"Student loan company Nelnet Inc. said Thursday will have to eliminate 400 jobs because of new lending rules before Congress that would cut back on federal subsidies for student aid," the Associated Press reports. "Nelnet plans to cut expenses by at least $25 million annually and the cuts announced Thursday represent more than 12 percent of the company's 3,300 employees. Nelnet Chairman and CEO Mike Dunlap said the company is changing its approach to the student loan business because of the changes Congress is expected to approve."
You can read the complete September 6, 2007 Associated Press article on-line.
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