Nelnet acquires $1.9B in loans

Student loan company Nelnet has acquired $1.9 billion worth of student loans from an affiliate of Greystone & Co. Nelnet announced the acquisition of the Federal Family Education Loan Program consolidation loans Monday.

Terms of the deal weren't included in the announcement. The deal will increase the value of Nelnet's student loan portfolio over $25 billion.

At the end of the first quarter, the Lincoln-based company held $23.5 billion in outstanding federal student loans. Nelnet says it believes the acquisition will begin contributing to its base net income immediately.