Debt Collection Services

The vendor required to provide collection agencies will provide collection services, which may include any of the following for students and non-students:  accounts receivable and return of funds (title iv returns and tuition accounts), parking fines, library fines, returned checks (NSF), institutional loans, daycare, and room rentals.  
- Collection contingency fee shall be the sole consideration paid to contractor for its services under this contract for all student and nonstudent AR accounts:  20% collection contingency fee on the delinquent balance of each account collected on first placements, 23% collection contingency fee on all delinquent balance of each account collected for second, third or more placements, and 25% collection contingency on international students residing outside the country.  
- Provide collection services which are in the best interest of agency student loans and receivables.
- Financial stability
•    Provide a history of financial stability by including an audit report by a certified public accountant for the past three fiscal years and a banking or lending institution reference which the college may contact for financial references.
•    Provide a concise narrative which clearly establishes that the agency has the adequate capital reserves that will allow the continuance of normal operations in the event of a four-to-five-week response time before the agency will receive fees.