Student Loan Servicing

U.S. Secretary of Education Betsy DeVos announced her intent to transform how Federal Student Aid (FSA) provides customer service to more than 42 million student loan borrowers. The anticipated FSA Next Generation Processing and Servicing Environment will provide for a single data processing platform to house all student loan information while at the same time allowing for customer account servicing to be performed either by a single contract servicer or by multiple contract servicers.

The March 10, 2015 Presidential Memorandum, “A Student Aid Bill of Rights to Help Ensure Affordable Loan Repayment” (Presidential Memorandum), directed an interagency task force (Task Force) consisting of the Department of the Treasury, Department of Education, Office of Management and Budget, and Domestic Policy Council to monitor trends in the student loan portfolio, budget costs, and borrower assistance efforts.