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Statement From Federal Student Aid Chief Operating Officer Rich Cordray Regarding Loan Servicer Contracts

Federal Student Aid (FSA) approved the request for Maximus to assume the Navient loan servicing contract. We are confident this decision is in the best interest of the approximately 5.6 million federal student loan borrowers who will be serviced by Maximus and will provide the stability and high-quality service they deserve. Our confidence in this novation is bolstered by the fact that Maximus will be held to the stronger standards for performance, transparency, and accountability that FSA included in its recent servicer contract extensions.

FSA, Navient, and Maximus will communicate directly with borrowers about how this change affects them. FSA will also post specific information for borrowers assigned to Navient on StudentAid.gov. As evidence of our commitment to improving borrowers’ experience with federal student loans, we will make this transition as seamless as possible; borrowers will not lose access to their payment histories or account data, and they will not need to change their current log-in information, automatic payment arrangements, or other borrower-specific details.

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