NNI - Nelnet bags USDS loan servicing contract from U.S. Dept. of Education
2023-04-25 16:45:42 ET
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Nelnet's ( NYSE: NNI ) Diversified Services division has been awarded a Unified Servicing and Data Solution contract by the U.S. Department of Education, the company said on Tuesday.
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The federal contract is for five years, with possible extensions of up to 10 years.
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The total loan servicing volume under USDS will include more than 37 million borrowers with federally managed loans.
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No immediate changes will impact student loan borrowers as the full terms of the agreement are expected to go live in 2024.
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The legacy servicer contracts will be extended through December 2024 to help facilitate a smooth transition for borrowers, according to the Education Department.
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Nelnet bags USDS loan servicing contract from U.S. Dept. of Education