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New U.S. student loan system to be in place in 2019: Education Department

15:07 EDT 1 Aug 2017 | Yahoo News

New U.S. student loan system to be in place in 2019: Education DepartmentA 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. "By starting afresh and pursuing a truly modern loan servicing environment, we have a chance to turn what was a good plan into a great one," DeVos said in a statement.


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