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Education Secretary DeVos To Give All Student Loan Accounts To One Company; Strip Away More Protections

6/27/2018

2 Comments

 
Picture
By: Ashlee Kieler - Consumerist
Education Secretary Betsy DeVos has made another sweeping change to the student loan system that consumer advocates claim favors student loan collectors over the American people repaying those loans.

The latest move from DeVos — who only weeks ago rescinded a number of student loan servicing protections put in place by the previous administration — will put all federal student loan servicing under the control of just one company starting in 2019.

There are currently nine student loan servicers handling these accounts for the federal government.

Late Friday afternoon, DeVos announced the upcoming changes via an amendment to the contracting process, which will see the student loan servicing contract awarded to just one of the following: Navient (the servicer spun off from Sallie Mae), GreatNet, or the Pennsylvania Higher Education Assistance Agency (PHEAA).

2 Comments
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  • Home
  • Where Do I Start?
  • Know Your Loans
  • Defense To Repayment
    • Denials - Defense To Repayment
  • Private Schools
    • Argosy University
    • Art Institutes
    • Brown Mackie College
    • Corinthian Colleges Inc.
    • DeVry University
    • ITT Technical Institute
    • South University
    • University of Phoenix
    • Westwood College
  • Lenders
    • ACS
    • AES
    • Firstmark
    • Great Lakes
    • Navient/Sallie Mae
    • Nelnet
    • University Accounting Services, LLC
    • Wells Fargo
  • For-Profit Companies
    • Alta Colleges Inc.
    • Apollo Education Group
    • Bridgepoint Education
    • Career Education Corporation
    • Corinthian Colleges, Inc.
    • DeVry Education Group
    • Dream Center
    • EDMC
    • ITT Educational Services, Inc.
  • News Feed
  • Contact/Help
  • Donate