NNI - Nelnet to reduce workforce by 560 associates in its Diversified Services division
- Nelnet ( NYSE: NNI ) on Wednesday said it would cut some of its workforce in its Nelnet Diversified Services (NDS) division.
- The company will lay off about 350 associates in the NDS division who were hired within the last six months and will terminate about 210 associates for performance reasons.
- NNI said the workforce reduction was due to delays in the government's student debt relief and return to repayment programs.
- "With the U.S. Department of Education's announcement in November that the pause on repayment has been extended to late 2023 and with the Student Debt Relief Program currently in litigation, NDS must now right-size its loan servicing teams to better align with current volume," NNI said in a statement .
- Nelnet ( NNI ) stock earlier closed -1.4% at $91.87.
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Nelnet to reduce workforce by 560 associates in its Diversified Services division