The Vendor is required to provide comprehensive student loan default management and aversion services; implement targeted outreach, borrower education, and repayment support to reduce delinquency rates, help students manage their federal student loans effectively, and improve repayment outcomes.
• Reduce the cohort default rate (CDR) by proactively preventing student loan delinquency and default.
• implement strategic, targeted outreach and personalized counseling to current and former students with delinquent federal student loan debt.
• provide timely and clear guidance on repayment options, including forbearance, deferment, and income-driven repayment (IDR) plan.
- Default Aversion Outreach and Counseling
• Proactive Outreach: Initiate targeted contact with borrowers who are delinquent or at risk of default to educate them on options like IDR plans, forbearance, deferment, and consolidation.
• Personalized Counseling: Offer tailored advice based on individual financial situations to guide borrowers through the repayment process and assist in selecting the most suitable plan.
• Multi-Channel Communication: Engage borrowers effectively through multiple channels, including email, SMS, phone calls, and online tools, ensuring timely support and guidance.
- Loan Repayment Education and Support
• Educational Initiatives: Implement ongoing campaigns to educate borrowers about the importance of on-time repayment, the consequences of delinquency, and available financial literacy resources, ensuring compliance with federal regulations.
• Repayment Guidance and Tools: Assist borrowers in understanding and enrolling in repayment options, including standard plans, IDRs, forgiveness programs, deferment and forbearance.
- Data Management and Reporting
• Borrower tracking and Analytics: Utilize current data to identify and track delinquent accounts, predict potential defaults, and analyze borrower behavior. Offer actionable insights to refine the default aversion strategies.
• Comprehensive Reporting: Generate transparent reports on outreach efforts, repayment trends, and the impact on CDR, ensuring data privacy and compliance.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: February 17, 2025