– The 0.25% Student Loan Interest Rate Reduction. Verified customer @diehlea awesome I am going to contact Wells Fargo now Thank you. This comment was posted by a verified customer. See Disclaimer. Nelnet believes service is more than just what you do – it’s who you are. Sh Shellie1234 Aug 15, 2018. You might get a better interest rate. If you share our commitment to service, discover how Nelnet can help make your dreams possible. Nelnet has been mired in controversy for years regarding how it handles student loans. Variable interest rates are as low as 1.98%, while fixed-rate refinances can be as low as 3.19%. The interest rate on federally held student loans was reduced to 0%, effective March 13, 2020 through September 30, 2020. Federal Loan Alternatives You may qualify for Federal education loans. Together, these benefits can further reduce borrowers' interest rates by 1.25 percent. About Payments . Get Started. As your student loan servicer, we’re here to make the repayment process as simple as possible. Bottom Line. Check out rates to see if it's better than what you're currently getting. However, for those who are interested, Nelnet does have a subsidary company offering student loan refinancing. Welcome to Nelnet.com. They said that I did not sign up to receive e-correspondence. Log In. How to Make a Payment; How Payments Work; How Payments are Allocated; How to Read Your Statement ; How to Manage Your Account; Repayment Options . Refinancing your Parent PLUS loan with Nelnet Bank has its perks – here are just a few. Q13: Does Nelnet own my student loan? 0 Votes. 1. Give Your Life’s Journey a Jump-Start. Interest rates for unsubsidized Stafford loans made to undergraduate borrowers under the Federal Direct Loan Program (FDLP) will receive the same phased-in interest rate reduction plan. Box 82522 Lincoln, NE 68501-2522 Phone: (844) 307-3451 Fax: (866) 258-9530 See Reference Notes for more information on the fixed interest rate. Auto Debit Savings. Skip to Content. Interest rate reduction based on the repayment method; Fewer or no credit requirements; Types of Federal Student Loans. You may also be eligible for a 25% reduction in interest rates. Same, interest is still accruing for me. We have thousands of associates working for a wide variety business segments – all committed to one thing: serving our customers, our communities, and each other. The interest rate is still variable, but went from 16% to 6%. CALL US: 888.486.4722 | Nelnet Businesses. College Cost Reduction and Access Act – Special Allowance Payments. Update from 3/25/20. Auto-Debit - When you sign up for Auto-debit, your payments will be deducted automatically from your account every month. Rates listed above include an interest rate reduction for eligible applications and enrollment in auto debit. Each year, based on the interest rates of the 91-day U.S. Treasury Bills, federal student loan interest rates are recalculated and made public during the last week of May. If your monthly nelnet student loan payments are too high, you have three options for lowering them. Consolidation creates a new promissory note. When Nelnet, a leading education planning and financing company, receives your completed student loan consolidation application before July 1, 2007, you will receive the lowest statutory interest rate available based on your existing loans through Nelnet's Best Rate Guarantee. Additional services include Deferment for citizens in the military and forbearance options due to natural disasters. See our favorite student loan refinance providers. Cancel Submit. Interest accrues daily and is calculated on the number of days between the receipt of each payment. Effective Date: Loans first disbursed on or after October 1, 2007. SoFi's fixed rates begin at 3.4% APR and variable rates start as low as 2.63% when you enroll in auto-pay. This could save you thousands of dollars in interest over the years. There is a 0.25% reduction in interest rate when borrowers use the automatic debit feature for repayment. Build Your Credit. I don't think it's a matter of them changing the interest rate to 0% because it should still display what the rate is, but there should not be any additional interest being added to the loans. Consolidated Loans reduce the total monthly payment amount by combining outstanding student loans into one new loan. I had expected it to automatically take place. Why Refinance a Parent PLUS Loan? U-fi From Nelnet offers competitive rates on student loan refinancing and can even refinance Parent PLUS loans. Reply. Nelnet can help you temporarily stop making payments or reduce your payment amount if you qualify. Nelnet has continued adding interest to my loans. Cancel Submit. 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