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New U.S. Student Loan System to be in Place in 2019, Education Department Says

August 2, 2017

Via: Fortune

A whole new student loan servicing and processing system will be up and running in 2019, the U.S. Education Department said on Tuesday, as it formally unveiled its plan to overhaul the current $1.3 trillion program.

The department, led by Secretary Betsy DeVos, announced its intention to change student-loan servicing in May and said it would award a contract to one company for a user platform and a standardized process for handling consumer calls. That would mean abandoning the current system of having four companies service outstanding loans.

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