Allied Interstate and ConServe Top Student Loan Collection Contract in November

Collection agencies Allied Interstate and Van Ru Credit Corp. remained at the top of the Department of Education’s student loan collection performance rankings for large companies in the month of November after taking the top spots last month.

Continental Service Group led the way on the small business contract.

Allied Interstate, part of New York-based global accounts receivable management firm iQor, was the top performer on ED’s unrestricted contract in November. Second place was grabbed by Des Plaines, Ill.-based Van Ru.

ED’s performance scores are based on a weighted average of performance metrics, including total dollars collected, total accounts serviced and administrative resolutions.

Pioneer Credit Recovery, the overall leader in dollars collected and frequent winner of the monthly performance competition, recorded the highest collection total in the month with $16.4 million brought in. NCO Group was a distant second with $13.7 million collected, followed closely by Van Ru ($13.5 million) and Allied ($13.25 million).

On the small business set aside contract, Continental Service Group (ConServe) scored the most performance points. ConServe also had the highest dollars collected total among small businesses with $5.5 million. Account Control Technology took second place in both measures.

The 17 accounts receivable management firms on the ED collection contract have taken in $4.82 billion for the Department of Education in the 45 months of the contract so far. Pioneer has brought in the most of all agencies with $635.8 million collected, while ConServe leads the small business set aside with $156.9 million collected.

Collection agencies on ED’s student loan collection contract are awaiting word of whether they will continue on the lucrative engagement. The department has delayed the award announcement of a new contract slated to begin early next year (“ED Collection Contract Award Pushed Back Again,” Oct. 7). Meanwhile, 26 collection agencies have been approved to bid on the new contract and are also awaiting the announcement.