Disclosures

1. Interest Rates

Selecting ‘Apply Now’ results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

Refinance Loan

Fixed interest rates range from 4.99% APR (with auto debit discount) to 8.85% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 5.99% APR (with auto debit discount) to 9.26% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Refinance Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 4.70% as of December 1, 2024.

The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payment. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

Student Loan

Fixed interest rates range from 3.69% APR (with auto debit discount) to 9.82% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 5.83% APR (with auto debit discount) to 10.16% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 4.70% as of December 1, 2024.

The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.

Parent Loan

Fixed interest rates range from 4.99% APR (with auto debit discount) to 8.51% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 5.99% APR (with auto debit discount) to 8.79% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Student Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 4.70% as of December 1, 2024.

The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.

2. Credit Score

Checking your rate results in a soft credit pull, which will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.

3. Auto Debit

Student Loan: Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest), interest only and fixed pay are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

Refinance Loan: Interest rate reduction of .25% for automatically withdrawn payments from any designated bank
account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest)
are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of
approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or
deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled
or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of
the loan.

Parent Loan: Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance if the auto debit discount was in effect at the time of receiving the forbearance. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

4. Cosigner Release

Student Loan
A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

• The account must have been in full principal and interest repayment for at least 24 months.
• Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made.

  NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.

• The loan must be current at the time of request.
• The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
• The loan must not have been permanently modified from its original terms in the credit agreement.
• The primary borrower must be a U.S. citizen or have permanent residency in the United States.
• The primary borrower must be of sufficient age to enter a binding contract in their state of residence or territory.
• Requirements are subject to change.

If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

If you have questions on cosigner release, or would like to apply, contact us via email or phone at Loans@NelnetBank.com or 800.446.4190.

Refinance Loan
A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

• The account must have been in full principal and interest repayment for at least 24 months.
• Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made.

  NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.

• The loan must be current at the time of request.
• The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
• The loan must not have been permanently modified from its original terms in the credit agreement.
• The primary borrower must be a U.S. citizen or have permanent residency in the United States.
• The primary borrower must be 18 years old, or 21 years old in Puerto Rico.
• Requirements are subject to change.

If all of these conditions have been met, then an application for cosigner release may be submitted. The primary
borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing
proof of income and meeting credit requirements. (A credit report will be obtained during the review process).

If you have questions on cosigner release, or would like to apply, contact us via email or phone at Loans@NelnetBank.com or 800.446.4190.

Parent Loan
A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:

• The account must have been in full principal and interest repayment for at least 24 months.
• Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made.

  NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months.

• The loan must be current at the time of request.
• The loan must not have been in hardship forbearance or other alternative payment assistance plan within the past 24 months.
• The loan must not have been permanently modified from its original terms in the credit agreement.
• The primary borrower must be a U.S. citizen or have permanent residency in the United States.
• The primary borrower must be of sufficient age to enter a binding contract in their state of residence or territory.
• Requirements are subject to change.

If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).

If you have questions on cosigner release, or would like to apply, contact us via email or phone at Loans@NelnetBank.com or 800.446.4190.

5. Payment Assistance Programs

Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact us at Loans@NelnetBank.com or 800.446.4190 to get more information.

6. Loan Eligibility

Refinance Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. All applicants must be the legal age to enter into binding contracts in their state of residence or territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. You must have at least $5,000 in student loans to refinance. You, or your cosigner, must meet Nelnet Bank’s creditworthiness requirements. Approval subject to credit review. Other credit criteria may apply.

Refinance Loan Amounts*:

• Minimum loan amount: $5,000
• Maximum loan amount:
  • $125,000 for borrowers with an undergraduate degree.
  • $175,000 for borrowers with a graduate or doctorate degree.
  • $175,000 for borrowers with an MBA or graduate law degree.
  • $500,000 for borrowers with a graduate health professions degree.

  *Maximum loan amounts are subject to limits on total student loan debt

Loan Refinancing Risks: Federal student loans include benefits that may not be offered with private student loans. Carefully review any potential benefits that may be lost by refinancing federal and private education loans, such as the loss of any remaining grace periods. Learn more about what to take into consideration when refinancing federal student loans with private education loans.

Student Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. All applicants must be the legal age to enter into binding contracts in their state of residence or territory. Applicants may be 16 or 17 years old with a qualified cosigner. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. Student must be enrolled at least half-time at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.

Undergraduate Loan Amounts*:

• Minimum loan amount: $1,000
• Maximum loan amount: $125,000

Graduate Loan Amounts*:

• Minimum loan amount: $1,000
• Maximum Loan amount:
  • Graduate or doctorate degree: $175,000
  • MBA or graduate law degree: $175,000
  • Graduate health professions degree: $500,000

  *Maximum loan amounts are subject to limits on total student loan debt

Parent Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student cannot be the borrower or cosigner. All applicants must be the legal age to enter into binding contracts in their state of residence or territory. Benefiting student must be enrolled at least half-time at a Title IV program at an eligible school. You must not have defaulted on any student loan. Approval subject to credit review. Other credit criteria may apply.

Undergraduate Loan Amounts*:

• Minimum loan amount: $1,000
• Maximum loan amount: $125,000

Graduate Loan Amounts*:

• Minimum loan amount: $1,000
• Maximum Loan amount:
  • Graduate or doctorate degree: $175,000
  • MBA or graduate law degree: $175,000
  • Graduate health professions degree: $500,000

  *Maximum loan amounts are subject to limits on total student loan debt

7. Savings

Your actual savings, if any, may vary based on interest rates, balances, remaining repayment terms and other factors. Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan.

Fixed Rate: 3.69%-9.82% APR Variable Rate: 5.83%-10.16% APR

Interest rate based on maximum 10 year term.

Variable rates may increase after consumation in addition to what is reflected on the table.

*Assumes 4 years of college and 6 months grace. Monthly interest payments included in Total Paid.

**Assumes 4 years of college and 6 months grace. Deferred interest will capitalize upon entering repayment.