2026-08-11T15:36:45-05:00 2025-09-30 410746749 CLIFTONLARSONALLEN LLP 1660 OSHKOSH AVE SUITE 200 OSHKOSH WI 54902 990 2024-10-01 363514573 NEBRASKA STUDENT LOAN PROGRAM INC NEBR 4024796623 PO BOX 82507 LINCOLN NE 68501 JILL HICKS CFO 4024796623 2026-08-11 1 1 KELCEY LEITL P01584977 9202315890 2026-07-31 2024 2025-03-06 01:10:19Z DAVID MACOUBRIE PO BOX 82507 LINCOLN NE 68501 10730205 0 X WWW.NSLP.ORG X 1986 NE TO BE A DEFINITIVE VOICE IN HIGHER EDUCATION AND STUDENT SUCCESS. POISED TO ENLIGHTEN, GUIDE AND SUPPORT HIGHER EDUCATION AND ITS STAKEHOLDERS IN THEIR MISSION. 6 5 8 0 0 0 0 8345910 12303789 1580236 2685704 801285 0 0 14989493 10727431 40008683 0 0 0 612748 534048 0 0 0 6829877 6094732 47451308 6628780 -32461815 4098651 28792043 33760893 7686714 8511991 21105329 25248902 TO BE A DEFINITIVE VOICE IN HIGHER EDUCATION AND STUDENT SUCCESS. POISED TO ENLIGHTEN, GUIDE AND SUPPORT HIGHER EDUCATION AND ITS STAKEHOLDERS IN THEIR MISSION. 0 0 4957942 0 1580236 THE ORGANIZATION SERVES AS A GUARANTEE AGENCY UNDER THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP), AS APPROVED BY THE DEPARTMENT OF EDUCATION. 4957942 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 14 0 1 8 1 0 0 0 0 0 0 0 0 0 0 0 0 X 6 5 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X JILL HICKS 4024796623 1300 O STREET LINCOLN NE 68508 DAVID A MACOUBRIE CEO/PRESIDENT 20.00 20.00 X X 183798 183797 54044 RICHARD VIERK CHAIR 3.00 3.00 X X 17900 17900 0 KIMBERLY RUSSEL DIRECTOR (THRU 12/2024) 1.00 1.00 X 5750 5750 0 GUY SAUNDERS DIRECTOR 1.00 1.00 X 6375 6375 0 ANTHONY GOINS DIRECTOR 1.00 1.00 X 5750 5750 0 JOSEPH KNECHT DIRECTOR 1.00 1.00 X 6250 6250 0 DAVID LECHNER DIRECTOR (AS OF 06/10/2024) 1.00 1.00 X 3250 3250 0 JILL M HICKS CFO/SEC & TREAS 20.00 20.00 X 159017 159017 44880 WILLIAM LEONARD KOHL SENIOR VP PORTFOLIO MANAGEMENT 20.00 20.00 X 112039 112039 54042 MICHAEL JAY LUBBEN SVP BUSINESS DEV. (THRU 04/24) 0.00 40.00 X 0 366545 31935 SUSAN KAY DOWNING SENIOR VP MARKETING 0.00 40.00 X 0 243918 54823 DEANA MARIE UNGER VP OPERATIONS 0.00 40.00 X 0 234537 28282 ADAM DAVY VP BUSINESS DEV (AS OF 07/24) 0.00 40.00 X 0 68544 10429 DEANN KORINEK SR. DIR FINANCE 20.00 20.00 X 53602 53603 53400 BRENDA SISEL AVP ACCOUNTING/FINANCE 20.00 20.00 X 61398 61398 44490 TIMOTHY ROETHIG AVP OPERATIONS-CONTACT CENTER 32.00 8.00 X 106871 26717 47214 RANDALL SCOTT HEESACKER FORMER CEO (THRU 10/2023) 0.00 0.00 X 426408 0 0 1148408 1555390 423539 17 1 1 0 NELNET GUARANTEE SERVICES 121 SOUTH 13TH STREET LINCOLN NE 68508 LOAN SERVICING 1620809 BRETT LIEF 448 OCEAN AVE 17B LONG BRANCH NJ 07740 CONSULTING 194700 CLIFTONLARSONALLEN 220 SOUTH 6TH ST UNIT 300 MINNEAPOLIS MN 55402 AUDIT SERVICES 133221 KEATING O'GARA NEDVED & PETER PC 200 SOUTH 21ST ST SUITE 400 LINCOLN NE 68510 LEGAL SERVICES 105286 4 8345910 8345910 RECOVERY REVENUE 900099 1580236 1580236 1580236 798908 798908 5151 2774 2377 2377 2377 10727431 1580236 0 801285 511969 91724 420245 22079 5505 16574 31055 31055 44085 44085 194096 194096 127 127 53257 46046 7211 1212688 937638 275050 222838 138338 84500 13087 1064 12023 6282 6282 561757 348739 213018 146008 90642 