U.S. Department of Education Announces Requirements for New Federal Loan Servicing System

U.S. Department of Education Announces Requirements for New Federal Loan Servicing System

The U.S. Department of Education today announced an important step forward in the Obama Administration’s efforts to strengthen the student loan servicing experience for borrowers. Federal Student Aid issued the next phase of its procurement to acquire a single servicing platform to support the management of loan repayment for the more than 30 million Americans with student loan debt serviced by the Department of Education. The solicitation details the specific requirements the selected contractor must fulfill when developing the servicing platform. “Borrowers deserve access to the right information from their…

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