Nelnet Inc. provides educational services in loan servicing, payment processing, education planning, and asset management in the United States. The company was founded in 1978 and is based in Lincoln, Nebraska.
Nelnet (NYSE: NNI) announced today that the U.S. Department of Education, Office of Federal Student Aid (Department) has notified the company that the company's proposal in response to the Enhanced Processing Solution (EPS) component of the Department's Next Generation Financial Servicing Environment (NextGen) contract procurement process has been determined to be outside of the competitive range and will receive no further consideration for an award. EPS is the technology system and certain processing functions the Department plans to use under NextGen to service the Department's 43 million student loan customers. Nelnet has requested a debriefing by the Department and the company intends to file a protest challenging the decision.
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BenefitEd, a joint venture between Ameritas and Nelnet offering customized student loan repayment and college savings programs to companies of all sizes, will begin working with employers to offer tax-advantaged student loan repayment programs.
Moody's Investors Service, ("Moody's") has assigned definitive ratings of Aaa (sf) to the Class A and B notes issued by Nelnet Student Loan Trust 2020-3. The underlying collateral consists of Federal Family Education Loan Program (FFELP) rehabilitated student loans. The ratings are based on the underlying collateral consisting of 100% FFELP student loans, which are indirectly guaranteed by the U.S. Department of Education for a minimum of 97% of defaulted principal and accrued interest; the overcollateralization of the trust, which has an initial parity level of 104.37%; a reserve account sized at the greater of 3.00% of the note balance outstanding, which steps down to 1.00% of the note balance outstanding on May 2022, which further steps down to 0.25% in April 2023, and has a floor ...