Federal Family Education Loan Program

OP ED: Unraveling the Truth Behind Student Loan Interest Rates and Offering a Solution

Retrieved on: 
Friday, September 29, 2023
School, Democracy, Education, Policy, Higher, Federal Family Education Loan Program, Student, Retirement, Education Act 1944, Federation, Ageing, Forgiveness, HEA, Sallie Mae, Nursing, Bank, Credit, Experian

LOS ANGELES, Sept. 29, 2023 /PRNewswire/ -- After a three-year pause, student loan payments are set to resume on October 1st for over 43 million Americans. In the United States, more and more people are taking student loan debt into retirement and 3.5 million Americans 60 and older hold over $125 billion in student loans.1 In many other countries the cost of higher education is marginal, and in Germany and Scandinavian countries, which are nations with some of the best school systems in the world, it is free. Any country that chooses not to prioritize higher education makes itself less competitive

Key Points: 
  • Any country that chooses not to prioritize higher education makes itself less competitive
    Student loan debt is crippling our nation, and it is the interest that is at the crux of the student loan crisis.
  • However, this well-intentioned effort ultimately led to the current $1.77 trillion student loan debt crisis.
  • In 1972, Sallie Mae, operating under HEA, became a government-sponsored enterprise, purchasing federally guaranteed student loans from banks to increase loan availability.
  • Current student loan interest rates are as high as 9%.

Nelnet Reports First Quarter 2023 Results

Retrieved on: 
Monday, May 8, 2023
Partnership, NNI, Information, Failure, CARES Act, Bank statement, Risk, Payment, Disclosure, Risk management, Forest Law Enforcement and Governance Program, Consumer, AGM, GAAP, Educational technology, Forecasting, Federal Family Education Loan Program, Climate change, Investment, Loan servicing, USDS, Corporation, Security (finance), Environment, NYSE, Bank, Video game, Cryptocurrency, Beauty salon, Airline, System, Nelnet

"The results of the first quarter positions Nelnet for a bright future," said Jeff Noordhoek, chief executive officer of Nelnet.

Key Points: 
  • "The results of the first quarter positions Nelnet for a bright future," said Jeff Noordhoek, chief executive officer of Nelnet.
  • The AGM operating segment reported net interest income of $45.5 million during the first quarter of 2023, compared with $72.6 million for the same period a year ago.
  • Provision for loan losses in the first quarter of 2023 was impacted by management's expectations of deteriorating economic conditions and loans acquired during the quarter.
  • The dividend will be paid on June 15, 2023, to shareholders of record at the close of business on June 1, 2023.

Nelnet Awarded U.S. Department of Education's USDS Loan Servicing Contract

Retrieved on: 
Tuesday, April 25, 2023
Partnership, NNI, Federal Student Aid, Federal Family Education Loan Program, USDS, FSA, NYSE, Bank, Nelnet

LINCOLN, Neb., April 25, 2023 /PRNewswire/ -- Nelnet (NYSE: NNI) today announced its Nelnet Diversified Services division has been awarded a Unified Servicing and Data Solution (USDS) contract by the United States Department of Education (Department) Office of Federal Student Aid (FSA).

Key Points: 
  • LINCOLN, Neb., April 25, 2023 /PRNewswire/ -- Nelnet (NYSE: NNI) today announced its Nelnet Diversified Services division has been awarded a Unified Servicing and Data Solution (USDS) contract by the United States Department of Education (Department) Office of Federal Student Aid (FSA).
  • The 5-year federal contract, with possible extensions up to 10 years, will replace existing legacy student loan servicing contracts for Direct Loans and federally managed Federal Family Education Loan (FFEL) Program loans and will be centered on providing superior customer service to federal student loan borrowers through measurable service-level agreements and performance metrics.
  • "As the country's leading loan servicer, Nelnet is proud to have been selected as a USDS contract recipient," said Jeff Noordhoek, Nelnet's chief executive officer.
  • The total loan servicing volume under USDS will include more than 37 million borrowers with federally managed loans, which will be allocated by the Department to Nelnet and four other servicers that were awarded a USDS contract.

Nelnet Announces Reduction of Staff Due to Contract Changes Impacting Student Loan Servicing

Retrieved on: 
Thursday, March 23, 2023
NNI, Employment, NDS, Noordhoek, Risk, Federal Family Education Loan Program, Student, Security (finance), 1999 TransWorld Diversified Services Indy 200, NYSE, Bank, Nelnet

On March 22, 2023, Nelnet received a contract modification from the Department of Education (Department) for the company's current loan servicing contracts with the Department.

Key Points: 
  • On March 22, 2023, Nelnet received a contract modification from the Department of Education (Department) for the company's current loan servicing contracts with the Department.
  • Additionally, last month, the Department notified Nelnet of its intent to transfer 1 million borrowers from Nelnet Loan Servicing to another federal servicer.
  • Nelnet will also look for redundancies and efficiencies throughout the year related to the conclusion of projects centered on the consolidation of select loan servicing platforms.
  • Regarding its loan servicing systems, Nelnet continues to develop modern, innovative technology platforms to support federal and consumer loan servicing, respectively.

DBRS Morningstar: U.S. ABS 2023 Outlook

Retrieved on: 
Monday, January 9, 2023
Automotive Manufacturing, Manufacturing, Insurance, Finance, Small Business, Banking, Professional Services, Maritime, Agriculture, Air, General Automotive, Natural Resources, Transport, Automotive, Logistics, Supply Chain Management, Transport, All rights reserved, CRA, Person, NRSRO, Credit, Unemployment, COVID-19, Morning Star, Aviation, Federal Reserve, Housing, Coronavirus, Risk, ALL, Senior, Federal Family Education Loan Program, Refinancing, UK, PACE, DRO, DBRS, Publishing, Growth, FFELP, Research, Sale, TWELVE, Small business, GDP, Prospectus, ABS, EU, Insurance

Nonetheless, DBRS Morningstar has a stable credit rating outlook across U.S. asset-backed securities (ABS).

Key Points: 
  • Nonetheless, DBRS Morningstar has a stable credit rating outlook across U.S. asset-backed securities (ABS).
  • DBRS Morningstar credit ratings, and other types of credit opinions and reports, are no intended for Australian residents or entities.
  • The DBRS Morningstar group of companies are wholly-owned subsidiaries of Morningstar, Inc.
    © 2023 DBRS Morningstar.
  • The information upon which DBRS Morningstar credit ratings and other types of credit opinions and reports are based is obtained by DBRS Morningstar from sources DBRS Morningstar believes to be reliable.

MetLife Announces Legal Plan Offering for the Federal Family

Retrieved on: 
Monday, November 21, 2022
Legal, Professional Services, Insurance, Human Resources, DUI, Parent, Federal Family Education Loan Program, MetLife, MetLife Inc. v. Financial Stability Oversight Council, NYSE, Ageing, Insurance, MET, Federal, Q&A, Education, Family, Property management

MetLife announced today that the MetLife Federal Legal plan is now available to 9 million federal employees, retirees, and certain members of the uniformed services.

Key Points: 
  • MetLife announced today that the MetLife Federal Legal plan is now available to 9 million federal employees, retirees, and certain members of the uniformed services.
  • Under the MetLife Federal Legal plan, participants and their dependents gain access to a network of over 18,000 highly qualified attorneys and coverage for a broad range of personal legal matters.
  • MetLife is proud to expand on our commitment to the Federal Family through the legal plan offering which provides even more options for financial wellness and security, said Paul Piechnik, Federal Government vice president at MetLife.
  • The MetLife Federal Legal Plan is now available in most states.

Nelnet Reports Third Quarter 2022 Results

Retrieved on: 
Monday, November 7, 2022
Security (finance), Educational technology, Program, Mission statement, U.S. Securities and Exchange Commission, CARES Act, Federal Family Education Loan Program, Forest Law Enforcement and Governance Program, Payment, List, AGM, Disclosure, Environment, Budget, GAAP, Risk, Federal Direct Student Loan Program, Contract, Income, School, Loan servicing, Consumer, HP EliteBook, Department, Risk management, NYSE, COVID-19, LIBOR, NNI, Attention, Renewable energy, Bank, Video game, Nelnet, System

"During the third quarter, each of our core businesses performed at a high level and delivered strong results," said Jeff Noordhoek, chief executive officer of Nelnet.

