The U.S. Education Department is changing its approach to student-loan servicing.
According to Reuters, the contract to handle outstanding debts will be awarded to just one company, instead of the previous four.
Under former President Barack Obama, much of the $1.3 trillion business of student lending was moved from banks and other companies to the federal government.
Education Secretary Betsy DeVos called Obama’s system “chaotic” and “unsustainable,” and was subject to many consumer complaints.
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