Hey guys, has anyone heard about Nelnet? I saw something about them taking over Great Lakes. Are they trustworthy? What should I know about Nelnet?
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Loans have been gradually transferred over the past year, and I just received notice that mine will move to Nelnet in April. According to Nelnet’s website, Great Lakes and Nelnet have been part of the same company since 2018.
Overall, the transfer shouldn’t lead to significant changes, though it could potentially impact credit reporting. Some have mentioned that Nelnet reports each loan individually rather than combining them into a single report like Great Lakes did.
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I haven’t had much trust in any student loan company, but I interacted with Nelnet a few times before Covid and found them consistently helpful. There were no long wait times, and the phone attendants were knowledgeable and supportive.
Their online platform is user-friendly. I can clearly see my loans grouped together, make payments accordingly, and easily recertify for Income-Based Repayment (IBR). I even requested a breakdown of my loans once, and they promptly sent me detailed documents, including information on my daily interest accrual rate.
Personally, I have no complaints about Nelnet. However, I do worry that once student loan repayments resume, they might face challenges handling the workload, but I suspect this could be the case for all servicers.
On the other hand, a friend of mine had Navient, and she had a very negative experience with their website and customer service.
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I really dislike their website. Every time I attempt to log in, I end up having to reset my password, and it’s incredibly frustrating.
Federal student loan servicer Nelnet is a reputable and authentic company.
However, confirm that you are interacting with the genuine Nelnet before taking any serious action. Scammers often impersonate reputable financial institutions. Use the contact information provided on the company’s website, An error has occured, to get in touch with them if you have any reason to believe that you are speaking with Nelnet.
It sounds like your student loans are being transferred from Nelnet to Great Lakes, which are now part of the same company since 2018. This transfer process has been ongoing in batches since last year, and you received confirmation that your loans will be transferred in April.
Typically, when loans are transferred between servicers like this, the terms of your loans generally remain the same. However, it’s essential to monitor the transition to ensure there are no errors or discrepancies in your loan details.
Regarding credit reporting, there might be differences between how Nelnet and Great Lakes report your loans. Some borrowers have noted that Nelnet reports each loan individually, whereas Great Lakes may report them differently. This could potentially impact your credit profile, so it’s wise to keep an eye on your credit report after the transfer to verify accuracy.
If you have specific concerns or questions about the transfer process or how it might affect your loans and credit, reaching out to both Nelnet and Great Lakes for clarification would be advisable.
Nelnet handles customer assistance for the Federal Direct Loan Programme and Federal Family Education Loan (FFEL) Programme loans, which are owned by the United States Department of Education.
Hello, Dolph Gabbana. Nelnet is a legitimate servicing company for federal student loans. If you log in to studentaid.gov, you will see that they are your allocated servicer.
Nelnet is a well-known company in the student loan servicing industry, providing loan management, repayment options, and customer service. They acquired Great Lakes Educational Loan Services, Inc., expanding their reach and services. From what I’ve researched and experienced, Nelnet is generally considered trustworthy and reputable, handling millions of student loan accounts across the United States. It’s wise to review their services, customer reviews, and terms carefully to ensure they align with your financial needs and goals.