Nelnet To Cut 300 Jobs

Today a major Lincoln employer laid off hundreds of workers.

While it's not clear yet how many of the jobs cut will be here in Lincoln, the student loan company Nelnet announced plans to cut more than 300 jobs, amid growing concerns about a global credit crisis.

The news came as a surprise to many, the student loan giant has offices nationwide and will cut nearly ten percent of it's 3000 member workforce.

Off camera one employee told us that roughly 80 jobs here in Lincoln have been cut.

The news came early to dozens of Nelnet employees.

For Erica Klemsz who only two weeks ago was celebrating a promotion, it was a shock to find out she no longer has job.

The move comes on the heels of a companywide layoff back in September of nearly 400 jobs .

Nelnet spokesperson Ben Kaiser says turmoil in global markets combined with newly imposed legislation are limiting student lender profits forced the company's hand.

Erica Klemsz says there were a few tears as many of her co-workers were still digesting what happened, even so she says she had an idea tt was coming.

Everybody who is being let go has already been notified.

The company says it will be more selective in its lending practices and expects to save about $15 -20 million dollars with the cuts.