Education loan system contract gets extension

Education loan system contract gets extension

The Education Department has awarded a one-year, $20 million contract extension to Raytheon Co. for work on a loan system.

The Federal Family Education Loan system, which runs more than 1,700 Cobol programs, handles the collection of defaulted student loans, said Jack Banks, FFEL program manager for Raytheon.

Education signed Raytheon to the original $80 million FFEL contract in 1992. Under the contract, Raytheon processes loans and collects debts for about 4 million accounts.

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