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Private Student Loans

Paying for college on your mind? At Nelnet Bank, we're with you.

Check Your Rates

See your rate2 in minutes without affecting your credit score.

Start your educational journey on the right path and find help paying for your education with a private student loan.

Variable Rates1

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APR

Fixed Rates1

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Displayed rates are accurate as of and may be different at the time you apply.

Before taking out a private student loan, make sure to take advantage of any federal student loans, grants, or scholarships you have access to. Federal student loans often include benefits and lower interest rates, so be sure to consider all of your options before applying for a private student loan.

Lowest rates listed above include an interest rate reduction for enrollment in auto debit, and are available only to the most creditworthy applicants. Advertised variable rates reflect the starting range of rates and may increase over the life of the loan.

Application must be started by the student.

Get More Help for the Road Ahead

Backed by a company that’s helped over 30,000,000 students successfully navigate repayment, Nelnet Bank was established to help make your educational dreams a reality. This strong background helps us offer a wealth of knowledge and educational funding solutions that give you an advantage at every step.

Auto Debit Savings3

When repayment starts, set up automated payments and cut .25% off your interest rate – more money in your pocket.

Cosigner Release4

If your loan requires a cosigner, we make it easy to release them when you're ready.

Flexible Repayment Options

Postpone payments while in school, and then choose from several repayment plans to find the best option for you.

How To Apply

An easy application process.

1

Start a Loan Application

As the student, you begin the application by providing basic information about yourself and your school.

2

Add a Cosigner

Students can add a cosigner (if needed).

3

Select Your Loan Offer

The student and cosigner (if needed) will select the best loan option from the offers.

How do I qualify?

There are just a few simple eligibility requirements.

  • CheckCitizenship

    You or your cosigner must be a U.S. citizen or have permanent residency status with a valid U.S. Social Security number.

  • CheckEnrollment

    You must be enrolled at least half-time at a Nelnet Bank-eligible school for the loan period you are applying for.

  • CheckCredit

    A mid to high 600 FICO score is required for you or your cosigner.

  • CheckAge

    You must be of the age to enter a binding contract in your state of residence or territory. Applicants may be 16 or 17 years old with a qualified cosigner.

Ready to Start Started?

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Why Would I Want a Cosigner?

Cosigners may help you qualify for private student loans and may help reduce your interest rate. As a student, it’s likely you’ll need a trusted individual with a solid credit score to act as your cosigner.

Learn More About Cosigners

Managing money in college, tackling student loans, and preparing for what’s next can all be challenging—but we’re here with helpful resources every step of the way.

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Explore The Learning Center

Ready to Get Started?

Apply Now

Frequently Asked Questions

Have questions about private student loans? If we haven’t answered your questions below, contact us – that’s why we’re here.

The short answer is – it depends on the type of loan. There are federal student loans that are backed by the U.S. government, and private student loans that are made by private banks.

The longer answer? Federal Direct Loan interest rates are determined each year by the U.S. Congress. Private loan interest rates are set by private lenders (like Nelnet Bank) using a number of factors.

Eligibility Requirements:
  • You must be enrolled at least half-time at a Nelnet Bank-eligible school for the loan period you are applying for.
  • You or your cosigner must be a U.S. citizen or have permanent residency status and a valid Social Security number.
  • A mid to high 600 FICO score is required for you or your cosigner.
  • A cosigner isn’t required, but may help you meet credit or qualify for a better rate.
  • You must be of the age to enter a binding contract in your state of residence or territory. Applicants may be 16 or 17 years old with a qualified cosigner.
Undergraduate
  • Minimum loan amount: $1,000
  • Maximum loan amount: $125,000
Graduate
  • Minimum loan amount: $1,000
  • Maximum loan amount:
    • Graduate and doctorate: $175,000
    • MBA or graduate law degree: $175,000
    • Graduate health professions degree: $500,000
*Maximum loan amounts are subject to limits on total student loan debt
A cosigner is a creditworthy person willing to assume responsibility for loan liabilities if the borrower fails to repay the loan. Applying with a cosigner may help you qualify for a loan and also lower your interest rate. Cosigners must be eligible U.S. citizens or permanent residents.
There is no typical payment. It all depends on how much you borrow and which repayment option you choose.
Some of your repayment options include:
  • Immediate repayment (you'll be required to make monthly full principal and interest payments as soon as the loan is disbursed).
  • Interest-only repayment (you’ll make monthly interest-only payments while in school) and monthly full principal and interest payments after you separate from school.
  • Defer principal and interest payments (you won’t be required to make any payments until after you separate from school) but interest will accrue while in deferment.
  • Fixed payment ($25 monthly fixed payment amount while in school and monthly full principal and interest after you separate).
You’ll need to contact your student loan servicer or private loan lender to start the deferment process – keep in mind that you’ll still accrue interest while your loans are deferred. If your loan is through Nelnet Bank, you can request deferment in your online account or by contacting us at 800.446.4190 or Loans@NelnetBank.com.