Nelnet Reports First Quarter 2021 Results
- GAAP net income $3.20 per share, $2.44 per share excluding adjustments
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LINCOLN, Neb., May 10, 2021 /PRNewswire/
Nelnet (NYSE: NNI) today reported GAAP net income of $123.6 million, or $3.20 per share, for the first quarter of 2021, compared with a GAAP net loss of $40.5 million, or $1.01 per share, for the same period a year ago.
GAAP net income increased for the three months ended March 31, 2021 compared to the same period in 2020 as a result of:
An increase in net interest income on the company s loan portfolio;
The recognition of a negative provision for loan losses as a result of improved economic conditions;
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Many experts and policymakers argue that surging student debt is harming younger generations of students by preventing them from reaching their financial goals while exacerbating racial inequality. While older generations were generally able to pay their way through school, or find jobs that enabled them to pay off their debts, that no longer holds true for recent cohorts, they argue. The combination of soaring tuition costs and the recessions caused by the 2008 financial crisis and the COVID-19 pandemic have particularly affected the millennial and subsequent generations. In a 2020 poll, less than half of millennials surveyed said taking out student loans was worth the cost, compared to two-thirds of baby boomers.
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Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans
On January 6, 2021, the Small Business Administration (the “
SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act” (sometimes referred to as the “
Consolidated First Draw PPP IFR” or the “
IFR”). That rule restates existing regulatory provisions into a single regulation on borrower eligibility, lender eligibility, and loan application or origination requirement issues for new First Draw PPP Loans, as well as general rules relating to First Draw PPP Loan increases and loan forgiveness.
AP Photo/Alex Brandon
In a letter, 36 civil rights organizations called on Biden to cancel $50,000 in student debt per person.
The letter said the student debt burden falls disproportionately on women and Black and Latino borrowers.
They want Biden to extend debt cancelation to all borrowers, including those with private loans.
The American student-debt problem encompasses 45 million people with a combined $1.7 trillion of debt, and much of the burden falls on communities of color. Civil-rights organizations want President Joe Biden to change that by canceling $50,000 in student debt per person.
On Monday, 36 civil rights organizations, led by the Leadership Conference on Civil and Human Rights, released civil rights principles for student debt cancelation in an effort to encourage the Biden administration to act on racial, gender, disability, and wealth disparities in the country. They said these disparities have left borrowers on the brink of fin
How Many Borrowers Will Qualify For Student Loan Forgiveness? forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.