Netnet to cut 320 jobs in Indy

More bad news from the lending industry:

Student loan company Nelnet plans to eliminate 400 jobs nationwide as part of a plan to cut its expenses by at least $25 million annually.

The Lincoln, Nebraska-based company says it will close five loan offices and significantly reduce its Indianapolis customer support operations from 320 people to about 55. It employees 3,300 nationwide.

Nelnet says it is making the changes because new rules Congress is considering will make the student loan business less profitable.

But as part of the restructuring, Nelnet's Lincoln headquarters may gain about 100 positions by the end of the year.