Nelnet Education Loan Servicing: The White Bread of Federal Education Loan Servicers

Nelnet Education Loan Servicing: The White Bread of Federal Education Loan Servicers

If you’re working to settle your federal figuratively speaking, there’s a chance that is decent’ve been assigned to Nelnet pupil loan servicing. Most likely, this $ company that is 380-million-per-year federal loans for over five million individuals. That’s about 1.5percent regarding the U.S. that is entire population Nelnet pupil loan re payments!

If Nelnet can be your education loan servicer, you’re pretty fortunate (contrary to popular belief). You dodged a bullet and avoided a few of the loan servicers using the worst reputations, like FedLoan and Navient.

In terms of education loan servicers, Nelnet appears to be right in the centre: there aren’t a lot of bad complaints about them, but there additionally aren’t a lot of shiningly-positive items to state either. They’re the white bread for the education loan servicing globe, because are its other servicing branches.

Nevertheless, that doesn’t suggest you can coast and trust that Nelnet is a pure, golden fairy godmother with your very best passions in mind. We chatted with genuine individuals who make use of Nelnet too to see just what their experiences are, and what you ought to understand whenever using them. We’d prefer to hear away from you, too: exactly just just just what has your experience been with Nelnet figuratively speaking? Drop us line when you look at the remarks below.

Nelnet Acquisition

Another student loan servicer, in early 2018 as if Nelnet wasn’t already big enough, they’ve grown even larger after purchasing every last share of stock in Great Lakes. To top things down, they also paid $150 million when it comes to brand new business — in money .

Given that those two leaders are merged, they control loan servicing for an overall total of 16.2 million individuals, or just around 5% regarding the U.S. that is entire populace.

Why the merger now? We’re perhaps not certain, but this snippet from the PR launch might include some interesting tidbits for borrowers:

Nelnet and Great Lakes also have been working together for pretty much 2 yrs to build up a fresh, state-of-the-art servicing system for government-owned figuratively speaking by way of a venture that is joint. The servicing platform under development will use technology that is modern efficiently measure for extra amount, protect consumer information, and support improved borrower experience initiatives. The efficiencies gained by leveraging a platform that is single government-owned loans supporting millions of more borrowers can give Great Lakes and Nelnet possibilities to spend money on ways of further enhance debtor experiences.”

On a single hand, this could imply that working with Nelnet will be more of the mass-produced, cookie-cutter factory procedure. It could be harder to have assistance in the event that you’ve got a need that is unique situation or need assistance with your Nelnet education loan re payment.

Having said that, if you’re positive, you might state why these new “strategies to enhance that is further experiences” could make coping with Nelnet also easier.

Just time will inform.

Survey Results Say…

It is beneficial to have a look at big-picture information whenever assessing exactly exactly how good a learning education loan servicer is on top. That’s why we carried out a student-based loan servicer study in July 2018 to learn just just exactly how loan that is good have reached assisting individuals repay their loans. We received a complete of 386 reactions, 14percent of who had been presently assigned to Nelnet.

Overall, Nelnet dropped someplace in the midst of most of the education loan servicers. Nelnet received 3.3 away from 5 movie movie stars .

For contrast, individuals dealing with FedLoan rated all of them with 2.8 away from 5 movie stars, additionally the company that is highest-rated Great Lakes — received 3.8 away from 5 movie movie stars.

85% of men and women with Nelnet had to get hold of them at some point about their loans. Of these social individuals, an astonishing 62% of participants stated that Nelnet either “did not,” or only “somewhat” resolved their problem. This means just a minority of men and women — 38% — really had their issue resolved by Nelnet.

It’s worth noting that Nelnet pupil loan advisors just make on average $13 each hour, in accordance with Glassdoor . There’s not a lot of economic motivation here for workers to get the additional mile to allow you to figure our your Nelnet education loan re payment — or just about any other issue.

In reality, leading to at least Indiana direct lenders installment loans one regarding the biggest complaints contrary to the company…

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