Lincoln-based Nelnet cutting more than 500 jobs
Updated: 5:44 PM CDT Mar 23, 2023
Lincoln-based Nelnet cutting more than 500 jobs
Updated: 5:44 PM CDT Mar 23, 2023
550 JOBS. JULIE CORNELL HAS THAT BREAKING NEWS FROM THE LIVE DESK. HEY, THANKS, BILL. NOW THAT MAKES A LOT OF MONEY BY SERVICING STUDENT LOANS AND IT SAYS IT WAS NOTIFIED BY THE DEPARTMENT OF EDUCATION YESTERDAY ABOUT A CONTRACT MODIFICATION THAT WOULD, QUOTE, SIGNIFICANT, ONLY DECREASE HOW MUCH IT MAKES PER BORROWER. NOW, THAT ALSO SAYS THE FEDS ARE TRANSFERRING 1 MILLION BORROWERS FROM ITS LOAN SERVICING TO ANOTHER PROVIDER. THE LINCOLN COMPANY SAYS THE MOVE IS NOT BASED ON NELNET PERFORMANCE, BUT IT SAYS THE MOVE IS UNEXPECTED. THAT MEANS ABOUT 550 JOBS WILL BE CUT, MOSTLY IN NELNET DIVERSIFIED SERVIC
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Lincoln-based Nelnet cutting more than 500 jobs
Updated: 5:44 PM CDT Mar 23, 2023
Lincoln-based Nelnet, a student loan servicing company, announced the elimination of about 550 jobs Thursday afternoon.Nelnet said it was notified by the Department of Education on Wednesday about a contract modification that will "significantly decrease" how much it makes per borrower.Nelnet also said the feds are transferring 1 million borrowers from its loan servicing to another provider.The Lincoln company said the move is not based on Nelnet's performance but adds the move is unexpected.The jobs that will be cut are mostly in Nelnet's Diversified Services division.Get the latest headlines from KETV NewsWatch 7
LINCOLN, Neb. —
Lincoln-based Nelnet, a student loan servicing company, announced the elimination of about 550 jobs Thursday afternoon.
Nelnet said it was notified by the Department of Education on Wednesday about a contract modification that will "significantly decrease" how much it makes per borrower.
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Nelnet also said the feds are transferring 1 million borrowers from its loan servicing to another provider.
The Lincoln company said the move is not based on Nelnet's performance but adds the move is unexpected.
The jobs that will be cut are mostly in Nelnet's Diversified Services division.