November 24, 2021

How To Pay Off Nelnet Student Loans


Are you a recent graduate or working professional looking to pay off your Nelnet student loans? Luckily, making payments is easy, and this blog post can take you through the steps you need to know.

How To Pay Off Nelnet Student Loans

There are many options available for you to pay your Nelnet student loans, which range from traditional and automatic payments.

Mobile App

The Nelnet mobile app can be downloaded from Google Play and the iTunes Store, where you can manage your account using a mobile device.

Auto Debit

Signing up for auto-debit means that you’ll never miss a payment since your payment will be deducted from your chosen bank account. You’ll also save on interest rates when your account is inactive payment.


Simply go to and log in to your account to get the latest information regarding your student loans. Here, you can make a payment, check your due dates, set up automatic payments, and more.

Via Mail

You can also mail your payment through the address on your statement. Ensure that the Nelnet account number is included, to ensure that your payment will be processed as soon as possible.

Via Phone

You can also call Nelnet at 888-486-4722 to make a payment through one of their customer service representatives.

How Payments Work

Nelnet will send you a monthly billing statement for your account(s) around three weeks before a payment needs to be made. It will contain the amount due along with its due date for a specific account. If you have more than one account, you may get different dues dates, which is normal.

How Interest Works

A federal student loan will have interest rates which are set annually by Congress. Most student loans will use a method of accrued interest known as simple interest. This formula is used to multiply your loan balance against the interest rate. This accrued interest will apply for the life of the loan, and can be calculated using this formula:

(Current Principal Balance x Interest Rate) ÷ 365.25

This means that your current balance, multiplied by the interest rate and divided by 365.25 will be equal to your interest.

How Late Payments Work

If you’re unable to pay the amount due, you may be subject to a late fee as well as lose your eligibility to repayment incentives and borrower benefits. It’s best to pay as much as possible since interest accrues on any outstanding principal balance. Furthermore, if a payment isn’t received 15 days from the due date can incur a late fee of up to six cents for every dollar late.

An income-driven repayment plan may also be a solution to reduce your regular monthly payment amount. There may even be cases when your monthly payment amount can be reduced to $0 every month. In these plans, the payment will be based on your income.

However, your payment could be more than usual if your recent payment wasn’t enough to cover the amount due. This may also happen if your lower payment plan expires or if you’re on a plan where the payment increases over time.

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