4 Steps to Refinance Nelnet Student Loans

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Nelnet is one of 10 different companies that are contracted as federal student loan servicers by the government. It also offers private student loan products — including both private student loans and student loan refinancing.

But you can also consider refinancing Nelnet loans with another lender if you prefer.

Here’s how to refinance Nelnet loans:

• How to refinance Nelnet loans
• Refinancing vs. consolidation: What’s the difference?
• Reasons to refinance Nelnet loans
• Compare multiple offers when refinancing your loan

How to refinance Nelnet loans

Depending on your credit, refinancing your student loans might help you save money and even pay off your loans faster. Also keep in mind that you can refinance Nelnet loans with Nelnet itself or with another private lender.

If you’re ready to refinance your Nelnet loans, follow these four steps:

1. Consider whether refinancing is right for you. If you have federal student loans serviced by Nelnet, it’s important to carefully weigh the pros and cons of consolidating your student loans with a private lender. This is because refinancing federal student loans will cost you federal protections, such as access to income-driven repayment plans and student loan forgiveness programs. Additionally, you’ll no longer be eligible for the federal payment and interest accrual suspension under the CARES Act due to the COVID-19 pandemic.
2. Compare lenders and pick a loan option. Be sure to compare as many student loan refinance companies as possible to find the right loan for you. Consider not only interest rates but also repayment terms and any fees charged by the lender. After researching lenders, choose the loan option that works best for your needs.
3. Complete the application. Once you’ve picked a lender, you’ll need to fill out a full application. You’ll likely also need to submit required documentation, such as pay stubs or tax returns.
4. Manage your loan payments. If you’re approved, make sure to keep up with payments on your old Nelnet loans while the refinance is processed. Once your old loan has been paid off and your new loan is in place, consider signing up for autopay so you won’t miss any payments in the future — many lenders even offer a rate discount for borrowers who opt for automatic payments.

One of the most important parts of refinancing your student loans is comparing as many lenders as you can to find a loan that works best for you. Credible makes this easy — you can see your prequalified rates from our partner lenders in the table below in two minutes.

Lender	Fixed rates from (APR)	Variable rates from (APR)	Loan terms (years)	Loan amounts
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.4%+	4.79%+	5, 7, 10, 15, 20	$10,000 up to $250,000 (depending on degree)
Fixed APR: 4.4%+ Variable APR: 4.79%+ Min. credit score: 720 Loan amount: $10,000 to $400,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Military deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas Customer service: Email, phone Soft credit check: 720 Cosigner release: No Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 - $149,000 Max. Graduate Loan Balance: $200,000 - $400,000 Offers Parent PLUS Refinancing: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.39%+1	6.26%+1	5, 7, 10, 15, 20	$10,000 to $500,000 (depending on degree and loan type)
Fixed APR: 5.39%+1 Variable APR: 6.26%+1 Min. credit score: Does not disclose Loan amount: $10,000 to $750,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $150,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.99%+2	5.99%+2	5, 7, 10, 12, 15, 20	$5,000 to $300,000 (depending on degree type)
Fixed APR: 5.99%+2 Variable APR: 5.99%+2 Min. credit score: Does not disclose Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 12, 15 Repayment options: Military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: All states except for ME Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: College Ave Servicing LLC Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $300,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.41%+5	7.39%+5	5, 10, 15, 20	$1,000 to $250,000
Fixed APR: 7.41%+5 Variable APR: 7.39%+5 Min. credit score: 700 Loan amount: $7,500 to $200,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R) Max. Undergraduate Loan Balance: $150,000 to $249,000 Max. Graduate Loan Balance: $150,000 to $199,000 Offers Parent PLUS Refinancing : Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.08%+3	4.78%+3	5, 7, 10, 12, 15, 20	$10,000 to $250,000
Fixed APR: 5.08%+3 Variable APR: 4.78%+3 Min. credit score: 680 Loan amount: $10,000 to $250,000 Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: Mohela Max. Undergraduate Loan Balance: $250,000 Max. Graduate Loan Balance: $250,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.61%+4	6.61%+4	5, 10, 15, 20	$5,000 to $250,000
Fixed APR: 5.61%+4 Variable APR: 6.61%+4 Min. credit score: 670 Loan amount: $5,000 to $250,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Academic deferment, military deferment, forbearance Fees: Late fee, returned payment fee Discounts: Autopay Eligibility: Must be U.S. citizen or permanent resident Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: Yes Max undergraduate loan balance: $250,000 Max graduate loan balance: $250,000 Offers Parent PLUS refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.94%+ 7	N/A	5, 7, 10, 12, 15, 20	Up to $300,000
Fixed APR: 6.94%+ 7 Variable APR: N/A Min. credit score: 670 Loan amount: Up to $300,000 Loan terms (years): 5, 7, 10, 15, 20 Time to fund: Usually one business day Repayment options: Academic deferral, military deferral, forbearance, death/disability discharge Fees: None Discounts: Autopay Eligibility: Available in all 50 states Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Max. undergraduate loan balance: $300,000 Max. graduate balance: $300,000 Offers Parent PLUS loans: Yes Min. income: None
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.49%+	4.76%+	5, 7, 10, 15	Up to $300,000
Fixed APR: 4.49%+ Variable APR: 4.76%+ Min. credit score: 700 Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 15 Max. undergraduate Loan Balance: $125,000 Time to Fund: 10 to 30 days Repayment options: Immediate repayment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from an eligible institution Customer service: Email, phone Soft credit check: Yes Cosigner release: After 12 months Loan servicer: LendKey Technologies Inc. Max. graduate Loan Balance: $175,000 Credible Review: LendKey Student Loans review Offers Parent PLUS Refinancing: No
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.5%+	N/A	7, 10, 15	$10,000 up to the total amount of qualified education debt
Fixed APR: 5.5%+ Variable APR: N/A Min. credit score: 670 Loan amount: $10,000 up to the total amount Loan terms (years): 7, 10, 15 Repayment options: Military deferment, loans discharged upon death or disability Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: AES Max. Undergraduate Loan Balance: No maximum Max. Gradaute Loan Balance: No maximum Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.29%+	N/A	5, 10, 15	$7,500 up to $250,000 (depending on highest degree earned)
Fixed APR: 5.29%+ Variable APR: N/A Min. credit score: 680 Loan amount: $7,500 to $250,000 Loan terms (years): 5, 10, 15 Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000 Customer service: Email, phone Soft credit check: Does not disclose Cosigner release: No Loan servicer: Rhode Island Student Loan Authority Max. Undergraduate Loan Balance: $150,000 - $249,000 Max. Graduate Loan Balance: $200,000 - $249,000 Offers Parent PLUS Refinancing: Yes
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All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 5EDvestinU Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 7ISL Education Lending Disclosures

