what this company seems to be doing is actually trying to privatize the loan process, so that your debt is traded on an open market between individuals. this isn't big government centralization. rather, it's a decentralization of the process - and, if followed through logically, threatens to return us to the days of private slave trading.
your student loan debt will be converted into a bond that can be traded on the market. it stands to reason that the person that owns your debt owns your labour, too. so, what happens if they want to cash the bond in?