55366 SERVICING FEES 1650746 1650746 LEASED EMPLOYEES 1334087 905683 428404 POST-DEFAULT FEES 517648 517648 DUES AND SUBSCRIPTIONS 38927 325 38602 68044 29621 38423 6628780 4957942 1670838 0 3018781 2544105 15805006 20093486 868963 1941690 1309676 1370900 478402 594590 7311215 7216122 28792043 33760893 1060016 1345046 70433 6556265 7166945 7686714 8511991 X 21105329 25248902 21105329 25248902 28792043 33760893 4098651 44922 0 X X 0 1 X 1 1 1 X 18253144 37432547 22993128 12264480 8345910 99289209 18253144 37432547 22993128 12264480 8345910 99289209 99289209 3211242 4599509 8681908 2631276 798907 19922842 119212051 6584009 0.83290 0.82550 X 0.83600 0.16400 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 OTHER ASSETS 49177 NET ASSETS HELD ON BEHALF OF FEDERAL FUND 7166945 7216122 FEDERAL FUND LIABILITY - PAYABLE TO US DOE 7166945 7166945 X PART X, LINE 2: NSLP HAS BEEN RECOGNIZED AS A TAX-EXEMPT ORGANIZATION BY THE INTERNAL REVENUE SERVICE AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND IS EXEMPT FROM FEDERAL INCOME TAX ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE IRC. NSLP APPLIES THE PROVISIONS OF ASC SUBTOPIC 740-10, INCOME TAXES - OVERALL. ASC SUBTOPIC 740-10 PROVIDES SPECIFIC GUIDANCE ON HOW TO ADDRESS UNCERTAINTY IN ACCOUNTING FOR INCOME TAX ASSETS AND LIABILITIES, PRESCRIBING RECOGNITION THRESHOLDS AND MEASUREMENT ATTRIBUTES. AT SEPTEMBER 30, 2025 AND 2024, THERE WERE NO UNCERTAIN TAX POSITIONS. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN INCLUDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. X X X X X 1 0 0 0 0 0 0 0 0 RANDALL SCOTT HEESACKER FORMER CEO (THRU 10/2023) 0 0 0 0 426408 0 0 0 0 0 426408 0 426408 0 DAVID A MACOUBRIE CEO/PRESIDENT 149526 149526 26542 26541 7730 7730 18113 18113 8909 8909 210820 210819 0 0 MICHAEL JAY LUBBEN SVP BUSINESS DEV. (THRU 04/24) 0 71544 0 0 0 295001 0 22996 0 8939 0 398480 0 0 JILL M HICKS CFO/SEC & TREAS 130004 130004 27508 27508 1505 1505 17829 17829 4611 4611 181457 181457 0 0 SUSAN KAY DOWNING SENIOR VP MARKETING 0 199401 0 42557 0 1960 0 28984 0 25839 0 298741 0 0 WILLIAM LEONARD KOHL SENIOR VP PORTFOLIO MANAGEMENT 89908 89908 19345 19345 2786 2786 16042 16042 10979 10979 139060 139060 0 0 DEANA MARIE UNGER VP OPERATIONS 0 192981 0 39896 0 1660 0 27953 0 329 0 262819 0 0 TIMOTHY ROETHIG AVP OPERATIONS-CONTACT CENTER 96725 24181 8056 2014 2090 522 21195 5299 16576 4144 144642 36160 0 0 BRENDA SISEL AVP ACCOUNTING/FINANCE 55407 55407 5497 5497 494 494 8716 8716 13529 13529 83643 83643 0 0 DEANN KORINEK SR. DIR FINANCE 48446 48446 4197 4197 959 960 13958 13958 12742 12742 80302 80303 0 0 PART I, LINE 4A ON APRIL 5TH, 2024, MICHAEL JAY LUBBEN ENTERED INTO A VOLUNTARY SEPARATION AGREEMENT WITH NSLP. HE RECEIVED $262,287 IN SEVERANCE PAYMENTS. FORM 990, PART VI, SECTION A, LINE 1A THERE ARE NO COMMITTEES WITH GOVERNING AUTHORITY TO ACT ON BEHALF OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 6 THE FOUNDATION FOR EDUCATIONAL SERVICES, INC. (FES), A NOT-FOR-PROFIT CORPORATION, SERVES AS THE SOLE MEMBER OF NEBRASKA STUDENT LOAN PROGRAM, INC. (NSLP) AND ELECTS NSLP'S BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE FOUNDATION FOR EDUCATIONAL SERVICES, INC. (FES), A NOT-FOR-PROFIT CORPORATION, SERVES AS THE SOLE MEMBER OF NEBRASKA STUDENT LOAN PROGRAM, INC. (NSLP) AND ELECTS NSLP'S BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS PREPARED BY AN EXTERNAL AUDITOR, REVIEWED BY STAFF, AND MAILED TO ALL BOARD MEMBERS. THE 990 IS PRESENTED TO THE AUDIT COMMITTEE AND THE BOARD BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C NSLP MAINTAINS A CONFLICT OF INTEREST POLICY FOR ALL DIRECTORS AND OFFICERS. A CONFLICT OF INTEREST EXISTS IF A MEMBER HAS FINANCIAL OR OWNERSHIP INTEREST IN THE ORGANIZATION. THE POLICY EXISTS TO IDENTIFY POTENTIAL INSTANCES IN WHICH AN INDIVIDUAL COULD PERSONALLY BENEFIT TO THE DETRIMENT OF THE ORGANIZATION. THE POLICY REQUIRES ALL MEMBERS TO DISCLOSE AN ANNUAL DISCLOSURE FORM. IF A POTENTIAL CONFLICT OF INTEREST IS DETERMINED TO EXIST, SUCH INTERESTED PERSON MUST PREPARE A WRITTEN STATEMENT DESCRIBING THE NATURE OF THE TRANSACTION AND CONFLICT OF INTEREST. DISCUSSIONS WITH INDEPENDENT, OUTSIDE LEGAL COUNSEL, AS WELL AS THE CHAIRMAN AND PRESIDENT OF NSLP DETERMINE WHETHER A CONFLICT OF INTEREST EXISTS. IN THE EVENT OF A POSITIVE FINDING BY INDEPENDENT LEGAL COUNSEL AND AFTER REVIEW BY THE BOARD, LEGAL COUNSEL WILL ADVISE THE INTERESTED PERSON HOW TO REMOVE THEMSELVES FROM INFLUENCE OVER THE DECISIONS ON THE MATTER, AS WELL AS ADVISE ON ANY OTHER RESTRICTIONS THAT WILL BE IMPOSED UPON THE INTERESTED INDIVIDUAL. RESULTS OF THE PROCEEDINGS ARE DOCUMENTED IN THE ORGANIZATION'S MEETING MINUTES. FORM 990, PART VI, SECTION B, LINE 15 OUTSIDE LEGAL COUNSEL UNDERTAKES A COMPREHENSIVE EVALUATION OF THE COMPENSATION AND BENEFIT PACKAGES FOR OFFICERS AND OTHER AFFECTED EMPLOYEES OF THE ORGANIZATION, COMPARING THE SAME RELEVANT INDUSTRY AND OTHER MARKET COMPARABLES. COUNSEL THEN PROVIDES TO THE BOARD OF DIRECTORS A SUMMARY OF THE COMPARABILITY DATA, AN ANALYSIS OF THE DATA RELATIVE TO THE ORGANIZATIONAL EMPLOYEES, AND A REASONED OPINION CONCERNING THIS CONCLUSION. THE BOARD OF DIRECTORS THEN CONFIRMS AND RATIFIES ALL COMPENSATION/BENEFITS PACKAGES, WITH THE DECISION PROCESS PROPERLY DOCUMENTED AS REQUIRED BY THE REGULATIONS. ON A ROUTINE BASIS, NSLP ENGAGES AN INDEPENDENT COMPENSATION SPECIALIST TO PROVIDE DATA FOR KEY POSITIONS. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2025. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC AVAILABILITY OF DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS: NSLP DOES NOT MAKE THEIR GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART XII, LINE 2C: THE AUDIT OVERSIGHT PROCESS HAS NOT CHANGED FROM PRIOR YEAR. FOUNDATION FOR EDUCATIONAL SERVICES INC PO BOX 82552 LINCOLN NE 68501 470703499 SUPPORTING ORG NE 501(C)(3) LINE 12B, II N/A 0 EDUCATIONQUEST FOUNDATION 1300 O STREET LINCOLN NE 68508 470606382 EDU SUPPORT NE 501(C)(3) LINE 10 FES 0 INCEPTIA PO BOX 82507 LINCOLN NE 68501 920907062 STUDENT FINANCIAL AID SUPPORT NE 501(C)(3) LINE 10 NSLP 1 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 INCEPTIA A 348224 COST INCEPTIA N 280580 COST INCEPTIA O 6883757 COST INCEPTIA Q 7300418 COST