Nellie Mae Loan Solutions
Nellie Mae EXCEL Preferred Loan
EXCEL Preferred Loans are perfect for independent students, parents, grandparents, or any creditworthy sponsor!
- Choose the interest rate and repayment schedule.
- E-sign your online application.
- Get an instant credit decision.
- Earn a 0.50 percentage point interest rate reduction for auto-debit payments.
- Borrow up to the cost of attendance, minus other aid.
Nellie Mae Student EXCEL Loan for undergraduates
With a Student EXCEL Loan from Nellie Mae, undergraduate borrowers can:
- Choose the interest rate.
- Earn a 0.50 percentage point interest rate reduction for auto-debit payments.
- Get an instant credit decision with our easy online application featuring e-signature.
- Pay no disbursement fee when you apply with a co-borrower.
- Avoid the repayment fee by making payments while in school.
Nellie Mae GradEXCEL Preferred Loan
With a GradEXCEL Preferred Loan from Nellie Mae:
- Choose the interest rate.
- Get an instant credit decision when you e-sign your online application.
- Earn a 0.50 percentage point interest rate reduction for auto-debit payments.
- Pay no disbursement fee when you apply with a co-borrower.
- Avoid the repayment fee by making payments while in school.
MBA LOANS®
MBA LOANS are America's lowest-cost and most convenient program to help finance your graduate business education.
- The only loan program sponsored by the Graduate Management Admission Council
- MBA LOANS offers high approval rates (even without co-borrowers).
- Choose from flexible repayment options and take up to 25 years to repay.
- Made available through a partnership between Nellie Mae and Sallie Mae.
Nellie Mae Debt Management Tools
Undergraduate Students, Get Tips from FinMan
Develop a spending plan. Learn more about the perils of credit card use. Get timely tax filing tips for students. And get the scoop on saving and budgeting for higher education ... all at the FinMan (Financial Management Tips for Undergraduate Students) web site.
Graduate Students, Get Tips from FinMan
Develop a spending plan. Learn more about the perils of credit card use. Get timely tax filing tips for grad students. And learn how to manage your credit effectively and protect your credit rating ... all at FinMan Grad (Financial Management Tips for Grad Students), an informative web site developed especially for graduate students.
Become a Brilliant Borrower
Concerned about what you're getting into? To get a better idea about how to borrow, how much you should borrow, as well as how to budget, check out Nellie Mae's Debt Management EDvisor. This informative and interactive site provides practical information about student borrowing and budgeting, a loan record keeper, and an assortment of online calculators.
Manage Your Loans
Once you get a Nellie Mae loan, it's easy to track. Simply click here to enroll or log in to your account to review account status, make payments, change your address or payment plan, reduce or postpone your payments or to contact customer service.
Nellie Mae Calculators
Monthly Payment Calculators
Get a better idea about your repayment options and what your monthly payments would be under a standard, income-sensitive or graduated repayment schedule.
Close EXCEL Preferred Loan Details
EXCEL Loan
Benefits of Borrowing from Nellie Mae
- Borrower can reduce the interest rate by 0.50 percentage point by authorizing payments from a checking or savings account
- Fast, convenient online application
- Instant credit decision
- Funds can be used to cover prior-year balances
- Combined monthly statement for federal and private loans from Nellie Mae
Borrower Eligibility
- Any creditworthy individual, including the student, with a minimum annual income of $20,000 may borrow on the student's behalf
- Monthly debt obligations should not exceed 50% of monthly income
- Borrower and co-borrower must be the age of majority
- Student must be enrolled at least half time
- Student, borrower, and co-borrower must have a valid U.S. Social Security number
- Either the borrower or co-borrower must be a U.S. citizen or eligible permanent resident
- Student should apply for a Federal Stafford Loan first
Loan Rates and Terms
Annual Loan Amount
- $500 up to cost of attendance minus other aid
Interest Rate Options
- Monthly variable: Prime rate + 1.0%
- Annual variable: Prime rate + 2.5%
Disbursement Fee
- 5%
Annual Percentage Rate*
- 9.48% to 11.40%
Cumulative Education Debt Limit
- Cost of attendance
Repayment Options
- Pay only interest while student is enrolled at least half time
- Pay principal and interest immediately
- Take up to 30 years to repay based on loan balance
*The annual percentage rate (APR) varies based on the interest rate, fees, and number of years in repayment. If the Prime rate changes, the interest rate and APR will change. The APR example of 9.48% assumes a constant interest rate of 9.25%**, $10,000 loan balance, 5% disbursement fee, immediate payments of principal and interest for 240 months, and an earned rate reduction with auto-debit. The 11.40% APR assumes a constant interest rate of 10.75%**, $10,000 loan balance, 5% disbursement fee, interest-only payments for a 48-month in-school period, a 240-month repayment period, and no earned rate reduction.
