FAQ: Does Nelnet send out monthly interest statements to borrowers who are still in school?

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:  Does Nelnet send out monthly interest statements to borrowers who are still in school?

 A:  Nelnet does not send interest statements to borrowers who are in school.

We have developed several programs that make it easy for borrowers to track their interest and loan statuses, whether in school, grace, or repayment.

We encourage our borrowers to enroll in Nelnet’s Manage My Account (MMA) at www.nelnet.com, which allows them to see interest accruals and make payments as they wish. MMA also provides borrowers the opportunity to access their account information at their convenience. The site allows them to make a payment in just three clicks, download tax documents, and review loan status and payment history. 

Our mobile version (for iPhone or Android) of MMA allows borrowers to manage their loans using their smart phones. They can stay up to date with a detailed summary of their accounts, interest accrual, payment history, and status of requests. The Account Summary organizes each account individually with details regarding amounts due, payment/loan types, and status of the account, along with previous payments.

We also offer texting reminders and a Loan Assist app (for iPhone and Android) as additional ways to help borrowers manage their loans on the go.

Nelnet continues to send a welcome letter and e-mail to borrowers when they are new to Nelnet. We are also increasing our communication touch points with in-school borrowers so they know who Nelnet is, are aware they have loans with us, and know how to find the information they need.

Have more questions?  Please let us know.  We will get them answered for you.

Don Buehrer, Regional Director