Feds Overhaul Servicing Contracts

September 2, 2014 

 

By Michael Stratford

The U.S. Department of Education on Friday announced changes to how it pays the companies that manage student loan payments, responding to growing criticism that its oversight of those companies is inadequate.

Officials have renegotiated the government’s contracts with the four main loan servicers, which together collect payments for tens of millions of federal student loan borrowers.

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