Nelnet Education Loan Servicing: The White Bread of Federal Student Loan Servicers
If youвЂ™re working to settle your federal figuratively speaking, thereвЂ™s a significant opportunity youвЂ™ve been assigned to Nelnet student loan servicing. Most likely, this $ company that is 380-million-per-year federal loans for over five million individuals. ThatвЂ™s about 1.5per cent of this U.S. that is entire population Nelnet pupil loan re payments!
If Nelnet will be your education loan servicer, youвЂ™re pretty fortunate (surprisingly). You dodged a bullet and avoided a few of the loan servicers because of the worst reputations, like FedLoan and Navient.
In terms of education loan servicers, Nelnet appears to be appropriate in the centre: there arenвЂ™t a lot of bad complaints about them, but there additionally arenвЂ™t a lot of shiningly-positive items to say either. TheyвЂ™re the white bread regarding the education loan servicing world, because are its other servicing branches.
Nevertheless, that doesnвЂ™t suggest you can coast and trust that Nelnet is a pure, golden godmother that is fairy your very best passions in mind. We chatted with genuine individuals who make use of Nelnet too to see what their experiences have already been, and what you should understand whenever using them. WeвЂ™d prefer to hear away from you, too: exactly exactly what has your experience been with Nelnet figuratively speaking? Drop us a relative line when you look at the reviews below.
As though Nelnet wasnвЂ™t currently large enough, theyвЂ™ve grown even bigger after buying every last share of stock in Great Lakes , another education loan servicer, at the beginning of 2018. To top things down, they also paid $150 million for the company that is new 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% of this whole U.S. populace.
Why the merger now? WeвЂ™re perhaps perhaps not certain, 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 venture that is joint. The servicing platform under development will use modern tools to effortlessly scale for extra amount, protect consumer information, and support improved debtor experience initiatives. The efficiencies gained by leveraging a single platform for government-owned loans supporting https://easyloansforyou.net/payday-loans-wv/ scores of more borrowers can give Great Lakes and Nelnet possibilities to spend money on methods of further enhance debtor experiences.вЂќ
Using one hand, this could imply that coping with Nelnet will are more of the mass-produced, cookie-cutter factory procedure. It may be harder to obtain assistance in the event that youвЂ™ve got an unique need or situation or need assistance with your Nelnet education loan payment.
Having said that, if youвЂ™re positive, you might state why these new вЂњstrategies to enhance that is further experiencesвЂќ can make working with Nelnet also easier.
Just time will inform.
Survey Results SayвЂ¦
ItвЂ™s useful to have a look at big-picture data whenever assessing just exactly how good pupil loan servicer is on top. ThatвЂ™s why we conducted a student loan servicer survey in July 2018 to learn how good loan servicers have reached assisting people repay their loans. We received a complete of 386 reactions, 14% of who had been currently assigned to Nelnet.
Overall, Nelnet dropped someplace in the midst of all of the learning education loan servicers. Nelnet received 3.3 away from 5 stars .
For comparison, individuals using the services of FedLoan rated these with 2.8 away from 5 movie stars, in addition to highest-rated business вЂ” Great Lakes вЂ” received 3.8 away from 5 movie stars.
85% of individuals with Nelnet needed to contact them at some point about their loans. Of these individuals, an impressive 62% of participants stated that Nelnet either вЂњdid not,вЂќ or only вЂњsomewhatвЂќ resolved their issue. Which means that only a minority of individuals вЂ” 38% вЂ” really had their issue fixed by Nelnet.
ItвЂ™s worth noting that Nelnet pupil loan advisors just make on average $13 each hour, relating to Glassdoor . ThereвЂ™s not a lot of economic motivation here for workers to get the extra mile to allow you to figure our your Nelnet student loan re re payment вЂ” or other problem.
In reality, leading to 1 associated with biggest complaints from the companyвЂ¦