November 18, 2021

How You Can Refinance Your Nelnet Student Loans

Repayment

If you’re a student with loans through NelNet, you’ve probably thought about refinancing for a lower monthly payment or interest rate. While you may not be able to directly refinance your loans through NelNet, it doesn't necessarily mean that you can’t do it. There is another option you can take which is to refinance it through a private lender. In this blog post, we discuss how you can refinance your NelNet student loans.

What is Refinancing?

Refinancing refers to taking out a new loan to pay for an existing one. While this may sound counter-productive, it helps people to get out of debt much faster. By replacing your old loan with a new one that has lower interest rates, you can save money during your loan or at least lower your monthly payments.

How Refinancing Can Benefit You

Using a lower interest rate, a bigger portion of your monthly payment can go to the principal, which in turn, will let you pay off your debt faster. You may also choose to reduce or extend your repayment term to lower your payments every month or to pay off your loan quicker. However, remember that if you do refinance, you will lose benefits from your federal loan, such as:

  • Forbearance
  • Deferment
  • Student loan forgiveness

Be sure to keep this in mind if you want to take advantage of these benefits.

Can You Refinance NelNet Student Loans?

NelNet is a servicer of federal loans and doesn’t provide refinancing directly. If you want to refinance your loans, you will need to do so with a private lender. Many borrowers looking to refinance will generally pick a lender based on the following:

  • Payment flexibility
  • Interest rates
  • Customer service
  • Special programs that are aimed at specific students such as graduates completing medical residencies.

These are just a few factors that can help determine which lender will be the best for you.

Are You Eligible to Refinance?

Every lender will have its own set of requirements for eligibility. In general, you should have a good history of employment and credit score to apply for refinancing. If you aren’t able to qualify on your own, then you may be able to get a cosigner.

Even if you do qualify, having a cosigner with you may help you get a better interest rate. It’s also good to remember that both private and federal loans can be refinanced using a private lender. If you have other loans along with your NelNet loans, you will be able to get refinancing for all of them.

How To Refinance NelNet Student Loans

When you find a new lender, they will offer specific loan terms, such as a new repayment term and interest rate while you pay off the existing debt. Once you’ve finished refinancing, you won’t need to make your monthly payments to NelNet anymore. You will instead work with your new lender who will confirm that your old loan has been paid for before you can stop making payments.

Use Chipper for Lower Payments

Chipper can help you find a student loan repayment plan that actually fits into your budget. You simply fill out your information and link your student loan account for us to generate your options in seconds. We help the average student loan borrower save over $300 a month off their student loan monthly payment. Lowering your monthly payment plan can game changing for your personal finance and can be done in minutes! Sign up for Chipper today to get on track with your student loans.

Use Chipper for The Best Path to Forgiveness

Finding your path to student loan forgiveness is easier than ever before. Chipper helps members find better Income-Driven Repayment (IDR) plans every day. Once enrolled in an eligible repayment plan, we can help you explore your forgiveness options and understand your path towards forgiveness. Sign up with Chipper today and get on track with your student loans.

Use Chipper for Round-Ups

Paying off your student loans doesn’t have to be a long and painful journey. Round-Ups are a way to directly pay off your loans with your everyday spending! By tracking your linked spending account(s), we will calculate the rounded up amount from each transaction in a week (IE spending $4.28 would add $0.72 to the weekly amount). We then initiate a payment towards your student loan for the weekly amount. Get chipping away on your student loans with Chipper today.

Use Chipper for Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program was created to provide relief to borrowers aiding the public sector. Unfortunately, 30% of applicants are denied due to incorrect paperwork. We can help! Chipper was created to solve this issue by assisting borrowers in understanding their options as well as allowing forgiveness eligible users enroll into the best forgiveness program available. Sign up for Chipper today to see your student loan forgiveness options and get the forgiveness you deserve.

Use Chipper for Teacher Loan Forgiveness (TLF)

The Teacher Loan Forgiveness (TLF) program was created to enable teachers working in Title 1 schools to receive student loan forgiveness of up to $17,500 (depending on their teaching subject). Chipper has helped teachers from all over the country qualify for TLF program and can help you get the forgiveness you deserve today. Find out if you qualify for forgiveness in minutes with our employer search tool.

See How Much You Can Save with Round-Ups

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