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.
Through June 2024, ED will continue to identify and notify borrowers who reach the necessary forgiveness threshold of 240 or 300 months' worth of qualifying payments. Nelnet will notify you directly after your forgiveness is processed. Make sure your contact information is up to date on Nelnet.com and StudentAid.gov.
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.
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.
After the transfer, Nelnet will contact you with assistance to get you ready for repayment. Once your loan(s) enters a repayment status, we encourage you to sign up for auto debit with Nelnet.
For more than 40 years, Nelnet has helped students finance their education. That's why we are proud to offer private student loans through Nelnet Bank. These loans are for students needing to fill the gaps not met by federal financial aid, or who may be looking to refinance their student debt.
If you receive a statement for $0 due, it may mean you have paid extra in the past that fully covered this month's payment amount, or your current repayment plan requires no payment at this time or you are just entering repayment and no payment is due at this time.
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.
An IDR plan bases your monthly payment on your income and family size. If you repay your loans under an IDR plan, any remaining balance on your student loans will be forgiven after you make a certain number of payments over 20 or 25 years.
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.
If you're wondering how to tell if your student loans are federal, you can log into the Federal Student Aid website using your FSA ID to see a list of all federal student loans in your name. On your account dashboard, you can find “My Loan Servicers” or check the National Student Loan Program System.
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.
Nelnet became a publicly traded company in 2003, at which point the two founders were co-CEOs.
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.
The Biden-Harris Administration announced today the approval of an additional $4.8 billion in student loan debt relief for 80,300 borrowers. These discharges stem from fixes made by the U.S. Department of Education to income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF).
Yes. Any month when your scheduled payment under an income-driven plan is $0 will count toward Public Service Loan Forgiveness if you also are employed full-time by a qualifying employer during that month.
What happens if you don't pay off student loans in 25 years? Any remaining balance on your student loans will be forgiven after 25 years of payments. But be cautious: You may be required to pay income tax on the forgiven amount.
If your service provider is unable to address this topic, you are encouraged to contact the Federal Student Aid Information Center at Student Loan Ombudsman's Office at 1-800-4FED AID.
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.
Great Lakes Educational Loan Services was acquired by Nelnet in 2018 and no longer originates student loans. After the merger, Nelnet began servicing all outstanding student loans issued through Great Lakes.
In most cases, the borrower no longer had any outstanding student loan reported on their credit record in February 2023, suggesting the loan may have been paid off, discharged, or aged off the borrower's credit record.
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.
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.