U.S. Will Explore New Loan Servicing Models, Official Says

A recent report from China’s Ministry of Education describes the increasingly fierce job market faced by students returning from overseas, Shanghai Daily reported. The newspaper quoted the deputy director of the Chinese service center for scholarly exchange, Che Weimin, as saying that the income gap between students who earned their bachelor’s degrees abroad and their peers who stayed in China is narrowingThe U.S. Department of Education plans to explore new approaches to how it services federal student loans, a top official said Monday.  Undersecretary of Education Ted Mitchell, addressing a Federal Student Aid conference in Atlanta, suggested that the government may move away from its current system -- or at least elements of it -- of contracting with four companies to manage payments for the bulk of its federal student loan portfolio. Read more...