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Department of Education Collections

The U.S. Department of Education currently has responsibility for all federally-backed student loans that go into default through its Federal Student Aid unit. In addition to using extensive internal resources to rehabilitate some borrowers, FSA contracts with 22 private collection agencies to help recover the debt. FSA updates the performance of each collection agency in a comprehensive report every month.

students-on-campus

New Report Outlines Policy Steps for Promoting Effective Student Loan Counseling

ROUND ROCK, Texas – Policy can and should do a better job of preparing students to responsibly navigate the federal student loan system. That is the central message of a new report from TG, in collaboration with the National Association of Student Financial Aid Administrators (NASFAA). Effective Counseling, Empowered Borrowers, the fifth and final installment […]

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Virtuoso Opens WOSB Status to PCA Scrutiny for ED Solicitation

Glendale, Colo. – Virtuoso Sourcing Group, LLC (VSG), a woman-owned small business (WOSB) based in Glendale, Colorado, has announced it will give access to company documents and records to certain firms interested in validating its assertion as a Federal WOSB prior proposing the firm as a subcontractor in a response to the U.S. Department of Education’s […]

Opinion on Red Keyboard Button.

Senators Are Wrong to Urge ED Not to Allow Collectors to Use Autodialer

Last month Congress passed a budget deal that includes a provision to allow those collecting federal student loans to call consumer cell phones using an autodialer. In an article I wrote about it at the time, I noted that some were determined to get the provision rolled back. This week, several Senators sent a letter to the Department of Education (ED) urging the department not to allow “unsolicited robocalling by debt collectors.” This has been picked up in many newspapers – I think their argument does a disservice to students and taxpayers.

Student Aid

SDB/HUBZone Firm to Offer Training Services to PCAs

Buffalo, NY – Pulcher World Management, LLC (PWM), a small disadvantaged and Federal HUBZone certified small business located in Western New York, today announced it will offer training services to help Private Collection Agencies (PCAs) serving Federal clients to reduce the amount of core collection subcontracting those PCAs must do in order to adhere to subcontracting […]

Veterans Day parade

Disabled Veteran Corey Gabler Open for PCA Business Through Steel River Systems

Rock Falls, IL – Steel River Systems, LLC (SRS), a disabled veteran-owned small business (SDVOSB) based in a Federal HUBZone in Northwestern Illinois, is pleased to announce its formation and availability to assist Federal contractors in meeting task order subcontracting requirements.  This includes Private Collection Agencies (PCAs) serving the U.S. Department of Education (ED) as small […]

Debt Relief

$95.5 Million Settlement In Second Instance of Massive For-Profit Student Loan Forgiveness This Year

Yesterday, U.S. Attorney General Loretta E. Lynch announced a major settlement with Education Management Corp., the second-largest for-profit education company in the United States. Under the deal announced yesterday, EDMC has agreed to pay a $95.5 million civil settlement to resolve claims that it falsely obtained federal and state education funds, and forgive about 80,000 student loans.