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Office of Federal Student Aid Looking to Revamp Tech and Operations
Campus Technology: The Federal Student Aid Next Generation Financial Services Environment is a new initiative tasked with helping the Department of Education's Office of Federal Student Aid (FSA) manage over a trillion dollars in student loans. Initially, the department is looking to modernize its technical and operational architecture to provide flexibility in order to expand and support other financial services.
The FSA deals with more than 18 million students applying for federal aid every year and has over 42 million customers across the student aid lifecycle. The office's lending portfolio is continuing to grow by 7 percent every year, which is driven by nearly $100 billion annual disbursements across more than 17 million loan originations.
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