A non-profit organization dedicated to the eradication of all student loan debt through activism, education, and legislation; because student loan debt is dangerous to the US economy and to the health and well-being of individual Americans and their families. CRYN JOHANNSEN, Founder & Executive Director
Wednesday, November 11, 2009
Jeff Noordhoek, President of Nelnet, wins the quote of the day!
Jeff Noordhoek made so many great remarks that remind me of why we're all part of the indentured educated class that I had a lot of trouble choosing just one comment in this telephone conference that took place about their third quarter earnings. [Full transcript is here. I urge those of you who are not well-versed in student lending discussions to read it carefully. Biz speak isn't that complicated, especially when you know that someone like Mr. Noordhoek is makin' more than a few pretty pennies off of yer head].
Anyway, I was mighty concerned that Nelnet may be in trouble (and for a lot of reasons - this being one of them), but luckily, they are doing more than fine. As Mr. Noordhoek stated in this recent conference call, "We are extremely pleased with our operating results for the third quarter of 2009. I hope we are not begun to sound like a broken record, however, once again we had a great quarter and we are optimistic about the future."
Of course you are, Mr. Noordhoek! Why? Because there are always fresh young adults and their parents who have no idea what's around the corner for them as a result of the business you're in. I want to congratulate you on winning the slot for my favorite quote of the day, too. The quote is in relation to the President's proposal to eliminate the FFEL program. Luckily, Mr. Noordhoek isn't too worried. They did, after all, win a great contract with the government, and that will generate revenue for them. (Mr. Noordhoek said so hisself! Yippily-skippily!).
While it was hard to choose a fave quote, this one made it for the day: "The fundamentals of our business model remain strong. We are stable, well established, fee for service businesses with recurring revenue]. We’re generating significant cash flow from our businesses and our student loan portfolio. We believe we are well positioned for growth in a very dynamic education services market."
Phew. I was worried about Nelnet. Now I can rest easy tonight knowin' that they have established recurring revenue from students who will join the ranks of our indentured class status upon graduation. Thanks to you, Nelnet! You sure are swell!
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Translation: very dynamic education services market = people desperately turning to education in the hopes of escaping a future of poverty...and unknowingly borrowing themselves right into said future
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