(Lincoln, NE) -- Today, Nelnet (National Education Loan Network) announced the successful completion of system conversions for the company's loan generation and loan servicing businesses housed in its Indianapolis facility (formerly EFS Services, Inc.). The conversions effectively transferred Nelnet's student loan servicing functions from the former EFS servicing system to the company's own Nservice system. Nelnet's full service loan generation business was converted from a third party platform to the company's internal Ngenius platform.
The two large scale conversions were conducted to provide Nelnet with enhancements consistent with the company's internal system conversions conducted earlier this year. The enhancements include superior long-term loan servicing and generation platforms; expanded customer service and change responsiveness; and improved integration to the Internet. In addition, the Indianapolis initiative further positions Nelnet to establish single databases for its servicing and loan generation businesses, accessible by all of the company's servicing centers. This seamless system for its Indianapolis operation will allow Nelnet personnel to provide assistance to borrowers, schools, lenders, and guarantors, regardless of location.
Combined, the conversions impacted over 1.6 million borrower loans totaling more than $2.8 billion, 356 unique lender IDs, 365 schools, and 21 guaranty agencies.
"Although we had a pattern to follow from our own system conversion earlier in the year, the size and scope of the EFS project required countless hours of planning, research, testing, and communication with all involved parties," commented Don Bouc, President of Nelnet Corporation and the company's chief spokesperson. "Both conversion teams are complimented on their successful and timely conclusions to the projects. In addition, Nelnet once again thanks our customers for their valuable input and assistance in these system changes."
Currently, conversion team members continue to respond to customer inquiries regarding the new system and finalize remaining project details, while all Nelnet offices move forward in utilizing the expanded service capabilities available.
Nelnet is a vertically integrated educational finance organization dedicated to providing products and services that facilitate education finance for students, parents, schools, lenders, and guarantors. Nelnet offices are located in Albany, NY; Boise, ID; Denver, CO; Indianapolis, IN; Jacksonville, FL; Lincoln, NE; Phoenix, AZ; Portland, ME; St. Paul, MN; Tulsa, OK; and Washington, DC.
With $9 billion in total assets, Nelnet originates in excess of $2 billion for itself and its service partners annually, and services, or provides servicing software for, more than $36.5 billion in student loans. Nelnet ranks among the nation's leaders in terms of total student loan assets managed.