Nelnet, Inc. Announces Changes to Staffing Capacity in Student Loan Servicing Division
January 18, 2023 at 04:15 pm EST
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Nelnet, Inc. announced changes to manage excess staff capacity due to delays in the government's student debt relief and return to repayment programs. Approximately 350 associates who were hired within the last six months will be laid off and approximately 210 associates will be terminated for performance reasons in the company's Nelnet Diversified Services (NDS) division. The approximately 350 associates who will be laid off were hired within the last six months for the primary purpose of meeting the anticipated increase in student loan borrower activity, which was further delayed. A 60-day working notification was given to these associates whose performance was not a factor.
Performance was used to identify approximately 210 of the impacted associates.
Nelnet, Inc. operates businesses that are engaged in loan servicing and education technology services and payments. The Company's segments include Loan Servicing and Systems (LSS), Education Technology Services and Payments (ETSP), Asset Generation and Management (AGM), and Nelnet Bank. The LSS segment is focused on student and consumer loan servicing, loan servicing-related technology solutions and outsourcing business services. This segment includes the brands Nelnet Diversified Solutions, Nelnet Government Services and others. The ETSP segment provides education and payment technology and services for K-12 schools, higher education institutions, churches, and businesses in the United States and internationally. The AGM segment includes the acquisition and management of student and other loan assets, including investment interests therein. The Nelnet Bank includes an Internet Utah-chartered industrial bank focused on the private education and unsecured consumer loan markets.
NELNET, INC. 
