Contract Option Exercises — October 01, 2026

Total outlays of $1.64 billion on Nelnet's $983.7 million contract indicate additional funding beyond the base-plus-options, suggesting strong ongoing demand from the Department of Education for loan servicing.

Total outlays of $1.095 billion on Maximus Education's $762.1 million contract exceed the base-plus-options value, mirroring Nelnet's pattern and confirming robust Education Department spending on loan servicing.

The cost-plus-award-fee contract from GSA FAS FEDSIM for AFAMS training shows a total outlayed amount of -$185,723, indicating deobligations exceed spending, which may signal early-stage delays or scope reductions.

Nelnet Servicing LLC and Maximus Education LLC face contract end dates on December 31, 2024, for their combined $1.75 billion in Education Department loan servicing work, setting up a high-stakes competitive re-bid.

Only $1.9 million of the $418.7 million fixed-price delivery order has been outlaid, suggesting the pandemic preparedness work is in early ramp-up phase and carries execution risk over the 11-year duration.

Both Education contracts are firm-fixed-price, meaning Nelnet and Maximus Education bear cost overrun risk if call center or financial reporting costs exceed projections.

The Department of Education accounts for $1.75 billion (46%) of the total $3.83 billion in this period, creating agency-specific budget risk if Education funding faces cuts or policy changes.

SAIC's negative outlayed amount on the $526.5M AFAMS contract may indicate deobligations or scope reductions, potentially signaling budget pressure on Air Force training programs.

Advanced Technology International's $563.7M BARDA contract is fixed-price R&D, which is unusual and could compress margins for the nonprofit if vaccine development costs exceed estimates.

The Department of Education's loan servicing contracts with Nelnet and Maximus are both exceeding their base values, suggesting potential for contract modifications or follow-on awards that could expand revenue.

SAIC's $526.5M AFAMS contract, despite early negative outlays, represents a large Air Force training and simulation program that could see scope increases as the military prioritizes readiness.

Advanced Technology International's 11-year BARDA contract for pandemic vaccine development positions the nonprofit for long-term biodefense funding, with potential for follow-on task orders as infectious disease threats evolve.

The Department of Education awarded $1.75 billion in firm-fixed-price contracts to Nelnet and Maximus for direct loan services, representing 46% of total obligation value this period and highlighting sustained federal investment in student loan administration.

Advanced Technology International's $563.7M BARDA contract for vaccine development spans 11 years, signaling government commitment to biodefense despite minimal near-term outlays.

SAIC's $526.5M AFAMS contract, though early-stage, underscores the Air Force's focus on modeling and simulation for readiness, a theme that supports defense primes like Boeing or Lockheed Martin with training divisions.

{"entity" => "Nelnet Servicing LLC", "reason" => "Education contract expires December 31, 2024; re-compete will determine if Nelnet retains $988.7M in annualized revenue.", "trigger" => "Re-compete announcement from Department of Education"}

{"entity" => "Maximus Education LLC", "reason" => "Education contract expires same date as Nelnet's; combined $1.75B in contracts at risk.", "trigger" => "Re-compete announcement from Department of Education"}

{"entity" => "Science Applications International Corporation", "reason" => "Negative outlays on $526.5M AFAMS contract may signal execution issues; monitor for reversal.", "trigger" => "Quarterly outlay data updates on USASpending.gov"}

{"entity" => "Advanced Technology International", "reason" => "Only $1.9M outlaid on $563.7M BARDA contract; ramp-up progress is key.", "trigger" => "Significant increase in outlays or new task order awards"}

{"entity" => "Department of Education", "reason" => "Dominant agency this period; budget and policy changes directly impact Nelnet and Maximus.", "trigger" => "FY2025 appropriations bills or student loan policy reforms"}