Education Department Awards 5 Spots on $16B Federal Student Loan Servicing Contract

Five companies have won spots on a potential 10-year, $16 billion contract to support loan servicing requirements under the Department of Education’s federal student aid program, according to award notices posted Tuesday on SAM.gov.

Maximus (NYSE: MMS), Central Research Inc, EdFinancial Services, Missouri Higher Education Loan Authority and Nelnet Diversified Solutions are listed as contractors on the Unified Servicing and Data Solution program.

Services include complete student loan servicing; student loan consolidation origination and disbursement; financial reporting; operational reporting; compliance monitoring; specialty claims processing; and data integrations with other systems at the Federal Student Aid office.

The USDS procurement vehicle, which consists of a five-year base period of performance and options that would extend work for another five years, will replace legacy contracts with not-for-profit and Title IV additional servicers.

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