What happens if I miss a loan repayment?

If you miss a loan repayment with Nelnet Loans, a few things may occur. Firstly, Nelnet will likely contact you to remind you of the missed payment and provide information on how to bring your account up to date. Late fees may be applied to your outstanding balance, increasing the total amount you owe. Additionally, missing loan repayments could negatively impact your credit score, making it difficult for you to access credit in the future. If you continue to miss payments, Nelnet may report your delinquency to the credit bureaus, which could further harm your credit standing. To avoid these consequences, it is essential to communicate with Nelnet as soon as possible if you are experiencing financial difficulties and explore alternative repayment options that may be available to you.