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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.
“We can better monitor the performance of one servicer and one platform,” James Manning, acting undersecretary of education, said on a call with reporters Friday.
Betsy DeVos hits hard reset on student loan servicing contracts
Douche bags. This will create the same problems as before. Trump, Devos and Manning need to pull their heads out.
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.
“We can better monitor the performance of one servicer and one platform,” James Manning, acting undersecretary of education, said on a call with reporters Friday.
Betsy DeVos hits hard reset on student loan servicing contracts
Douche bags. This will create the same problems as before. Trump, Devos and Manning need to pull their heads out.
