Earlier this month, the Department of Education released new details about its upcoming student loan servicer overhaul. The department first announced these sweeping changes in a June press release—including its contracts with five new student loan servicers. The department—which has struggled with servicer accountability in the past—hopes to change things with a new, centralized NextGen platform. According to the press release, these five new companies will offer “enhanced customer support” to more than 68 million borrowers.
Source: Protect Yourself Before Your Federal Student Loan Servicer Changes