If youвЂ™re working to settle your federal figuratively speaking, thereвЂ™s a significant opportunity youвЂ™ve been assigned to Nelnet pupil loan servicing. In the end, this $380-million-per-year business solutions federal loans for more than five million individuals. ThatвЂ™s about 1.5% associated with the whole U.S. population with Nelnet pupil loan re payments!
If Nelnet can be your education loan servicer, youвЂ™re pretty happy (truth be told). You dodged a bullet and avoided a number of the loan servicers using the worst reputations, like FedLoan and Navient.
Them, but there also arenвЂ™t a whole lot of shiningly-positive things to say either when it comes to student loan servicers, Nelnet seems to be right in the middle: there arenвЂ™t a whole lot of bad complaints about. TheyвЂ™re the white bread of this education loan servicing globe, since are its other servicing branches.
Nevertheless, that doesnвЂ™t suggest you can coast and trust that Nelnet is just a pure, golden fairy godmother with your very best passions in your mind. We chatted with genuine individuals who make use of Nelnet too to see just what their experiences have already been, and what you should understand whenever using them. WeвЂ™d prefer to hear away from you, too: just exactly just what has your experience been with Nelnet figuratively speaking? Drop us a relative line within the reviews below.
Another student loan servicer, in early as if Nelnet wasnвЂ™t already big enough, theyвЂ™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 вЂ” in cash .
Now that those two leaders are merged, they control loan servicing for a complete of 16.2 million individuals, or around 5% for the whole U.S. populace.
Why the merger now? WeвЂ™re perhaps perhaps perhaps not yes, but this snippet from a PR launch might include some interesting tidbits for borrowers:
Nelnet and Great Lakes also have been working together for nearly couple of years to build up a brand new, state-of-the-art servicing system for government-owned figuratively speaking by way of a jv. The servicing platform under development will use modern tools to efficiently measure for extra amount, protect customer information, and support improved debtor experience initiatives. The efficiencies gained by leveraging a solitary platform for government-owned loans payday loans in Hawaii supporting an incredible number of more borrowers can give Great Lakes and Nelnet possibilities to spend money on methods of further enhance debtor experiences.вЂќ
On one side, this may signify coping with Nelnet will be of the mass-produced, cookie-cutter factory procedure. It may be harder to have assistance in the event that youвЂ™ve got an unique need or situation or need assistance with your Nelnet education loan re re payment.
Having said that, if youвЂ™re positive, you might state why these brand new вЂњstrategies to enhance that is further experiencesвЂќ is likely to make working with Nelnet also easier.
Just time shall inform.
Survey Results SayвЂ¦
It is useful to have a look at big-picture information whenever evaluating exactly how good a learning pupil loan servicer is at first glance. ThatвЂ™s why we carried out a student-based loan servicer study in July 2018 to learn exactly just exactly how good loan servicers are in assisting individuals repay their loans. A total was received by us of 386 reactions, 14percent of who had been presently assigned to Nelnet.
Overall, Nelnet dropped someplace in the midst of all 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 stars, therefore the highest-rated business вЂ” Great Lakes вЂ” received 3.8 away from 5 movie stars.
85% of individuals with Nelnet needed to get hold of them at some true point about their loans. Of the individuals, an impressive 62% of participants stated that Nelnet either вЂњdid perhaps perhaps not,вЂќ or only вЂњsomewhatвЂќ resolved their problem. Which means that just a minority of individuals вЂ” 38% вЂ” actually had their issue resolved by Nelnet.
ItвЂ™s worth noting that Nelnet pupil loan advisors just make on average $13 each hour, in accordance with Glassdoor . ThereвЂ™s not a lot of monetary motivation here for workers to get the mile that is extra allow you to figure our your Nelnet education loan re re payment вЂ” or other issue.
In reality, leading to at least one of this biggest complaints up against the companyвЂ¦
Expect advice that is different Various Nelnet Customer Care Reps
This is actually the solitary biggest problem we heard from individuals definitely. Plus itвЂ™s perhaps perhaps not only Nelnet вЂ” this might be an issue with all the current student loan servicers available to you.
This will depend by which you can get since the representative. Some are good and certainly will make the right time and energy to research your responses, other people will adhere to the script and get essentially worthless. вЂќ вЂ” Anonymous
One of many things Travis shows if you want advice would be to offer it the вЂњtwo-call test.вЂќ Phone up 1 day and acquire the solution to your concern, then wait every day or two and phone back to obtain a various rep.
If both Nelnet reps are providing you with equivalent reply to the concern, then odds are itвЂ™s proper. You almost certainly donвЂ™t should do this for every single final small information, however you positively desire to make certain youвЂ™re obtaining the right advice for big essential concerns, like just what documents you will need to register to be eligible for a payment plans or which repayment plan could be suitable for you.
Have the Complimentary Education Loan Calculator
Often There Can Be Long Wait Times
Figuratively speaking are confusing, and folks require responses. Nelnet is a business that seeks to restrict expenses by employing the minimal amount of people necessary to respond to those concerns.
Therefore, often it’s likely you have a lengthy hold off time them up and ask them a question if you need to call. This could be actually inconvenient on your limited lunch break, for example if youвЂ™re calling them.