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Trump administration wants to overhaul the way you repay student loans

The Trump administration put its largest stamp on the student loan system yet with a plan to overhaul the way borrowers repay their debts that critics say discards important borrower protections pushed by the Obama administration.

Under the new plan released Friday, one company will manage the federal student loan repayment process. Right now, borrowers with federal student loans pay their debts back to one of many servicers hired by the Department of Education through a lucrative contract. Trump administration officials used the latest step in the solicitation process for that contract to announce their intentions to revamp the program.

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