Yesterday, U.S. Secretary of Education Betsy DeVos announced her intent to transform how the Federal Student Aid Fund (FSA) provides customer service to more than 42 million student loan borrowers. The press release regarding the “Next Generation Processing and Servicing” plan can be found here.
In the press release issued late yesterday afternoon Dr. A. Wayne Johnson, the new Chief Operating Officer of FSA commented:
“The FSA Student Loan Program represents the equivalent of being the largest special purpose consumer bank in the world. To improve customer service, we will take the best ideas and capabilities available and put them to work for Americans with student loans. When FSA customers transition to the new processing and servicing environment in 2019, they will find a customer support system that is as capable as any in the private sector. The result will be a significantly better experience for students – our customers – and meaningful benefits for the American taxpayer.”
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