Nichols Martin
The Department of Education has given Maximus Federal the green light to take over as the contractor for the agency’s loan servicing.
Maximus said Wednesday its Aidvantage division replaces Navient as the effort’s contractor, a role tasked to handle 5.6 million student loan accounts.
Aidvantage aims to complete the transition by the end of the year after communicating with the loanees.
Existing technology made by Fiserv will continue to serve as the effort’s servicing platform. Maximus will also absorb 800 Navient employees who had worked on loan servicing for the Education Department.
Teresa Weipert, general manager of Maximus Federal Services, said Navient will serve as a subcontractor for a 90-day period to facilitate the transition.
