Department of Education Collections Feed Link

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.

women-business-ownership

WOSB Small Business Status Achieved by NRS

Lockport, NY: National Recovery Solutions, LLC (NRS www.nrsolutionsllc.com), based in Lockport, NY, today announced it is a woman-owned small business (WOSB) following a company restructuring in which Kinda Baker, a company founder in 2006, took a majority ownership in the firm and assumed CEO responsibilities. This ownership change enables creditors and government contractors to retain […]

student-loan-debt

Five Percent of Recent Grads Say They’ll Never Pay Off Their Debt

On the same day that the Consumer Financial Protection Bureau (CFPB), the Department of Education, and Department of Treasury release a joint Request for Information (RFI) about student loan servicing, the website MagnifyMoney.com has released the results of a survey of student loan borrowers about their finances. They surveyed 1,000 adults under age 35 who […]

SONY DSC

CFPB: For Heaven’s Sake Help Consumers Communicate about Their Student Loan Resolution Options

Collectors on the Department of Education contract tell me the same thing. They have so many options for borrowers; if they could only get them on the phone to discuss! Good collectors are counselors, listening to the consumer and finding the right way to resolve issues. And with student loan repayment options as good as they are- these should all be GREAT conversations with good outcomes for the borrower.

Student-Loans2

Performant Q1 Earnings Provide Insight on Student Loan Collections

Performant Financial Corporation (PFMT), one of the Department of Education’s Private Collection Agencies, yesterday announced financial results for its first quarter ended March 31, 2015. The company also hosted a conference call to discuss the results. First Quarter Highlights Total revenues of $38.6 million, representing a year-over-year decrease of 34.2% Net loss of $4.4 million, […]