Nsight Plus Tip: Repayment Calculator
Need: A counseling tool when meeting with borrowers about their loan debt.
Solution: Based on school feedback, Nelnet added a repayment calculator to the BorrowerSearch tool within Nsight Plus, Nelnet’s reporting tool. Using the calculator is simple. After accessing a specific borrower using the BorrowerSearch button within Nsight Plus, select the link inside the Account Snapshot (blue box) that says “Calculate Estimated Payments.” Once you click on “Calculate Estimated Payments,” the repayment calculator engine will take the existing borrower loan data on the Nelnet system and combine it with information entered by the school to determine monthly payment amounts on all payment plans (including income-driven payment plans).
You have the flexibility to input the following information to receive payment options for that borrower:
- Borrower’s adjusted gross income
- Gross monthly income
- Family size
- Marital status
- External loans that do not reside on the Nelnet system
After inputting this borrower information, you will see an accordion page outlining the potential payment plan options for that borrower, including estimated payments. You’ll also be able to recognize all eligible loans for each repayment plan, as well as possible advantages and disadvantages of each plan.
Note: Only a borrower may choose which payment plan they would like. Schools will have ‘view only access’ for these screens. The great thing is that you will see the same screens that your borrower is seeing within our online account management tool.
We hope you find our repayment plan calculator functionality helpful as you counsel your borrowers! As always, please contact your Nelnet Partner Solutions representative if you have any questions or need any additional information.
Pam King, Midwest Regional Director, Nelnet Partner Solutions
