May 20 (UPI) -- The Department of Education said Friday it will scale back the number of contractors that collect student loan debt from nine to one in an effort to revamp the "cumbersome and confusing" current system.
The move walks back an Obama era change that sought to provide greater consumer protections to student loan borrowers. U.S. Secretary of Education Betsy DeVos said the current system of a multitude of companies collecting the some $1.2 trillion in outstanding debt created a chaotic system.