Skip to content

Nelnet Working Closely with FSA on CARES Act Implementation.

April 2, 2020
tags:

Update from 4/1/20

Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Nelnet is working with the U.S. Department of Education (ED) to suspend payments until 9/30/20 for Federal Direct Loan Program (FDLP) and Federal Family Education Loan Program (FFELP) student loans held by ED. There’s nothing you or your student loan borrowers need to do at this time. Nelnet will notify all student loan borrowers of their suspended student loan payments within a few weeks.

Temporary Relief for Federally Held Student Loan Borrowers:

  • No payments for 6 months. Borrowers will not have to make payments on their federally held student loans for six months (through September 30, 2020).
  • No interest will accrue. The interest rate on federally held student loans was reduced to 0%, effective March 13, 2020 through September 30, 2020.
  • Your accounts will be updated soon. Nelnet will notify borrowers within a few weeks of their suspended student loan payments, the 0% interest rate, and the suspension of collection efforts.

Update from 3/25/20

No Disruption in Student Loan Servicing for Nelnet Borrowers Due to COVID-19

As the situation surrounding the novel Coronavirus (COVID-19) continues to evolve and we see the impact of how it is disrupting so much of our daily lives, we want to assure you that we are here to support you and your students.

We do not anticipate any servicing interruptions at this time but are staying vigilant and will communicate if that changes. This includes our student loan servicing contact center and operations serving students and parents with student loans.

We are working closely with Federal Student Aid (FSA) to implement student loan repayment relief provisions. The situation is evolving quickly, and at this time the provisions include an interest rate waiver (0% interest) coupled with an automatically applied forbearance for anyone who is 31 days past due on their student loan payment. Additional information pertaining to COVID-19 and forbearance for students, borrowers, and parents can be found on FSA’s website.

Nelnet is also closely monitoring the latest developments and is taking proactive measures to ensure the health and safety of our associates and their communities so that we can continue to provide you with the high levels of support to which you are accustomed. Some of these measures include:

  • Implementing a model that allows nearly 100% of our associates to work from home.
  • Extra sanitizing of all common surfaces in our offices.
  • Implementing social distancing best practices for those associates whose jobs do not allow them to work from home.
  • Suspending all non-essential business travel. This includes travel to other offices, trainings, conferences, and customer visits.

Your continued partnership is greatly appreciated and we remain steadfast in our dedication to serving you as we all work through these challenging times. If you have any questions about our response and plan for COVID-19, reach out to the Nelnet School Service Center.

No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: