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