Nellie Mae Student Loans

Company Background

Nellie Mae, a company which served as a holder of federal loans, was acquired by student lender Sallie Mae in July of 1999. Nellie Mae no longer has an independent presence, and the information on this page has been preserved for historical purposes.

Nellie Mae is one of the more recognizable names in student loans, along with Sallie Mae, its parent company.

Founded in 1982, Nellie Mae has been providing student loan services to undergraduates, graduates, professionals and parents through a variety of Federal loans and private loans.

Nellie Mae has forged close associations with many colleges and universities through which it provides and services federal student loans. Besides loan products, the company also features a smorgasbord of resources and tools that make it one of the most comprehensive student loan servicing companies in the nation.nellie mae loans

Services include Federal loan applications and Master Promissory Notes; private loans and pre-approvals; federal and private consolidation loans, debt and financial management advisors, loan calculators, comprehensive account access and information around the clock, as well as attractive incentives and bonuses for borrowers.

Federal Loans

When you borrow federal funds through Nellie Mae, you have the option of receiving a “cash back” bonus. This feature is Nellie Mae’s spin on student loans in a veritable sea of competitors.

Many students and parents carry multiple student loans in order to adequately cover college expenses. Considering the fact that a private undergraduate tuition may average over $20,000 and even a community college may cost $5,000, means that most people need to borrow from somewhere. When borrowers are consistently delinquent or even default on repayment of loans due to financial problems, the federal government suffers and taxpayers become responsible for covering the costs.

Private or Alternative Loans

Because federal student loans are notoriously minimal, students and parents are often forced to seek alternative forms of funding including scholarships, grants, endowments, work-study programs and even private student loans.

Nellie Mae’s Excel line of loans offer undergraduates, graduates, professionals, and parents alternative loan products that can significantly augment their federal loans:

The Nellie Mae Excel loans feature low interest rates and incentives for on-time payment.

Tools and Resources

Nellie Mae customers not only have a wide array of student loan products available to them, but a selection of tools and resources that provide information regarding all aspects of a college education. Students and parents can get advice well before college even rolls around.

Nellie Mae’s “Library” of articles covers topics related to:

Did you know that now all Americans are entitled to a free copy of their credit report each year? Nellie Mae can expedite the process and get you your free credit report quickly and easily.