Savanna Hoffman
Nelnet is a student loan servicing company that provides payment services for federal student loans. They are a dedicated team of 7000+ associates, aiming to help customers with their consumer finance, telecommunications, K-12, and higher education needs. They offer two websites for customers to access their student loans: Nelnet.studentaid.gov and SloanServicing.com. Customers can also reach Nelnet Loan Servicing by calling 888.486.4722.
| Characteristics | Values |
|---|---|
| Website | Nelnet.studentaid.gov |
| Phone Number | 888.486.4722 |
| Types of Loans | Federal Direct Loan Program, Federal Family Education Loan (FFEL) Program |
| Loan Account Numbers | Begin with E, D, or J |
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What You'll Learn
Accessing your Nelnet account online
To access your Nelnet account online, you can visit one of two websites: Nelnet.studentaid.gov or SloanServicing.com. These websites allow you to directly access your student loans without having to visit Nelnet.com. The website you choose depends on the type of loan you have.
If you have federal loans under accounts beginning with "E", you should select Nelnet.studentaid.gov. On the other hand, if you have commercial loans under accounts starting with "D" or "J", you should choose SloanServicing.com. It is recommended that once you've identified the appropriate website, you bookmark the web address for easy access to your loans in the future.
If you are unsure about the type of loan you have, you can visit StudentAid.gov using your FSA ID to log in and find out. This way, you can determine which website to use for accessing your Nelnet account online.
By following these steps, you can conveniently access your Nelnet account online and manage your student loans without having to visit the Nelnet.com website directly.
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Federal Direct Loan Program
The Federal Direct Loan Program, also known as the William D. Ford Federal Direct Loan Program, provides low-interest loans to students and parents to help pay for the cost of a student's education after high school. The lender is the US Department of Education, which is also the owner of the loans. The program replaced the Federal Family Education Loan (FFEL) program, which was eliminated because it was seen as benefiting private student loan companies at the expense of taxpayers and did not help reduce costs for students.
The Federal Direct Loan Program is the largest single source of federal financial aid for students and their parents pursuing post-secondary education. It is also the sole government-backed loan program in the United States. The program offers different types of loans, including Direct PLUS Loans and Direct Subsidized Loans. Direct PLUS Loans are federal loans that graduate or professional students and parents of undergraduate students can use to pay for education expenses not covered by financial aid. These loans are not based on financial need but credit is necessary, and eligibility is determined by the school. Direct Subsidized Loans, on the other hand, are for eligible students to cover costs at a four-year institution, community college, or vocational school.
If a student has multiple loans, they can consolidate multiple monthly payments into one monthly payment at the average rate of the loans being consolidated. However, one disadvantage is that students cannot lower their interest rates. The interest rate is equal to a weighted average of the interest rates on their current federal student loans, rounded up to the nearest 1/8%.
The Federal Direct Loan Program has accumulated a large outstanding loan portfolio, with about $1.5 trillion in loans outstanding as of 2019. Funding for new direct loans in the program has increased over the years, from $12.6 billion in 2005 to $17.8 billion in 2008. The switch to 100% Direct Lending was enacted by the Health Care and Education Reconciliation Act of 2010, organized by President Barack Obama.
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Federal Family Education Loan (FFEL) Program
The Federal Family Education Loan (FFEL) Program was a system of private student loans that were subsidized and guaranteed by the US federal government. The program was initiated by the Higher Education Act of 1965 and was funded through a public-private partnership administered at the state and local levels. Commercial lenders like Sallie Mae (now Navient) would use their private capital to finance loans under the FFEL Program but received subsidies from the federal government. These subsidies were used to maintain interest rates at federally mandated levels, pay down fees associated with the loans, and cover expenses related to collection and defaults. The government also guaranteed a large portion of the loans, insuring private lenders against default.
