Nelnet subsidiaries' student loan servicing fees cut $0.19/borrower by Dept of Education

NELNET INC

Monthly fee reduced by $0.19 per borrower effective April 1, 2023; 15.8M borrowers serviced as of Dec 31, 2022.
In Current Repayment price drops from $3.08921 to $2.89921; Forbearance from $2.19 to $2.00 per borrower.
Contact center hours reduced; abandon rate SLA temporarily relaxed to 8% from 4% through Dec 31, 2023.
Modifications are bilateral, fully executed on March 27, 2023, with no change in obligated funds.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NELNET INC amended Modifications with United States Department of Education valued at $0.19 per borrower (effective 2023-04-01).

Action: amendment
Counterparty: United States Department of Education
Value: $0.19 per borrower
Effective: 2023-04-01

Exact text from the filing

each of Nelnet Servicing, LLC (“Nelnet Servicing”) and Great Lakes Educational Loan Services, Inc. (“Great Lakes”), both subsidiaries of Nelnet, Inc. (the “Company”), received Modifications of Contract with an effective date of April 1, 2023 (collectively the “Modifications”) with the United States Department of Education (the “Department”), pursuant to which the student loan servicing contracts between the Department and each of Nelnet Servicing and Great Lakes (the “Servicing Contracts”) were amended to reduce the current prices earned by Nelnet Servicing and Great Lakes under the Servicing Contracts.

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Source: SEC EDGAR

accession 0001258602-23-000030

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