Washington — The U.S. Department of Education has announced six finalists for a contract to service student loans purchased through the federal rescue plan. They are:

ACS Education Solutions, LLC (the current direct-loan servicer) American Education Services/Pennsylvania Higher Education Assistance Agency Great Lakes Educational Loan Services Inc. Nelnet Inc. Sallie Mae Corporation Wells Fargo

The seemingly routine announcement, which was posted this afternoon on the Student Lending Analytics blog, is significant because the winner — or winners — could play a larger role in servicing direct loans if Congress approves President Obama’s plan to abolish the bank-based guaranteed-loan program. Direct loans bypass banks and are issued directly to students.

If guaranteed lending is discontinued, servicing contracts could become the main way banks and other lenders participate in lending to students. The department has not decided how many winners it will name, but the contract could last as long as 10 years. —Kelly Field