Learn More: Nelnet Student Loan Servicing: Reviews and Tips for Borrowers

Refinancing vs. consolidation: What’s the difference?

The terms refinancing and consolidation are often used interchangeably. The difference between the two comes down to whether you have private or federal student loans.

• Private student loan refinancing: If you refinance your student loans, your old loans will be paid off with one new loan. This can also be referred to as private student loan consolidation. You can refinance both federal and private student loans — however, remember that you’ll lose your federal protections if you refinance federal student loans.
• Federal student loan consolidation: If you have federal student loans, you can consolidate them into a federal Direct Consolidation Loan. With this option, you can combine your federal loans while also keeping your federal benefits. It can also make certain federal loans — such as Parent PLUS Loans — eligible for programs like income-driven repayment and Public Service Loan Forgiveness. Additionally, unlike private refinancing, federal consolidation doesn’t require a good credit score.

You can estimate how long it’ll take to pay off your student loan debt using the calculator below. Use the slider to see how increasing your payments can change the payoff date.

Check Out: How to Refinance Your Student Loans

Reasons to refinance Nelnet loans

Here are a few reasons why you might want to consider refinancing your Nelnet loans:

• Lower interest rate: Depending on your credit, you might qualify for a lower interest rate through refinancing. This could help you save money and potentially pay off your student loans early. Keep in mind that there’s no limit to how often you can refinance student loans, which means you can refinance again in the future if you could get a lower rate later on.
• Reduce your monthly payments: If you opt for a longer repayment term through refinancing, you could lower your monthly payments to help lessen the strain on your monthly budget. Just keep in mind that choosing a longer repayment term means you’ll pay more in interest over time.
• Simplify repayment: If you have multiple student loans, refinancing lets you combine them into one new loan. This leaves you with just one loan and payment to worry about.
• Switch to a new lender: If you’re unhappy with Nelnet’s service, you can take your business elsewhere by refinancing with a different lender.

However, refinancing isn’t right for everyone. Here are a few potential drawbacks to keep in mind while deciding whether to refinance your Nelnet loans:

• Lose access to federal benefits: If you have federal student loans serviced by Nelnet, refinancing them will cost you your federal protections, such as access to unemployment deferment or forbearance.
• Hard to qualify if you have poor credit: You typically need good to excellent credit as well as verifiable income and an acceptable debt-to-income ratio to get approved for refinancing. If you have poor credit or don’t meet other eligibility criteria, it might be difficult to qualify. While some lenders offer student loan refinancing for bad credit, these loans generally come with higher interest rates compared to good credit loans.
• No repayment plan flexibility: With federal student loans, you can switch between various federal student loan repayment options depending on your needs. For example, you could opt for an extended repayment plan or income-driven repayment plan. Private refinanced loans don’t offer this flexibility.
• Could keep you in debt longer: Refinancing to a longer term could get you a lower monthly payment — however, it also means you’ll pay more in interest and stay in debt for a longer period of time.

If refinancing could help you save money and pay off your loans faster, then it could be a good idea — however, be sure to consider the drawbacks so you can make the right decision for your situation. You can use our calculator below to see how much you can save by refinancing your student loans.

Learn More:

• When to Refinance Student Loans
• How to Pay Off $300,000 in Student Loans

Compare multiple offers when refinancing your loan

If you decide to refinance your Nelnet loans, remember to compare as many lenders as possible to find the right loan for you. Consider interest rates as well as repayment terms, potential fees, and eligibility requirements.

Comparing lenders is easy with Credible — you can see your prequalified rates from multiple lenders in two minutes after filling out a single form.

Keep Reading: You Can Refinance Sallie Mae Student Loans — Here’s How

About the author

Lindsay VanSomeren

Lindsay VanSomeren specializes in credit and loans. Her work has appeared on Credit Karma, Forbes Advisor, LendingTree, and more.

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