---
schema_version: "secwatch.filing_event.v1"
accession: "0001258602-23-000028"
form_type: "8-K"
ticker: "NNI"
cik: "0001258602"
company_name: "NELNET INC"
filed_at: "2023-03-23T23:59:59+00:00"
generated_at: "2026-06-17T17:36:16.800533+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001258602-23-000028
- form_type: 8-K
- ticker: NNI
- cik: 0001258602
- company_name: NELNET INC
- filed_at: 2023-03-23T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1258602/000125860223000028/0001258602-23-000028-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1258602/000125860223000028/nni-20230322.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001258602-23-000028
- JSON: https://secwatch.observer/filing/0001258602-23-000028.json
- Plain text: https://secwatch.observer/filing/0001258602-23-000028.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.