Higher education institutions and related creditors seek to provide the up-and-coming generations with the skills and tool kits with which to enter society as productive members and as contributors to the disciplines on which they focused while attending school. Many students take loans to attain their higher education credentials, but not all can pay them back in the time frames required by their promissory note or credit terms. In addition, some students do not clearly understand the financial obligations to which they have committed themselves. ACSI has developed a higher education loan debt recovery package designed specifically to assist former students in selecting the best option to resolve their delinquent loans and other obligations. At the same time, colleges and universities, guarantors, and private lenders can depend on ACSI to represent them professionally in a high-security environment while providing excellent recovery services.
ACSI provides a full range of collection services on all higher education accounts beginning with our comprehensive portfolio services as described here. Within those comprehensive portfolio services we also integrate the following services necessary to meet the varying and unique requirements that pertain specifically to collecting defaulted federal loans, defaulted or delinquent institutional student loans and debts, and delinquent private-sector loans:
- Federal Loans - Our higher education recovery solution incorporates the different approaches required to resolve defaulted federal loans, including Direct, Stafford/FFEL, Perkins, PLUS, and Health Professions loans through:
- Repayment Programs - ACSI performs regular collection efforts to obtain payment-in-full or establish standard payment plan arrangements within the guidelines allowed by specific loan repayment terms on all higher education accounts as described here. If student borrowers cannot repay their defaulted federal loans via the regular collections process, then ACSI attempts to resolve those defaulted student loans via one of several loan repayment programs as described here.
- Consolidation and Rehabilitation Programs - The consolidation and rehabilitation programs benefit student borrowers by enabling them to restructure and refinance their loans but are unique to student borrowers’ loan types as well as their individual situations and needs. ACSI’s Higher Education Recovery Agents are trained to assist student borrowers in exploring and qualifying for these program options as describe here.
- Cohort Management - Cohort rates affect colleges’ and universities’ ability to qualify for federal funding and to provide financial assistance to current and future students. ACSI assists colleges and universities in keeping their Cohort rates low on their defaulted Perkins loan portfolios as described here.
- Administrative Wage Garnishment (AWG) - For student borrowers who refuse to repay their defaulted Direct, Stafford/FFEL, or PLUS graduate student loans after all other collection options have been pursued, ACSI will investigate whether those student borrowers are employed and have the means to repay their loans. If they do, we will pursue AWG on those loans as described here.
- Institutional Student Debts - ACSI is fortunate to have subject matter experts, with extensive experience collecting on debts owed to colleges and universities, filling leadership roles in our company; thus, we understand that these portfolios often contain a mix of federal Perkins and Health Professions loans and institutional debts such as tuition, housing, books, fees, fines, and other accounts receivable. ACSI resolves the federal loans in our college and university clients’ portfolios as described here. We approach collecting general accounts receivable of institutional debts via ACSI’s comprehensive portfolio services as described here.
- Private Loans - Higher education debts held in private lenders’ portfolios are unique as they are commercial student borrower loans, are often associated with cosigners, and have some key collection strategy requirements that differentiate them from federal loans. A key element in resolving these debts is educating the student borrowers how their private loans differ from the other federal or institutional debts. ACSI’s approach to working private education debt incorporates a student borrower educational component while holding all parties responsible. See here for more information on ACSI’s comprehensive portfolio services provided to private-sector organization.