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Following the Pennsylvania Higher Education Assistance Agency (PHEAA) announcing two weeks ago it would not extend its federal contract to service student loans, another student loan company followed suit on Monday, bringing the total number of borrowers who will have to switch servicers to nearly 10 million.
Granite State Management and Resources (GSMR), a nonprofit student loan company that holds 1.3 million borrower accounts, notified the Education Department that it would would not seek renewal of its federal contract to service student loans after December 31, Politico first reported. As the department is planning details ⇒
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