Department of Education Seeking Single Servicer for Student Loans

The Department of Education announced Friday that it would offer a contract to a single servicer to administer federal student loans. Currently, ED contracts with four different servicers to manage its $1.2 trillion student loan portfolio. Education Secretary Betsy DeVos ED released an amended contract solicitation for that future provider on Friday afternoon. “The amendment ensures high quality customer service, maintains all meaningful borrower protections, increases oversight and provides significant savings to tax payers,” James Manning, acting under secretary of education, said in a call with the press on Friday.…

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