8.4 percent profit boost for Lincoln's Nelnet Inc.

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Posted: Friday, May 9, 2014 12:00 am

Nelnet Inc., the Lincoln company that services student loans, said Thursday that first-quarter profit rose 8.4 percent.

The company said net income was $73.8 million, or $1.59 a share, up from $68.1 million, or $1.46 a share, a year earlier.

“We are excited to report strong first-quarter earnings and to be acquiring student loan portfolios,” said Jeff Noordhoek, Nelnet’s chief executive. “We’ve significantly added to our student loan portfolio this year and see ongoing market opportunities to purchase legacy student loans.”

Nelnet, which owns student loans and collects payments on loans owned by others, said the portfolio of owned loans sits at about $29 billion. That is up by $3.6 billion since March, after the company bought a package of federal student loans in April.

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