The Education Department said Friday that it will select one company to collect student debt payments on its behalf, rather than the nine contractors that currently handle the federal government’s $1.2 trillion portfolio of education loans.
The decision, which would take effect once the existing contracts expire in 2019, reverses years of policy implemented by the Obama administration and would revive a servicing model that had an equal number of benefits and problems.
Read more at The Washington Post: https://www.washingtonpost.com/news/grade-point/wp/2017/05/19/betsy-devos-hits-hard-reset-on-student-loan-servicing-contracts/
share