Student loans can be one of the biggest fears in our nation. While the debt can be crippling if not managed well, one service company, Nelnet, offers students the ability to get a handle on their budgets and provides them with the tools needed to succeed.
Nelnet offers subsidized and unsubsidized loans to students of all ages and needs and is one of several services the Federal Government uses to contract student loans. This article will explore how Nelnet is different, how you can manage your student loan debt through their many resources and how Nelnet student loans can keep you on the track to success.
Who Is Nelnet?
Nelnet student loans is a service provider that works with the Department of Education for loan services and repayment collections. Nelnet isn’t the only service provider the government uses, but they are one of the largest.
Nelnet provides loan services and communications through all three stages of the student loan process. They help students plan for their education and give the institutions a more streamlined process for applying and qualifying for the loans through the students.
As of this writing Nelnet services just over 5 million borrowers with student loans. While they do offer other services, the student loan service is their largest and most profitable venture. They work hand in hand with the Department of Education to manage, lend and receive repayments for student loans.
As we already know, Nelnet offers student loan services to borrowers and assists educational institutions with services to streamline the borrowing process. However, they also have additional services, too.
They offer educational support for students in grades Kindergarten through senior year of high school. These services are generally for tuition expenses through private schools or institutions that charge fees.
The Nelnet Diversified Solutions is the portion of the company that handles the tuition and student loans disbursement segments. They also handle outsourcing for guaranty agencies such as U-fi and FirstMark.
The Nelnet Business Solutions is the portion of the company that handles the tuition for kindergarten through twelfth grade at private and faith-based schools. These include working with companies such as PaymentSpring and FACTS Education Systems.
The Asset Management portion controls the $24 billion for of student loans throughout their diversified network.
The smallest portion (and final) of the company includes the subsidiaries ALLO Fiber, First National Life and CampusGuard.
While the main focus will always be on tuitions and student loans, the company is well versed in all manner of educational funding and repayments. Their main goal is to assist students and families with the resources needed to stay on top of their finances, repay loans on time and assist when needed.
How To Manage Your Loans
When Nelnet has your student loan, it is either because your original lender sold your account to them, they were your original lender, or the Department of Education gave them your account to manage.
In either case, Nelnet gives you every opportunity and assistance during each stage to stay on top of your financial situation.
Student loans can be a huge burden and become expensive extremely fast. Nelnet offers their services not only as a lender but as a repayment specialist to help the borrower stay on track with payments and offer solutions when repayment is difficult.
Managing your loans is as simple as creating your Nelnet account, logging in and sorting your loans in order of priority. Once you make your monthly payment, everything is updated right on your dashboard.
Creating Your Account
As soon as you have Nelnet as your lender, you will be able (and encouraged) to create an online account. The process is simple and only takes a few minutes. You just need to sign up and go through the quick process. You will need to provide specific information (date of birth, social security number, etc.) to prove you are who you say you are and that the account is yours.
Once that is done you will create a username and password, set up security questions (and even a security image) for your account. After that, there will be a series of questions tailored to your account that will help provide you with the needed information, when you log in, for your type of account.
Once You Log In
After you have created your account and you log in you will have access to a wealth of information. The first thing you will be able to do is to manage your student loans.
Right on the dashboard, you will be able to see your loan information. This includes:
You will also have access to a few features unique to Nelnet. After logging in you can explore your repayment options, make changes to the repayment schedule or make an unscheduled payment.
There is also a portion of the dashboard where you can view and request forbearance options. From here you can defer your repayment or postpone repayment options. There will be more fees, more interest and other penalties of you continuously defer your payments. However, there may be times when you need to.
Having this option keeps your account from going to default. If it enters default (no payment within 90 days) the account goes to collections and begins to appear on your credit report. This can be a detrimental step in your credit history, so you will want to avoid it.
However, with Nelnet, you will have the options and opportunities to legally postpone your payments following the guidelines set out by the department of education. Nelnet makes it easy to do in a few short steps to keep your financial record on track and intact.
There is also a message system (you have to opt-in) where you can get the message sent to your dashboard with helpful tips, advice, and answers to your questions. You will have access to all messages for up to 12 months after archiving them, so you can go back anytime over the last year and see the previous messages.
Finally, you will be able to log in and make a payment. This will enable you to see your balance, your payment due date and make a one-time payment each month. As soon as the payment is made your entire account is updated, so you will always know where your balance stands and how much you still owe.
At any time, through virtually every page of the NelNet website, you can contact a Nelnet representative to find out anything you need to know. You can contact them before borrowing to have all of your questions and concerns answered, get help with the application process and even learn about all of the details needed for enrollment.
After you have borrowed, you can still contact Nelnet and get advice, options, answers, and messages. Everything you need is right at your fingertips, and Nelnet student loans make it easy to keep track of your loan status and any changes that may occur.
Nelnet also offers parents a few resources to help their child get the most out of their educational loan. By using these resources, parents can help their children understand what is required of them for repayment.
For children in the 12th grade or lower who are using the Nelnet student loan services for private schooling, the parent will generally have the loan in their name. However, these parent resources are still useful and viable to answer any questions you may have and to provide you with places to go for further research in helping your child achieve their educational goals.
Any student in grades kindergarten through their senior year of high school that attends a private or faith-based school will need to pay tuition. Nelnet offers student loans for these situations and has easy repayment options.
They also (and mainly) provide student loan services with the department of education for college and university tuition loans. Nelnet can offer the loan through their service members or will be optioned to buy your loan from another lender in such events where it is warranted.
The federal government also uses Nelnet to acquire student loans when there isn’t a specified source for lending.
Regardless of how you end up with your Nelnet account, creating your online identity and keeping track of your loan repayment is made simple with Nelnet. All of your resources are available in one spot and with an easy to understand format.
In the event you have questions you can reach Nelnet through the website as well. Plus you will have the opportunity to make a payment right from the dashboard.