Millions of student loans getting new servicers

(KYMA, KECY/ CNN) - Roughly nine million people with federal student loans will start getting their bills from a new agency in December.

It comes after one of the government's biggest servicers said it will end its contract with the Department of Education later this year.

That servicer is the Pennsylvania Higher Education Assistance Agency. The agency is better known as Fed-Loan that handles federal student debts.

The body has been contracted by the government to collect payments for the last 12 years.

In a statement, the organization said "repayment programs have grown increasingly complex and challenging while the cost to service those programs increased dramatically."