Nelnet contract modification reduces monthly borrower fee by $0.19; 550 staff eliminated

NELNET INC

Monthly fee per borrower cut by $0.19 under amended federal servicing contracts.
As of Dec 31, 2022, Nelnet units serviced 15.8 million borrowers for Department of Education.
Department to transfer ~1 million borrowers to another servicer over next few months.
Approximately 550 positions eliminated; charge of up to $5M expected in FY2023.
Federal servicing contracts represented 32% of Nelnet's 2022 revenue.

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