What is Nellie Mae's lender code?
Our federal lender code is 829076.
What is a cosigner?
A cosigner—also called a co-applicant or co-borrower—is someone who, along with the primary borrower, accepts responsibility for repaying a debt. For more information about co-signers, read our questions about having a cosigner.
- Federal Stafford Loans: The interest rate on loans made after July 1, 2006 is fixed by the government at 6.8%. See what's brilliant about Stafford Loans. Note: Stafford Loans disbursed July 1, 1998–June 30, 2006 carry an annual variable interest rate that equals the 91-day T-bill rate + 1.70% while in school (and + 2.3% while in repayment). It is reset each July 1 and will not exceed 8.25%.
- Federal PLUS Loans for Parents: For loans made after July 1, 2006, the interest rate is fixed at 8.5%. Note: PLUS Loans disbursed July 1, 1998–June 30, 2006 carry an annual variable interest rate that equals the 91-day T-bill rate + 3.10%. It is reset each July 1 and will not exceed 9%.
- Federal PLUS Loans for graduate students: Nellie Mae GradPLUS Loans have a low fixed interest rate of 8.5%.
Where should I mail my application?
For Federal Stafford Loan and Federal PLUS Loan MPNs: Nellie Mae TrustAttn: ExportSS
P.O. Box 147020
Gainesville, FL 32614-7020
For Signature Student Loan applications:
Sallie MaeP.O. Box 147023
Gainesville, FL 32614-7023
Where do my student loan funds go?
Loan proceeds are usually sent to your school (either by paper check or electronic funds transfer, depending on the school's preference).
For Nellie Mae federal loans (Stafford, ParentPLUS, and GradPLUS), your school credits your account to pay for tuition, fees, room and board, and other applicable charges. If money remains, the school may release it to you.
For private loans, your school first applies your loan proceeds to any outstanding education costs. After your bill is paid, the school sends any remaining funds to you. In general, your Signature Student Loan will be disbursed in two installments (such as half in the fall and half in the spring).
What repayment benefits do you offer?
Nellie Mae offers brilliant borrower benefits on both federal student loans and our private Signature Student Loans. Each loan has its own set of benefits. Certain benefits specifically reward good repayment behavior following the grace period after leaving
school.
- Nellie Mae Federal Stafford Loan borrower benefits
- Nellie Mae ParentPLUS Loan borrower benefits
- Nellie Mae GradPLUS Loan borrower benefits
- Signature Student Loan borrower benefits
Can I claim student loan interest on my taxes?
Qualified individuals can deduct a portion of their education loan interest payments (up to an annual maximum of $2,500). Interest paid during the first 60 months of scheduled repayment may be deductible.
Deductions for student loan interest may be made for interest due and paid during the past year. The loan must have paid for qualified education expenses including tuition, fees, room, board, books, supplies, and transportation at an eligible postsecondary institution.
For more information, check the tax benefits section on Nellie Mae's website, contact a tax consultant, review IRS Publication 970, Tax Benefits for Education and Topic 513—Educational Expenses or call the IRS Help Line at (800) 829-1040.
See if your state offers similar higher education tax credits.
What is a loan servicer?
Many lenders contract with student loan service organizations (servicers) to manage their loans and handle billing during repayment. Servicers generally do not own these loans: They manage the day-to-day bill collection and payment processing for the lender. Some servicers, like Sallie Mae, buy loans they service from the original lender.
Who is servicing my loans? Who should I contact about repayment of my loans?
Nellie Mae loans are serviced by Sallie Mae. Visit Manage Your Loans to view your loan information online or contact Sallie Mae's customer service team at (888) 272-5543.
Who should I contact if I have questions about Nellie Mae's loan products and services?
Please contact our customer service team at loancounselors@nelliemae.com or (800) FOR-TUITION.
Who should I contact if I have technical problems with Nellie Mae's website?
If you have problems with our website or would like to provide feedback about it, please send a message to the webmaster with our Contact Us form.