Sec. 2. Competition in student loan servicing
153 words·~1 min read·
/bill/115/s/1675/is/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Secretary of Education shall cancel the Department of Education solicitations for the Federal Aid Servicing Solution dated April 4, 2016 and October 26, 2016, including any amendments to those solicitations (Solicitation No. ED–FSA–17–R–0001 et seq). Section 456 of the Higher Education Act of 1965 ( 20 U.S.C. 1087f ) is amended by adding at the end the following: As of the date of enactment of the Student Loan Servicer Performance Accountability Act , in order to promote accountability and high-quality services to borrowers, the Secretary shall not issue any contract solicitation for a new Federal student loan servicing solution unless such a solution— provides for the participation of multiple student loan servicers that contract directly with the Department of Education; and allocates student loan borrower accounts to eligible student loan servicers based on performance.
The Secretary shall not award a contract to a single servicer to service all Federal Direct Loans. .
Connectionstraces to 1
Traces to 1 document
U.S. Code
Citation graph
cites case law
Sec. 2
Competition in student loan servicing
Cites 1Cited by 0 across 0 sources