MANCHESTER, England (Reuters) – At least 22 people, including some children, were killed and 59 were wounded when a suicide bomber struck as thousands of fans streamed out of a concert by U.S. singer Ariana Grande in the English city of Manchester on Monday. Prime Minister Theresa May called an emergency meeting with intelligence chiefs […]
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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