** Prime rate as of April 2007 is 8.25%.
Close Student EXCEL Loan Details
Student EXCEL Loan
Benefits of Borrowing from Nellie Mae
- Borrower can reduce the interest rate by 0.50 percentage point by authorizing payments from a checking or savings account
- Fast, convenient online application
- Instant credit decision
- Funds can be used to cover prior-year balances
- Combined monthly statement for federal and private loans from Nellie Mae
- Co-borrower release after making 24 on-time monthly payments of principal and interest (the borrower must meet applicable credit requirements at that time)
Borrower Eligibility
- Undergraduate student must be enrolled at least half time in a degree-granting program
- Student and co-borrower must be the age of majority
- Student must have good credit or apply with a creditworthy co-borrower
- Either student or co-borrower must be a U.S. citizen or eligible permanent resident; both must have a valid U.S. Social Security number
- Student should apply for a Federal Stafford Loan first
Loan Rates and Terms
Annual Loan Amount
- $500 up to cost of attendance minus other aid
Interest Rate Options
- Monthly variable: Prime rate + 1.25%
- Annual variable: Prime rate + 2.5%
Disbursement Fee
- 0% with a co-borrower
- 5% without a co-borrower
Repayment Fee
- 2% if student defers principal and interest while in school
- 0% if student makes payments of principal and interest while in school
Annual Percentage Rate*
- 9% to 11.25%
Cumulative Education Debt Limit
- Up to cost of attendance
- $100,000 without a co-borrower
Repayment Options
- Defer principal and interest while in school at least half time
- Pay only interest while in school at least half time
- Pay principal and interest immediately
- Take up to 30 years to repay based on loan balance
*The annual percentage rate (APR) varies based on the interest rate, fees, and number of years in repayment. If the Prime Rate changes, the interest rate and APR will change. The APR example of 9% assumes a constant interest rate of 9.50%**, $10,000 loan balance, 0% disbursement fee, immediate payments of principal and interest for 240 months, and an earned rate reduction with auto-debit. The 11.25% APR assumes a constant interest rate of 10.75%**, $10,000 loan balance, 5% disbursement and 2% repayment fee, deferral of principal and interest payments for 27 months, a 240-month repayment period, and no earned rate reduction with auto-debit.
