Author: Naomi Cooper|| Date Published: April 25, 2023
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.
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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