Brief: Nelnet Inc - Announces Reduction Of Staff Due To Contract Changes Impacting Student Loan Servicing

Nelnet

23/03/2023 20:35

March 23 (Reuters) - Nelnet Inc  NNI.N :
    * NELNET INC - ANNOUNCES REDUCTION OF STAFF DUE TO CONTRACT
CHANGES IMPACTING STUDENT LOAN SERVICINGPR NEWSWIRE
    * NELNET - ABOUT 550 ASSOCIATES IN NDS DIVISION, SOME IN
RELATED
SHARED SERVICES AREAS THAT SUPPORT NDS NOTIFIED THEIR POSITIONS
ARE BEING ELIMINATED
    * NELNET INC - ON MARCH 22, RECEIVED A CONTRACT MODIFICATION
FROM
DEPARTMENT OF EDUCATION (DEPARTMENT) FOR COMPANY'S CURRENT LOAN
SERVICING CONTRACTS
    * NELNET INC - MODIFICATION SIGNIFICANTLY DECREASED PRICE
EARNED
BY COMPANY PER BORROWER PER MONTH
    * NELNET INC - LAST MONTH, DEPARTMENT NOTIFIED NELNET OF ITS
INTENT TO TRANSFER 1 MILLION BORROWERS FROM NELNET LOAN
SERVICING TO ANOTHER FEDERAL SERVICER
    * NELNET INC -  TRANSFER OF BORROWERS IS SCHEDULED TO OCCUR
OVER
NEXT FEW MONTHS
    * NELNET INC - BOTH PRICE REDUCTION AND UNANTICIPATED
TRANSFER OF
A MILLION BORROWERS WILL HAVE A MATERIAL IMPACT ON NDS
    * NELNET INC - NO OTHER NELNET BUSINESSES ARE IMPACTED BY
STAFF
REDUCTION

Source text for Eikon:  ID:nPn5YR8y5a 
Further company coverage:  NNI.N 

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