FAQ: Making Payments for Commercial and Federal Loan
As a direct loan servicer, Nelnet’s Partner Solutions team receives questions from the school financial aid and borrower community on a regular basis. In an effort to share the information and educate our school partners, Partner Solutions is posting to its blog some of the more relevant and well-timed questions that we receive.
Q: If a borrower has a combination of both commercial and federal loans being serviced at Nelnet, is it possible for them to make a single payment that would satisfy all current outstanding monthly payment obligations?
A: Yes. Based off of school and borrower feedback, Nelnet recently released a new payment processing system. The new payment system streamlines the process of making a payment on commercial and Department of Education loans. Some of the benefits of the new system include:
- One payment processing engine for both commercial and ED-owned loans
- Payments will be processed by Nelnet’s own CryptPay product, rather than through an outside vendor
- Integration within Manage My Account (borrower online access system) allows for a seamless payment process for customers (fewer clicks and pages to navigate)
- Customers have the option for “special instruction” payments online, and can direct over-payments to specific loan groups
- Department of Education customers now have the ability to add an authorized payer to their account, allowing someone else to make payments on their behalf)
School partners, please continue to forward your questions to us. We will work to get them answered for you.