Nelnet Bank has updated its customer communication policy, explicitly authorizing the company to contact customers via automated telephone dialing systems and artificial or pre-recorded voice messages, including text messages, regarding loans, loan requests, and deposit accounts. The policy, outlined in recent customer authorizations, extends to affiliates and subsidiaries of Nelnet, and permits contact even at numbers customers have previously opted out of receiving communications from.
The authorization, which customers are asked to agree to as part of doing business with Nelnet Bank, allows for contact concerning a range of financial products, including private student loans, graduate student loans, parent loans, and student loan refinancing options. According to information available on the Nelnet Bank website, fixed rates for these private student loans currently start at 3.47% APR for Pick Your Path loans, 4.99% APR for graduate student loans, 5.97% APR for ParentLoans, and 6.35% APR for student loan refinancing.
While the policy states that consent is not required to purchase products or receive account benefits, it grants broad permission for marketing and informational outreach. Customers can opt out of these communications at any time by calling 800.446.4190. The authorization also includes a certification from the customer confirming they are the current subscriber of the provided phone number and agree to notify Nelnet of any changes.
Nelnet, founded over 40 years ago, has grown into one of the nation’s largest student loan servicers. The company operates through several divisions, including Nelnet Financial Services, which manages billions in federal and private student loans, and Nelnet Government Services, which provides solutions for government agencies. Nelnet Consumer Services focuses on loan servicing and capital markets solutions for financial institutions. Nelnet Bank, established as an industrial bank, offers private student loans with a focus on simplicity and competitive rates, according to the company.
Standard message and data rates from telephone service providers may apply to communications received under this authorization. The policy acknowledges that automated messages may be played even if answered by someone other than the intended recipient.