Key Points: 
  • "During the third quarter, each of our core businesses performed at a high level and delivered strong results," said Jeff Noordhoek, chief executive officer of Nelnet.
  • The AGM operating segment reported net interest income of $62.9 million during the third quarter of 2022, compared with $83.1 million for the same period a year ago.
  • Nelnet Bank's net income after tax for the quarter ended September 30, 2022 was $0.8 million, as compared to $0.6 million for the same period in 2021.
  • The dividend will be paid on December15, 2022, to shareholders of record at the close of business on December1, 2022.

Nelnet Reports Second Quarter 2022 Results

Retrieved on: 
Monday, August 8, 2022
U.S. Securities and Exchange Commission, Forest Law Enforcement and Governance Program, Disclosure, Risk, Budget, Loan servicing, Federal Family Education Loan Program, NYSE, Technology, Growth, Investment, Sale, Security (finance), Environment, Department, Income, AGM, Risk management, COVID-19, Contract, Mission statement, Acquisition, CARES Act, HP EliteBook, GAAP, Payment, Federal Direct Student Loan Program, NNI, Consumer, Educational technology, LIBOR, Program, Renewable energy, Bank, Video game, System, Nelnet

"Our strong second quarter results reflect our long-term focus," said Jeff Noordhoek, chief executive officer of Nelnet.

Key Points: 
  • "Our strong second quarter results reflect our long-term focus," said Jeff Noordhoek, chief executive officer of Nelnet.
  • The AGM operating segment reported net interest income of $70.7 million during the second quarter of 2022, compared with $81.3 million for the same period a year ago.
  • The company recognized income from derivative settlements of $4.6 million during the second quarter of 2022, compared with an expense of $5.4 million for the same period in 2021.
  • AGM recognized a provision for loan losses in the second quarter of 2022 of $8.8 million ($6.7 million after tax), compared with $0.3 million ($0.2 million after tax) in the second quarter of 2021.

ECMC Group Appoints Dan Fisher as President and CEO

Retrieved on: 
Tuesday, May 10, 2022
Board, Compliance, Board of directors, Army of the United States, Law, Student, Director, ECMC, McKeon, Fisher, Family, Education, CARE, Educational Credit Management Corporation, Credit Abuse Resistance Education, Federal Family Education Loan Program, CEO, FFELP, Shared services, Management

MINNEAPOLIS, May 10, 2022 /PRNewswire/ -- ECMC Group today announced that its Board of Directors has appointed Dan Fisher as president and chief executive officer (CEO), effective July 3, 2022.

Key Points: 
  • MINNEAPOLIS, May 10, 2022 /PRNewswire/ -- ECMC Group today announced that its Board of Directors has appointed Dan Fisher as president and chief executive officer (CEO), effective July 3, 2022.
  • Fisher also was elected to the Board of Directors of ECMC Group, Educational Credit Management Corporation (ECMC) and ECMC Foundation, effective July 3, 2022.
  • Fisher joined ECMC Group in November 2000 and has been serving most recently as president of ECMC and general counsel and corporate secretary of ECMC Group.
  • Fisher succeeds Jeremy Wheaton, who is leaving ECMC Group, as president and CEO.

Nelnet Reports First Quarter 2022 Results

Retrieved on: 
Monday, May 9, 2022
Perseverance, Board, COVID-19, Optimism, U.S. Securities and Exchange Commission, Investment, Mission statement, Department, Payment, CARES Act, GAAP, NNI, Federal Direct Student Loan Program, Federal Family Education Loan Program, Forest Law Enforcement and Governance Program, Budget, Educational technology, Loan servicing, Director, NYSE, Contract, Disclosure, Security (finance), Wells Fargo, Economic security, Program, AGM, Risk, Environment, Compliance, LIBOR, Total, HP EliteBook, Uncertainty, Income, TPD, Consumer, Economy, Coronavirus, Total permanent disability insurance, Renewable energy, Bank, Real estate, Online gambling, Airline, Video game, Nelnet, System

"We are pleased with the results of the first quarter," said Jeff Noordhoek, Chief Executive Officer of Nelnet.

Key Points: 
  • "We are pleased with the results of the first quarter," said Jeff Noordhoek, Chief Executive Officer of Nelnet.
  • The AGM operating segment reported net interest income of $72.6 million during the first quarter of 2022, compared with $99.5 million for the same period a year ago.
  • Nelnet Bank's net income after tax for the quarter ended March 31, 2022 was $0.7 million, as compared to a net loss of $1.0 million for the same period in 2021.
  • The dividend will be paid on June15, 2022, to shareholders of record at the close of business on June1, 2022.