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.
Performant Financial Corporation (PFMT), historically one of the Department of Education’s (ED) top performing private collection agencies, yesterday announced financial results for its third quarter ended September 30, 2015. The company also hosted a conference call to discuss the results. Third Quarter Financial Highlights Total revenues of $38.5 million, compared to $39.6 million in the […]
Last week I wrote about the latest budget deal working through Congress, and its inclusion of a provision to allow those collecting federal student loans to call consumer cell phones using an autodialer (ATDS). That two-year budget has since passed the Senate Friday by a vote of 64 to 35, and was signed into law yesterday by President Obama. But you’re not going to want to turn on that autodialer just yet.
The Department of Education (ED) announced earlier this week two final regulations they say will protect students from unreasonable fees, safeguard taxpayer dollars and expand the income-based repayment plan to millions of Americans. Addressing Student Loan Debt In June of 2014, President Obama issued a Presidential Memorandum directing the Department of Education to propose regulations to ease […]
Student loans are making headlines, whether they’re about the size of the debt, the companies collecting the debt, or the hardships faced by recent graduates paying their debt. Earlier this week, MarketWatch published an article highlighting two Supreme Court petitions filed by men trying to discharge their student loan debt, bringing the issue front and […]
Earlier this week I was watching the Today Show (no comments, please), which included a segment with Suze Orman, the personal finance guru. In response to a question from a young woman in the crowd, she advised against the income-based repayment program. I thought that was curious.
Driven in part by underutilization of income-driven repayment plans and elevated federal default rates, TG, in consultation with NASFAA, conducted a study on the efficacy of federal student loan counseling. Does this offer a beginning blueprint for a new ARM industry service offering?
Buffalo, NY – Pulcher World Management, LLC (PWM) today announced it achieved Federal HUBZone certification late last month, a distinction further qualifying the company as an excellent choice for any Federal Private Collection Agency (PCA) seeking to meet subcontracting requirements for a U.S. Department of Education (ED) task order. “I am very excited about the future […]
The U.S. Department of Education (ED) Private Collection Agency (PCA) program remains an opportunity for small businesses despite recent wrangling over five contractor suspensions in March and a bid process for large (“unrestricted”) contractors still incomplete after two years. Goals have gone up over the last two years, with ED’s prime and subcontracting goals now at 20% and 33%, respectively.
Performant Financial Corporation (PFMT), one of the Department of Education’s Private Collection Agencies, yesterday announced financial results for its second quarter ended June 30, 2015. The company also offered predictions about the ED contract.