Nelnet Issues Statement Regarding Department of Education NextGen Enhanced Processing Solution Proposal
Nelnet, Inc. (NNI)
US:NYSE Investor Relations:
nelnet.com/investors
Company Research
Source: PR Newswire
LINCOLN, Neb., April 2, 2020 /PRNewswire/ -- 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.The Department's NextGen contract procurement process is comprised of solicitations, including EPS and Business Process Operations (BPO), which will make up a new framework for the servicing of all of the student
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