MFA student loan servicing
Active State & local contract Michigan Awarded
- Contract number
- MA210000000176
- Awardee
- NELNET SERVICING LLC
- Contracting organization
- Department Technology, Management and Budget
Contract facts
- Cumulative value
- $22,000,000
- End date
- Points of contact
-
- Kelly Hubbard kelly.hubbard@gelnet.net (402) 323-4941
- Joy Nakfoor nakfoorj@michigan.gov (517) 249-0481
- Dan Mullin mullind@michigan.gov (517) 335-7416
Contract details come from michigan.gov. Updated .
About this contract
The Michigan Department of Technology, Management and Budget (DTMB) has established an Indefinite Delivery Vehicle (IDV) for student loan servicing through a contract with Nelnet Servicing LLC. This IDV covers comprehensive loan servicing for two primary educational loan programs: the Federal Family Education Loan Program (FFELP) and the Michigan Alternative Student Loan (MI-LOAN) Program. The contract encompasses a wide range of services including loan origination, repayment processing, default management, borrower communications, and financial reporting, providing a comprehensive solution for managing student loan portfolios across the state.
The IDV was awarded to Nelnet Servicing LLC with an effective period from April 1, 2021, to March 31, 2033, and includes five potential one-year renewal options. The contract, valued at approximately $22 million, is specific to the State of Michigan and involves multiple state agencies, including the Department of Treasury and the Department of Technology, Management, and Budget. The contract type is structured with monthly servicing fees that vary based on loan status and type, with additional provisions for specific services and performance standards, including system availability and regulatory compliance.
Files
| File | Type | Posted |
|---|---|---|
| 210000000176.pdf |
Quick answers
Who holds contract MA210000000176?
Contract MA210000000176 was awarded to NELNET SERVICING LLC by Department Technology, Management and Budget in Michigan on June 1, 2021.
How much is contract MA210000000176 worth?
Its cumulative value is $22,000,000.
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