CHARLOTTESVILLE, Va. (Reuters) – A man said to have harbored Nazi sympathies as a teenager before a failed bid to join the U.S. Army was due in court on Monday to face charges he plowed his car into protesters opposing a white nationalist rally in Virginia, killing a woman and injuring 19. The bail hearing […]
U.S. to give contract for student loan servicing to one company
WASHINGTON (Reuters) – The U.S. Education Department said on Friday it was changing its approach to student-loan servicing, awarding a contract to handle outstanding debts to one company.
Under former President Barack Obama, much of the $1.3 trillion business of student lending was moved from banks and other companies to the federal government. Four companies still handled servicing the loans. Navient Corp <NAVI.O>, which was spun off Sallie Mae <SLM.O> in 2014, is the largest servicer.
“We’re confident that the final decision will have someone who steps up and can perform,” Acting Undersecretary Jim Manning said on a call with reporters.
In an op-ed published on the Wall Street Journal website around the same time as the call, Education Secretary Betsy DeVos wrote that the servicing requirements put in place by Obama’s administration created a “chaotic system” that generated numerous consumer complaints and was not sustainable.
She added that the single servicer will create a user platform and establish a standardized process for handling customer calls.
(Reporting by Lisa Lambert; Editing by Jonathan Oatis and David Gregorio)
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