General World News

Statement from Federal Student Aid Chief Operating Officer Rich Cordray Regarding Loan Servicers

“Federal Student Aid has been monitoring the contract negotiations between Navient and Maximus for some time and now is considering a formal proposal for Maximus to assume Navient’s contract with FSA to service Department-held student loans. This substitution, called a “novation,” by law requires FSA approval.
FSA is reviewing documents and other information from Navient and Maximus to ensure that the proposal meets all legal requirements and properly protects borrowers and taxpayers. details ⇒

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