Nelnet is primarily a student loan servicer. In this capacity, Nelnet student loan servicing works directly with borrowers to manage and repay their loans. While these loans are owned by the federal government, Nelnet contracts with the U.S. Department of Education to handle federal student loans in repayment.
Also, are Great Lakes and nelnet the same?
Nelnet and Great Lakes, which are part of the same company and collectively service federal student loans for approximately 13 million student loan borrowers, may no longer service federal student loans after December 2020.
Thereof, do I have to pay back nelnet?
While not required, you can continue making payments without penalty even if no payment is due, which will reduce your total cost of borrowing and save you money in the long run. To apply for forbearance and postpone your payments, log in to your Nelnet.com account and click Repayment Options.
Do student loans go away after 7 years?
Student loans don’t go away after 7 years. There is no program for loan forgiveness or loan cancellation after 7 years. However, if it’s been more than 7.5 years since you made a payment on your student loan debt and you default, the debt and the missed payments can be removed from your credit report.
Nelnet is a student loan servicer (like FedLoan Servicing) that was chosen by the U.S. Department of Education (ED) to service federal student loans. We keep borrowers up-to-date with information about their loans and help them manage the loan repayment process.
The future of Nelnet
Nelnet was not chosen as one of these servicers, and its contract with the federal government will end in December 2021. This means that if you currently have federal loans serviced by Nelnet, your loans will be transferred to another servicer in 2022.
Nelnet is a federal student loan servicer working on behalf of the U.S. Department of Education, the government agency that lends you or your child student loans.
Persons burdened with student loans will be permitted to proceed with their case against Nelnet, a student loan servicing company. Our case does not involve all student loan services by Nelnet. … It focuses on plans qualifying for adjustments in monthly payments based on income.
Due to the government’s new Next Gen Business Process Operations initiative, Great Lakes and its parent company Nelnet will no longer service federal student loans after December 2020. If Great Lakes is your current loan servicer, The Department of Education will assign you a new loan servicer.