secwatch.observer — SEC 8-K summary
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Issuer:     NELNET INC (NNI)
CIK:        0001258602
Form:       8-K
Filed at:   2023-03-23T23:59:59+00:00
Accession:  0001258602-23-000028
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1258602/000125860223000028/0001258602-23-000028-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1258602/000125860223000028/nni-20230322.htm
  HTML page:      https://secwatch.observer/filing/0001258602-23-000028

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