Collection Agency Services

The Vendor is required to provide comprehensive collection services for past-due student tuition and fees and other student-related receivable accounts.
- General information:
• Make collection efforts on each placed account for up to twelve (12) consecutive months starting from the placement date.
• If no payments are made within the specified time period, the contractor shall return the account to the college.
• An online portal or platform accessible to debtors to make payments
• Debtor has multiple accounts (e.g., debt from one or more semesters or debt from multiple colleges), the contractor shall treat each account separately.
• Obtain prior written authorization from the university before reducing any debt amount of a debtor.
• University’s ERP to reflect the cash remittance received from the debtor for principal payment.
- Debtor payments:
• Deposit all recoveries of the debtor’s principal payment into an escrow account in the name of the university.
• Remit the debtor’s principal payment to the college via electronic fund transfer weekly or as often as instructed in writing by the university.
- Collection fee invoicing
• Monthly invoices for collection fees associated with debtor payments remitted to the respective college during the prior month.
• Invoices must include but not be limited to the following:
o Name of contractor
o Name of the respective college
o Total dollar amount of debtor payments remitted to the college during the applicable billing period
o Collection fee rate
o Total collection fee due for the applicable billing period (i.e., the amount due on the invoice).