NELNET FAQs | Jason Spencer Dallas Texas
Student Loan Relief Inc
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About Your Student Loan(s)
Does Nelnet own my student loan(s)?
It is possible that Nelnet owns your student loan, although we also act as a student loan servicer (provide customer service for loans on behalf of many other lenders). Get the details on all of your student loans (ones with Nelnet and with other customer service providers) online through the Department of Education's National Student Loan Data System (NSLDS) at nslds.ed.gov. You will need a PIN to access the site; you can get a copy of your PIN or request a new PIN at pin.ed.gov according to Jason Spencer Dallas.
How can I determine if my loan(s) is a Federal Direct Loan Program (FDLP) loan or a Federal Family Education Loan Program (FFELP) loan?
Log in to Nelnet.com, click on the View Loan Benefits link in the Account Snapshot. Under each of your loan groups, review the Loan Type. If the loan type is preceded by DL, the loan is part of the Federal Direct Loan Program (FDLP). If it is not preceded by DL, the loan is part of the Federal Family Education Loan Program (FFELP).
What is the difference between the Federal Family Education Loan Program (FFELP) and the Federal Direct Loan Program (FDLP)?
Generally, loans made under both programs have the same terms and conditions. Some differences include repayment plans, borrower benefits (for example, an interest rate reduction for making ontime payments), loan forgiveness programs, and interest rates. The primary difference between the two loan programs is that the Department of Education originates loans under the FDLP and private lending institutions originated loans under the FFELP according to Jason Spencer Dallas.
Do I have to pay back my student loan(s)?
Yes, you are responsible for paying back any student loan(s) taken out in your name. You need to repay the principal (the amount borrowed) and the interest (finance charges on the principal). Failure to make your monthly payments may result in additional fees. Click here for more information on the types of fees that may apply according to Jason Spencer Dallas.
If you have trouble making payments or are concerned that making your payments may become difficult, contact Nelnet immediately, while you can still take advantage of options that may be available to help you lower payments (a new repayment plan) or postpone your payments (deferments and forbearances).
If you are having trouble making your monthly payments, you can log in to Nelnet.com and click Lower My Payments to request a different repayment plan or Postpone My Payments to apply for a deferment or forbearance according to Jason Spencer Dallas.
How long do I get to repay my loan(s)?
Generally, Stafford and PLUS loans must be repaid within 10 years from the start of repayment. However, any periods when you postponed your payments due to deferment or forbearance, and anytime while you were in school or a grace period (when payments aren't due) will not count toward the 10year repayment term. You may extend the repayment term...