 billion in additional debt relief announced today will go to teachers, social workers, and other public servants whose service to our communities have earned them Public Service Loan Forgiveness, as well as borrowers qualifying for income-driven repayment forgiveness because their payments are for the ...
You will remain responsible for repaying your loan according to the terms of the promissory note you signed. You should talk to your loan servicer about repayment options if you have a Direct Loan or Federal Family Education Loan Program loan.