In two separate actions Thursday, the CFPB and a group of U.S. Senators turned their attention to debt relief for students struggling to repay loans. The CFPB shut down two student “debt relief” scams while 13 Senators asked the Department of Education to forgive student loans held by companies that break the law.
Three Congressmen wrote a letter to the Department of Education this week urging careful scrutiny of a plan that would see 56 campuses previously owned by Corinthian Colleges, Inc. sold to ECMC Group, a student loan guarantor and parent company of a student loan debt collection agency. The letter cited debt collection tactics, among other things.
Account Control Technology, Inc. (ACT), a national leader in delivering debt recovery solutions, is pleased to announce that it has been recognized as the No. 1 private collection agency on the U.S. Department of Education unrestricted contract for the quarter ending September 30, 2014. The ranking was among the 17 large agencies currently on the unrestricted contract.
Deborah Brown and Alex Mobasher are proud to announce the launch of Pacific Point Services, a Service Disabled Veteran Owned Small Business (SDVOSB). The company will be headquartered in Carlsbad, CA offering specialty collection services specifically focused on the student loan market.
ECMC Group announced Thursday that it has entered into an agreement to acquire 56 Everest and WyoTech campuses from Corinthian Colleges Inc. and transition them from for-profit to nonprofit status. The total purchase price is $24 million.
Accounts receivable management form ConServe announced the following managerial promotions and assignments:
For years, strategic thinkers in the debt industry have known that student loans offers the most growth opportunity. But how safe is that assumption in light of the scrutiny everyone is giving education loans right now?
The U.S. Treasury Department is readying a pilot program to take over the collection of some defaulted student loan accounts from the Department of Education, essentially removing the work from contracted private debt collection agencies. But it might not be so simple.
Student Lending revenues declined 35.3% during the third quarter to $28.1 million, from $43.4 million in the prior year period.
ARM firm ConServe announced today that as a direct result of Brandon’s exceptional performance in the capacity of interim Vice President of Operations for the last six months, he has been named the official Vice President of Operations.