Default Prevention Services
History
In 1987, Congress and ED imposed its first criteria for default prevention with institutions of higher education with unreasonably high default rates. At the time, the government was seeking to reduce the Federal deficit by cracking down on the number of student loan defaulters and demand the enforcement of servicing standards by lenders and institutions prior to the student default on its repayment agreement. Up to that point, the Congress and ED had done little if nothing to prevent the default of loans in the Guaranteed Student Loan Programs which lead to high student loan default rates.
When the government imposed restrictions on higher education institutions based on student loan default rates, it caused a national stir among schools and the lending community. There were questions related to the accuracy of the data, what it was to be used for and the public release information was corrupt because it was never used before and the “data managers” who guaranteed the loans had never put effort into having clean data.
Over the past 22 years, the emphasis on the rights of the student to exercise all of their entitlements (including repayment) and helping them prevent the default of the loan has become standard approach for all industry players. This cottage industry, that seems to have the potential of growth, has matured into a real ofapportunity to take existing telephony technologies and data management skills to create an inclusive product that creates value for the student loan customer.
Product Development and Evaluation
We will help you find the correct solution for your company based on the three basic planning questions, Where are you now; Where are you going; and How are you getting there?
Where are you now?
- Do you have a product that you want to sell?
- What core competencies to you need to develop / improve this type of product?
- How effective are you at managing data large data transfers, business processes and customer relations?
Where are you now?
- What are your current customer needs?
- What is your target market opportunities?
- What skill sets to you require?
Where are you going?
- Do you have the right people?
- What relationships do you need?
- What technologies do you need?
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