The FFEL Program offered four types of loans: subsidized Federal Stafford Loans, unsubsidized Federal Stafford Loans, the Federal PLUS Loan for graduate students, and the Federal PLUS Loan for parents of dependent undergraduate students. The main federal student loan is the Stafford Loan, which comes in two types: subsidized and unsubsidized. For subsidized loans, the government pays all interest costs on behalf of borrowers who meet a financial needs test while they are in school and during grace and deferment periods. Repayment for this type of loan begins six months after graduation or if the student withdraws to a less-than-half-time status. As for unsubsidized loans, they are for students who do not meet the financial needs test or who need to supplement their subsidized loans. Borrowers may defer payment of interest during school, grace, and deferment periods, but they are responsible for all interest that accrues. Similar to subsidized loans, repayment begins six months after graduation or if the student's status changes to less than half-time.
The FFEL Program ended on June 30, 2010, following the passage of the Health Care and Education Reconciliation Act of 2010 on January 5, 2010. Similar loans are now provided under the Federal Direct Student Loan Program, which are federal loans issued directly by the US Department of Education. FFEL borrowers can gain access to loan forgiveness by consolidating existing loans with the Federal Direct Student Loan Program. However, payments made before consolidating typically do not count toward loan forgiveness. It's important to note that FFEL loans are not eligible for the Public Service Loan Forgiveness program.
If you have a FFEL Program loan, you can log in to your StudentAid.gov account to access information about your loan. By selecting "View Loans," you can see if a loan has "FFEL" at the front of its listing, indicating it is an FFEL Program loan. Additionally, if the servicer name starts with "ED," your loan is held by the US Department of Education (ED). Most FFEL Program loans are eligible for only one income-driven repayment (IDR) plan, but consolidating the loan into a Direct Consolidation Loan can provide more IDR options.
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Federal student loan repayment
Nelnet is a student loan servicing company that provides customer service for Federal Direct Loan and Federal Family Education Loan (FFEL) Program loans owned by the US Department of Education.
To access your student loans, you can log in to either Nelnet.studentaid.gov or SloanServicing.com, depending on your loan type. Federal loans under accounts beginning with E are accessed via Nelnet.studentaid.gov, while commercial loans under accounts beginning with D and J are accessed via SloanServicing.com. If you are unsure of your loan type, you can log in to StudentAid.gov using your FSA ID to find out.
It is important to note that not all agencies utilize the student loan repayment program, and eligibility requirements vary. Employees receiving this benefit typically sign a service agreement to remain with the paying agency for a minimum period. If an employee voluntarily separates or is separated for specific reasons, they may need to reimburse the agency for the benefits received.
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Contacting Nelnet
Nelnet is a student loan servicing company that provides customer service for Federal Direct Loan Program and Federal Family Education Loan (FFEL) Program loans owned by the US Department of Education.
You can contact Nelnet through their website, Nelnet.com. However, to access your student loans, you will need to visit one of two websites depending on your loan type:
- Federal loans under accounts beginning with E: Nelnet.studentaid.gov
- Commercial loans under accounts beginning with D and J: SloanServicing.com
If you are unsure about your loan type, you can log in to StudentAid.gov using your FSA ID to find out.
After clicking the login button on either of the websites, be sure to bookmark your login page for future easy access.
How to Pay Off Student Loans
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Frequently asked questions
You can pay off your Nelnet student loans directly on the website Nelnet.studentaid.gov or by calling 888.486.4722.
Nelnet services federal student loans, including Federal Direct Loans and Federal Family Education Loans (FFEL) that are owned by the U.S. Department of Education.
You can log in to StudentAid.gov using your FSA ID to find out if your federal student loans are serviced by Nelnet.
You can access your Nelnet student loans online by visiting Nelnet.studentaid.gov or SloanServicing.com, depending on your loan type. If you are unsure of your loan type, you can log in to StudentAid.gov using your FSA ID to find out.
Nelnet is a student loan servicing company based in Lincoln, Nebraska that specializes in consumer finance and education.
