Today on HomeRoom, the official blog of the U.S. Department of Education (ED), the Department announced plans to launch “one of its biggest initiatives to date” – the creation of a software system to manage all Direct Student Loans, including both servicing and debt collection.
The argument made in the blog is that the servicers that ED contracts with have varying skills; some are good at data management, some are good at reaching out to borrowers. They want to take the system part off everyone’s plate and let them focus on the service.
These are the benefits ED says this new system will provide:
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