Is Nelnet part of the loan forgiveness?

Asked by: Prof. Ike Quigley  |  Last update: April 1, 2024
Score: 4.5/5 (28 votes)

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.

Will my Nelnet student loan be 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.

Is Nelnet considered a federal student loan?

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.

How do I know if my Nelnet student loan is federal or private?

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.

How will I know if my student loan will be forgiven?

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.

Biden admin. to forgive $39 billion in student loans

25 related questions found

What student loans are not eligible for forgiveness?

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.

How come my student loan is not forgiven?

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.

Is Sallie Mae and Nelnet the same?

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.

How can I tell if my student loan is federal or private?

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.

Which is better Nelnet or Mohela?

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.

Why does Nelnet have my student loan?

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.

What is the Nelnet controversy?

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.

Why is my Nelnet balance zero?

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.

Which student loans are automatically forgiven?

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.

Why is my student loan showing a zero balance?

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.

Will Nelnet refund me?

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.

Which student loans are considered private?

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.

Do private loans show up on studentaid gov?

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.

Is a ffelp loan eligible for forgiveness?

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.

What did Nelnet used to be called?

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.

Are Sallie Mae loans eligible for student loan forgiveness?

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.

Is Sallie Mae part of the student loan forgiveness?

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.

How can I get my entire student loan forgiven?

4 Student Loan Forgiveness Programs
  1. Income-Driven Repayment Forgiveness. Income-driven repayment (IDR) plan forgiveness is a good option if you cannot afford your payments under a 10-year standard repayment plan. ...
  2. Perkins Loan Cancellation and Discharge. ...
  3. Public Service Loan Forgiveness. ...
  4. Teacher Loan Forgiveness.

Who gets student debt canceled?

"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 ...

Can you be denied student loan forgiveness?

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.