**Prime Rate as of April 2007 is 8.25%.
Close GradEXCEL Preferred Loan Details
GradEXCEL Loan
Benefits of Borrowing from Nellie Mae
- Fast, convenient online application
- Instant credit decision
- Funds can be used to cover prior-year balances
- Combined monthly statement for federal and private loans from Nellie Mae
- Co-borrower release after making 24 on-time monthly payments of principal and interest (the borrower must meet applicable credit requirements at that time)
- Borrowers can reduce the interest rate by 0.50 percentage point by authorizing payments from a checking or savings account
Borrower Eligibility
- Graduate student must be enrolled at least half time in a degree-granting program
- Student and co-borrower must be the age of majority
- Student must have good credit or apply with a creditworthy co-borrower
- Either student or co-borrower must be a U.S. citizen or eligible permanent resident; both must have a valid U.S. Social Security number
- Student should apply for a Federal Stafford Loan first
Loan Rates and Terms
Annual Loan Amount
- $500 up to cost of attendance minus other aid
Interest Rate Options
- Monthly variable: Prime rate + 1.25%
- Annual variable: Prime rate + 2.5%
Disbursement Fee
- 0% with a co-borrower
- 5% without a co-borrower
Repayment Fee
- 2% if student defers principal and interest while in school
- 0% if student makes payments of principal and interest while in school
Annual Percentage Rate*
- 9% to 11.25%
Cumulative Education Debt Limit
- Up to the cost of attendance
- $150,000 without a co-borrower
- $220,000 for health professions
Repayment Options
- Defer principal and interest while in school at least half time
- Pay only interest while in school at least half time
- Pay principal and interest immediately
- Take up to 30 years to repay based on loan balance
*The annual percentage rate (APR) varies based on the interest rate, fees, and number of years in repayment. If the Prime rate changes, the interest rate and APR will change. The APR example of 9% assumes a constant interest rate of 9.50%**, $10,000 loan balance, 0% disbursement fee, an earned rate reduction for auto-debit, and immediate payments of principal and interest for 240 months. The 11.25% APR assumes a constant interest rate of 10.75%**, $10,000 loan balance, 5% disbursement and 2% repayment fee, deferral of principal and interest payments for 27 months, a 240-month repayment period, and no earned rate reduction with auto-debit .
**Prime rate as of April 2007 is 8.25%.
MBA LOANS Private Loan
Loan Rates and Terms
Borrower Eligibility
- Student must be a creditworthy US citizen, permanent resident, or an international student borrowing with a co-borrower who is a creditworthy US citizen, or permanent resident
- Student must be currently enrolled-even less than half time
- Student must meet the credit criteria established by Nellie Mae
- Student should apply for a Federal Stafford Loan first
Annual Loan Amount
- $500 up to cost of attendance minus other aid
Interest Rate Options
| Borrower Credit | Disbursement Fee | Repayment Fee | Interest Rate |
|---|---|---|---|
| Excellent | 0% | 0% | Prime minus 0.50% |
| Good | 0% | 0% | Prime plus 1% |
| Fair | 0% | 0% | Prime plus 4% |
| Borrower Credit | Disbursement Fee | Repayment Fee | Interest Rate |
|---|---|---|---|
| Excellent | 0% | 3% | Prime plus 0.25% |
| Good | 0% | 3% | Prime plus 1.25% |
| Fair | 0% | 3% | Prime plus 4% |
Annual Percentage Rate*
- 7.13% with two credit-approved borrowers where one has excellent credit
- 11.81% with one credit-approved borrower who has fair credit
Cumulative Education Debt Limit
- No limit with co-borrower
- $175,000 without a co-borrower
Repayment Terms
- Repayment terms for the MBA LOANS Private Student Loan depend on loan balance: loan balances of less than $20,000 have 15 years for repayment; loan balances of $20,000 - $39,999 have 20 years for repayment; loan balances of more than $40,000 have 30 years for repayment
- Borrowers may select standard repayment or graduated repayment
- Repayment begins 6 months after leaving school or dropping below half time
* The annual percentage rate (APR) is calculated on the interest rate, fees, and number of years in repayment. If the Prime Rate changes, the interest rate and APR will change. The APR example of 7.13% assumes a constant interest rate of 7.25%**, $10,000 loan with two disbursements (September 1 and January 2), 0% disbursement and repayment fee, deferral of principal and interest for 21 months and a 15-year repayment term. APR example of 11.81% assumes a constant interest rate of 11.75%**, $10,000 loan with two disbursements (September 1 and January 2), 0% disbursement and a 3% repayment fee, deferral of principal and interest for 21 months and a 15- year repayment term.
**Prime Rate as of April 2006 is 7.75%.
