You may be eligible for forgiveness of the remaining balance of your Direct Loans after making 120 qualifying payments on those loans while employed full time by a qualifying public service employer(s).
Nelnet is a federal student loan servicer working on behalf of the U.S. Department of Education (ED), the government agency that lends you student loans.
Why do loans get switched or transferred to a different servicer? Sometimes, we need to transfer loans from one servicer to another—for example, when a servicer's contract with us ends. Even if we transfer your loans to a new servicer, we (the U.S. Department of Education) still own your loans.
Compare the loans listed on your studentaid.gov account with your credit report. Any loans that are listed on your studentaid.gov account are federal student loans. If any loans on your credit reports are not listed on your studentaid.gov account, they are probably private student loans.
Private student loans are usually only forgiven when the borrower becomes permanently disabled or dies—sometimes not even then. While there are several options for federal student loan cancellation and forgiveness, private programs for cancellation are less common.
Private loan interest rates are set by private lenders (like Nelnet Bank) using a number of factors. What are the eligibility requirements for a student loan? Eligibility Requirements: You must be enrolled at least half-time at a Nelnet Bank-eligible school for the loan period you are applying for.
In the case of Nelnet, Massachusetts Attorney General Andrea Campbell (D) said the company neglected to tell borrowers to resubmit their earnings and family size to remain enrolled in an income-driven repayment plan.
Your student loan servicer(s) will notify you directly after your forgiveness is processed. Make sure to keep your contact information up to date on StudentAid.gov and with your servicer(s). If you haven't yet qualified for forgiveness, you'll be able to see your exact payment counts in the future.
What happened? Student loans disappear from credit reports 7.5 years from the date they are paid in full, charged-off, or entered default. However, education debt can reappear if you dig out of default with consolidation or loan rehabilitation.
Great Lakes loans are now under Nelnet. All loans enrolled in Public Service Loan Forgiveness (PSLF) previously under FedLoan Servicing are now under MOHELA.
In Nelnet's case, its Top Key Executive, Michael Dunlap, is the largest shareholder, holding 24% of shares outstanding. Dimensional Fund Advisors LP is the second largest shareholder owning 5.6% of common stock, and The Magnolia Group, LLC holds about 5.1% of the company stock.
Generally, there are two types of student loans—federal and private. Federal student loans and federal parent loans: These loans are funded by the federal government. Private student loans: These loans are nonfederal loans, made by a lender such as a bank, credit union, state agency, or a school.
Is Nelnet Federal or Private? Nelnet is primarily known as a federal loan servicer. However, Nelnet is a large company with several segments. Parts of its business offer private education loans and consumer loans.
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. Borrowers with FFELP loans held by commercial lenders or Perkins loans not held by ED can benefit if they consolidate into Direct Loans.
All payments on eligible loans made to ED will be refunded. Payments not made to the Department will not be refunded. This means you would no longer have to make payments on those loans associated with the school that misled you, and you may have some of your past loan payments refunded to you.
Your loan may have been transferred for reasons like private loans getting sold, a contract ending with the federal government or signing up for other programs like Public Service Loan Forgiveness (PSLF).
You'll be notified or see a $0 balance
From this point on, your days of making monthly student loan payments are over. That is, unless, only a portion of your debt is canceled. If you still owe a remaining balance, you will still continue to owe monthly payments.
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.
Your Payment Could be More Than Usual
Your current amount due may be higher if your most recent payment did not cover the current amount due, your lower repayment plan has expired, or you are on a plan that increases your payment amount incrementally.
Nelnet reports credit information monthly to the four consumer reporting agencies (Innovis, Experian, TransUnion, and Equifax). Until an account reaches 90 days past due, it's reported as up to date. When an account reaches 90 days past due, it's reported as delinquent.
No, we are not detecting any problems with Nelnet right now.
The last outage detected for Nelnet was on Friday, January 3, 2025 with a duration of about 2 hours.
Teachers with loans through Nelnet can pursue teacher loan forgiveness. Teachers may qualify to have a maximum of $17,500 or $5,000 in student loans forgiven, depending on the subject area taught, if specific requirements are met.
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.
The lawsuit (PDF) alleges that Nelnet (1) Breached the servicing agreement between Nelnet and the Federal Government. The class representatives who are student borrowers are intended third party beneficiaries of the breached contract.