The next generation of federal student loan servicing is
scheduled to debut in 2019. The Department of Education's new
platform, called Next Generation Financial Services Environment (or
"NextGen"), aims to integrate the entire student-loan
process—from submitting the Free Application for Federal
Student Aid ("FAFSA") through payment, processing, and
service—into a single website. But NextGen is more than just
a technological change. The program is an effort by the Department
to "significantly enhance its engagement" with borrowers
and "reduce the volume of borrowers that default, improve
customer service to delinquent borrowers, and lower overall
delinquency levels." Here's what you need to know about
NextGen.
