U.S. Department of Education’s Office of Federal Student Aid Awards New Contracts to Five Companies to Serve Borrowers, Reduce Delinquency, and Improve Accountability
Today, the U.S. Department of Education's (Department's) office of Federal Student Aid (FSA) announced it has signed contracts with five companies to modernize and enhance loan servicing for more than 37 million borrowers with federally managed loans. Central Research, Inc.; EdFinancial Services; Maximus Education, LLC; Missouri Higher Education Loan Authority (MOHELA); and Nelnet Diversified Solutions received contracts today through the Unified Servicing and Data Solution (USDS) solicitation and will implement much-needed improvements to better serve borrowers. This new loan servicing environment is part of the Biden-Harris Administration's sweeping efforts to improve the student loan repayment system and help all borrowers successfully manage their debt.
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