subsidiary of Nelnet to manage $ 10 billion student loan portfolio | News from local businesses
Nelnet, through a subsidiary, will manage a $ 10 billion portfolio of student loans that Wells Fargo sells to private equity firms.
FRANCIS GARDLER, Journal Star archive photo
Nelnet gets a big new student loan feather in his hat.
A subsidiary of the Lincoln-based financial services company has been chosen to manage a $ 10 billion student loan portfolio.
Wells Fargo announced Friday that it is selling the portfolio to anonymous investors, which Bloomberg News has identified as private equity firms The Blackstone Group and Apollo Global Management. The bank said Firstmark Services, a division of Nelnet, will manage the portfolio once the sale is finalized, which is expected to occur in the first half of 2021.
The addition of the $ 10 billion in student loans will increase Nelnet’s private service portfolio by more than 60%. As of September 30, the company said it managed just under $ 16.3 billion in private and consumer loans.
Nelnet spokesman Ben Kiser noted that the number of loan clients in Wells Fargo’s portfolio – over 500,000 – will almost double the total number of borrowers served by Firstmark.
Kiser said Nelnet was “thrilled” to be chosen to manage the student loan portfolio, which could grow further. Wells Fargo has said it will continue to accept new student loan applications until January 28.
Photos: The pandemic is changing the downtown landscape
Ghost town, 10:20 a.m.
Bruegger’s bagels in downtown Lincoln did not survive the pandemic, although the lights remain on at two of his neighbors along Q Street – Juice Stop and Running Company. With people staying at home and working from home, the city center lacks its community, said business owner Nader Sepahpur. “The arts community is not here, the music community is not here, the entertainment is not here.”
FRANCIS GARDLER, Star of the Journal
Ghost Town-Novel Idea, 10.21
“I love my job and want to have a bookstore that supports the community.” – Cinnamon Dokken, owner, A Novel Idea, 118 N. 14th St.
FRANCIS GARDLER, Star of the Journal
Ghost town-Judtih Andre, 10.21
“Construction is still going on, but I miss the energy people bring downtown. – Downtown resident Judith Andre with her corgi, Murray, in the Mission Arts Building, 124 S. Ninth St.
FRANCIS GARDLER, Star of the Journal
Matt taylor
Matt Taylor, owner of the tavern in the plaza and the other room, has partnered with several Lincoln businesses to add flowers, candles, chocolates and cigars to the cocktail kits his bars have started selling after the coronovirus pandemic in March.
FRANCIS GARDLER, Star of the Journal
Ghost Town-Chief Nadar, 10.21
“I remember downtown when downtown was dead. I keep saying it’s an opportunity to improve downtown.” – Nader Sepahpur, longtime downtown restaurateur
FRANCIS GARDLER, Star of the Journal
Downtown ghost town, seat of Husker
“Some people agreed to come back to the stores, but a lot of people got scared; they didn’t want to go out in public. – Blaine Braziel, Marketing Director, Husker Headquarters, 1120 P St.
FRANCIS GARDLER, Star of the Journal
Ghost Town – From the Nebraska Gift Shop
“Instead of downsizing, we expanded. We just hope for the best. We pray a lot. – Barb Ballard, owner of From Nebraska gift shop, 803 Q St.
FRANCIS GARDLER, Star of the Journal
Downtown ghost town, Cornhusker Marriott
When the Cornhusker Marriott closed in March, it lit up a heart that shone above the city center for months.
Courtesy photo
Downtown ghost town
Just before the Cornhusker Marriott reopened in August, it filled in the outline of the heart that had been glowing for months.
Courtesy photo
A walk in the city center
A restaurant patron walks past an art display titled A Moment of Change by Kinzee Hillis in downtown Lincoln on October 19.
Kenneth Ferriera, STAR OF THE DIARY
A walk in the city center
Only a few rooms are lit in the Lincoln Graduate on a recent Monday evening.
Kenneth Ferriera, STAR OF THE DIARY
A walk in the city center
A person walks past the recently closed Scooter site in the Haymarket. Two downtown locations, including one in the Gold’s Building, are closing. Owner Jason Metcalf said the shutdown was not due to the pandemic – in fact, he said overall sales of Scooters had actually increased since before COVID-19 hit – but because the company s ‘strives to ensure that all of its locations are within driving distance. through.
Kenneth Ferriera, STAR OF THE DIARY
A walk in the city center
After closing all of its locations in mid-March, Marcus Theaters reopened the Grand Center-Ville with limited hours.
KENNETH FERRIERA, Journal Star
A walk in the city center
A note on Rusty Taco’s door, 210 N. 14th St., says it will reopen in June, but it doesn’t. There is a second location open at 27th and Pine Lake Road.
KENNETH FERRIERA, Journal Star
A walk in the city center
Advertisements encourage patrons to wear masks in downtown Lincoln. Mayor Leirion Gaylor Baird said she believes Lancaster County’s mask tenure has helped people feel more comfortable shopping and has helped businesses stay open as epidemics can put their foot down. labor out of the way.
KENNETH FERRIERA, Journal Star
A walk in the city center
A person walks along the sidewalk in downtown Lincoln on October 19.
KENNETH FERRIERA, Journal Star
A walk in the city center
Misty’s Restaurant and Lounge is empty due to reduced hours in downtown Lincoln on October 19.
Kenneth Ferriera, STAR OF THE DIARY
A walk in the city center
A pair of bikers descend the sidewalk in downtown Lincoln on October 19.
KENNETH FERRIERA, Journal Star
Olsson 10.5
Office workers are focused on their tasks as many of their coworkers’ cubicles remain empty in Olsson in downtown Lincoln on October 5. The number of employees working in the office has been considerably lower since COVID-19 hit Lincoln in March.
KENNETH FERRIERA, Journal Star
Olsson 10.5
An employee’s calendar marks stop in mid-March, when COVID-19 hit Lincoln and many office workers started working remotely.
KENNETH FERRIERA, Journal Star
Olsson 10.5
Memories and recollections have stuck behind, as many office workers now work remotely at Olsson. The number of downtown office workers has been considerably lower since COVID-19 hit Lincoln in March.
KENNETH FERRIERA, Journal Star
Olsson 10.5
Office workers are focused on their tasks as many of their coworkers’ cubicles remain empty at Olsson in Lincoln’s West Haymarket. The number of employees working in the office has been considerably lower since COVID-19 hit Lincoln in March.
KENNETH FERRIERA, Journal Star
Olsson 10.5
Tyler Troxel (left) consults with Brandon Roesler in a mostly vacant office space in Olsson as many of their colleagues work remotely on October 5. The number of downtown office workers has been significantly lower since COVID-19 hit Lincoln in March.
KENNETH FERRIERA, Journal Star
Hit the brakes, bicycle use during the pandemic
Lower sales and occupancy tax collections
Parking revenues during COVID-19
YMCA closing
The Lincoln YMCA announced on October 22 that it is permanently closing the downtown YMCA at 11th and P.
KENNETH FERRIERA, Journal Star file photo
YMCA closing
The downtown YMCA at 11th and P streets will close permanently, the Lincoln YMCA announced Thursday.
KENNETH FERRIERA, Journal Star
Contact the writer at 402-473-2647 or [email protected].
On Twitter @LincolnBizBuzz.
