Has a company named NelNet has contacted you about your student loans? If so, you might have wondered who they are and how they got your name.
So what's the deal? Is NelNet a legit company? Yes. And, in fact, they probably have a very good reason for contacting you.
NelNet, short for National Education Loan Network, is a company that services federal student loans.
Remember that federal student loan you signed up for? After you graduated, the U.S. Department of Education passed your loan off to a loan servicing company to handle payments, collections, and account maintenance.
So if you're getting a bill from Nelnet, yep, there's a pretty good chance you're going to need to pay it – BUT it's important to make sure they're your servicer first (we'll tell how you below).
See also: How to Lower Your NelNet Student Loan Payment
NelNet also recently acquired Great Lakes, another leading loan servicer.
As a loan servicer, Nelnet's job is to manage your student loans, including:
Let's get back to that letter you got.
The first thing to know is that if you receive a letter, call, or email from a company claiming to want to speak with you about your student loans, don't jump to give them any of your personal information until you verify who they are.
Unfortunately, there are many companies out there that harass borrowers into paying a fee for help. These are generally scams.
Why is that? Because you never have to pay for help with student loan debt management. Instead, you can work directly with your loan servicer, who will help you for free.
Not sure if NelNet is your loan servicer? You can confirm via the U.S. Department of Education's National Student Loan Data System, which is the central database for federal student loans. There, you can get more info about your loan servicer, the type of loans you have, your balance, and your loan status. To access this information, you'll need your Federal Student Aid (FSA) ID number.
Important note: Assume that any company that asks you for your FSA ID is NOT legit. You use this ID to sign legal documents online. Don’t give out your ID to anyone— or they’ll be able to change your account without your permission.
Once you confirm that NelNet is your loan servicer, you can reach out to the company with specific questions about your situation.
If NelNet is your servicer, you should get in touch with them for any and all account questions, including:
NelNet's customer service phone number, email and address are listed here. Remember, contacting your loan servicer should always be your first step if you're struggling with your debt.
You can also create an online account with NelNet to make accessing your loan information and monthly making payments easier.
See also: 4 Ways to Lower Student Loan Payments
Earnest empowers people with the financial captial they need to live better lives.
Using technology, data, and design to build affordable products, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company understands every applicant's unique financial story to offer the lowest possible rates and radically flexible loan options for living life.
Click here to apply with Earnest and to see how much you can save.
Operates in all 50 states; 2nd largest student loan refinancing lender
Laurel Road is a national online lender with customers in all 50 states, the District of Columbia, and Puerto Rico. Many of our non-bank competitors are not able to lend in all 50 states.Laurel Road has grown to be the second largest player in the student loan refinancing space in large part because of our reputation as the go-to low rate provider.
For every loan they fund, they contribute to the education of a child in need
CommonBond was founded in 2011 by three MBA graduates from the University of Pennsylvania’s Wharton School who wanted to help their peers escape from high-interest student loan debt. Its original focus was on grad students, but it has since expanded to cover undergrads as well.
Of all the companies we reviewed, CommonBond has some of the best customer service. The company prides itself on being easy to reach by email, phone, or live chat. It offers networking events, expert panels, insider newsletters, and even has a program help borrowers who lose their jobs to find new ones. CommonBond also makes you feel good about choosing to refinance with them by donating money to an education nonprofit for each loan they write.
Get a personalized review of your refinancing options with CommonBond today.
Credible is an online marketplace that provides borrowers with competitive, personalized loan offers from multiple, vetted lenders in real time.
Credible is a multi-lender marketplace that empowers consumers to discover student loan refinancing options that are the best fit for their unique circumstances. Our integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options ― without putting their personal information at risk or affecting their credit score. The Credible marketplace provides an unrivaled customer experience, as reflected by over 2,000 positive Trustpilot reviews and a TrustScore of 9.5/10. Credible is headquartered in San Francisco, California.
For more information, click here to apply now with Credible.
Works with 300+ community lenders for higher approval chances
Connecting student borrowers to a network of over 300 community lenders with low interest rates. By partnering with these lenders, LendKey is able to give consumers direct access to the best rates available from the most borrower friendly institutions. As the servicer of all loans obtained through its platform, you can rest easy knowing your personal information will be safe and that the best customer service team will be ready to answer your questions from application until your final payment.
Many ELFI customers save hundreds per month month and thousands over the length of the loan term.
Education Loan Finance is designed to assist borrowers through consolidating outstanding education loans into one single loan that effectively lowers your costs of education and/or makes repayment very simple. Education Loan Finance - backed by the strength of SouthEast Bank - combines the benefits of traditional education loan refinancing with the superior products, service, and support found in the private market.
Check out their low rates today to see how much you can save.
Attractive Bonus and Referral Programs:
Special offers for medical resident and fellow refinance products
Splash Financial is a leader in student loan refinancing with new rates as low as 3.25% fixed APR which can save you tens of thousands of dollars over the life of your loans. No application or origination fees and no prepayment penalties. Splash Financial is in all 50 states and is intensely focused on customer service. Splash Financial is also one of the few companies that offers a great medical resident and fellow refinance product. You can check your rate with Splash in just minutes.
Click here to see more of Splash's offerings and to see how you can save money.