Nelnet, Inc. To Pay $55 Million To Settle Lawsuit

On August 13, 2010, Nelnet, Inc. announced that it has agreed to pay $55 million to the Government to settle a lawsuit alleging that the company made false statements in order to obtain Government subsidies for originating federally-guaranteed student loans.  The lawsuit asserted that Nelnet used excessively aggressive tactics to convince students to apply for federally guaranteed loans and then used those applications to receive government subsidies above the allowed rate.  The qui tam lawsuit was brought by Jon Oberg, a former U.S. Education Department researcher.

Advertisements

Tags:

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: