Sallie Mae, Nelnet soar on big U.S. student loan pact

Sallie Mae (SLM.N) and Nelnet Inc (NNI.N) shares soared on Thursday after the U.S. Department of Education awarded them and two other companies a contract to service $550 billion of student loans.

The contract was also awarded to two private companies, American Education Services/PHEAA and Great Lakes Education Loan Services Inc. The five-year contract is expected to begin in August and may be renewed for another five years.

In morning trading, Sallie Mae shares were up 71 cents, or 9.2 percent, at $8.40, while Nelnet was up $1.66, or 20.4 percent, at $9.80, both on the New York Stock Exchange.

Read Full Article from Reuters

- Posted: 2009-06-18 09:39:42

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