The department also notified Nelnet that 1 million borrowers in its loan servicing division will be transferred to another servicer over the next few months, further reduction the company revenue and leading it to lay off 550 employees.
These changes to Nelnet's staffing means less help for the borrowers it services — and it could prove especially challenging when payments are set to resume this year. Previously, Nelnet's call center hours were Mondays from 8am to 11pm, Tuesday through Friday from 8am to 8pm, and Saturday from 10am to 2pm.
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I believe your article incorrectly states that the FSA decreased the price per borrower down to 19 cents, instead of decreased by 19 cents.