Attorney General Jon Bruning

News Release

                        FOR IMMEDIATE RELEASE                                    Contact: Holley Hatt

                        April 20, 2007 10:30am CDT                                                     402.471.2067

Bruning Announces $1 Million Agreement with Nelnet to Benefit College Students

(Lincoln, NE) Attorney General Jon Bruning today announced that his office has reached a voluntary agreement with Lincoln-based student loan provider Nelnet. The agreement stems from investigations by several Attorneys General across the country into arrangements between student loan providers and educational institutions. Under the agreement, Nelnet has agreed to abide by a Student Loan Code of Conduct and commit $1 million to educate students across the country about college planning and student loan financing. 

“We have worked with Nelnet to develop a national code of conduct that will ensure transparency and disclosure to students,” said Bruning. “We are grateful for Nelnet’s self-disclosure and their leadership in promoting integrity, choice and competition in this industry.” 

“We appreciate the attention Attorney General Bruning and others are focusing on education lending practices and, importantly, on efforts to ensure transparency in the relationships between lenders and institutions of higher education,” said Mike Dunlap, Nelnet chairman and co-chief executive officer. 

Nelnet first approached the Nebraska Attorney General’s office in February and made information available regarding Nelnet’s existing business practices and relationships with colleges and universities. 

“This agreement is a result of a cooperative effort over the last two months. The $1 million that Nelnet is willing to spend on education is a sign of their dedication to helping students,” said Bruning. “I hope this agreement will serve as a model for the entire education finance industry.”

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An audio clip is posted on the Attorney General’s Web site at www.ago.state.ne.us. Copies of the agreement and code of conduct are attached and also posted on the Web site.