Nelnet subsidiary awarded USDS student loan servicing contract by Dept of Education

NELNET INC

NDS awarded USDS contract effective April 24, 2023; five-year base with up to 5 years of extensions.
Contract covers servicing for 37M+ borrowers; NDS is one of five servicers selected.
NDS to begin platform enhancements immediately; compensated by Dept for certain investments.
Legacy servicing contracts extended to Dec 2024 to ensure stability during transition.
Pricing includes common pricing for servicing system ops, cybersecurity, contact center, etc.

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 entered into New Government Servicing Contract with United States Department of Education (effective 2023-04-24).

Action: entry
Counterparty: United States Department of Education
Effective: 2023-04-24

Exact text from the filing

On April 24, 2023, Nelnet Diversified Solutions, LLC (NDS), a subsidiary of Nelnet, Inc. (the “Company”), received a Solicitation, Offer, and Award Contract from the United States Department of Education (the “Department”), pursuant to which NDS was selected to provide continued servicing capabilities for the Department's Office of Federal Student Aid's student aid recipients under a new Unified Servicing and Data Solution (USDS) contract (the "New Government Servicing Contract") which will replace the existing legacy Department student loan servicing contracts for Direct Loans and federally managed Federal Family Education Loan (FFEL) Program loans that are currently scheduled to expire December 14, 2023.

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Source: SEC EDGAR

accession 0001258602-23-000041

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