Everything you should know about Nelnet student loans


Nelnet, Inc. is a student loan servicer company, which aims to “make educational dreams possible.” The company has its headquarters in Lincoln, Nebraska and has over 5 million borrowers of their student loans, including both private as well as federal, which are serviced by Nelnet. 

If you are the one, whose student loan is serviced by Nelnet and you would like to know more about Nelnet and its student loans, then this is the best place for you. Some of the features and important points about Nelnet student loans are as follows. 

Get fit money-wise

Not only does Nelnet allows you to manage and organize the payments of your student loans, but it also makes you informed about personal finance. How? On the homepage of Nelnet website, there is a section, namely ‘Get Financially Fit.’ 

This section teaches people about the basics of credit, budgeting, as well as personal finance. In addition, it also allows you to sign up for ‘Money Mondays Webinars.’ And, if you do not have time, you can watch the pre-recorded webinars offered by Nelnet, which you can see right now. 

Text alerts for avoiding late payments

Image courtesy: Flickr
Image courtesy: Flickr

Many people cannot remember the due date of their loan payments. However, Nelnet has an easy solution for this with text alerts for Nelnet student loans. For this, you have to sign up for KwikPay, which is the auto pay version of Nelnet. This way you can make your payments on time and thus avoid late payments. 

And, if you do not want the payments to be set and then forget about them, then you can also put a reminder of the due date of your payments, along with alerts through a text message. In addition to this, with Nelnet you can set alerts for your past due date loan payment, change of loan status, and new statement that is prepared for viewing. Text alerts work great as accessible and quick reminders over emails. 

In order to avail this service provided by Nelnet for Nelnet student loans, you have to go to ‘My Info and Preferences’ on Nelnet’s website and then go to ‘Text Alerts’ on the right hand corner of the page. After this, you must enter your details and then save the changes. You must confirm this service through a text message, which will verify that you actually signed up for it. 

Pay by group

Nelnet allows you to pay your loans by group. By group, it means that you can pay off your high interest loans in the beginning and then pay your other student loans. Moreover, Nelnet makes the whole process easy, so that the borrower can figure out the distribution of their payments on their student loan. 

Image courtesy: Oddball Wealth
Image courtesy: Oddball Wealth

Although, you must remember that you need to pay atleast the minimum amount on all your Nelnet student loans, while you choose to pay a particular group of loans. You can pay a loan group by going to the ‘Home’ page on Nelnet’s website and then selecting the tab, which says ‘Make a Payment.’ Then, you must go to the ‘Pay Now’ option and under the ‘Select Payment Option,’ you must click on the ‘Pay By Group’ tab. 

You can press the left hand arrow in order to expand the box and display all your loans. After this, you can sort your loans by their interest rates, due dates, and balances. On the right side, you can also distribute your payments as well as begin to put more for specific loans, as per your payoff approach. 

These are some of the features and important things about Nelnet student loans. These points will give you a better idea about the attributes of student loans offered by Nelnet.