The vendor is required to provide for the most efficient and cost-effective solution for the administration of its private student loan portfolio.
- This solution(s) should provide an integrated approach for all functionality required for the administration of an alternative loan portfolio in the areas of origination, account servicing, payment processing, reporting and accounting, documentation management, customer portal, collections and post default activities.
- The solution allows customizable and automated communications with customers (borrowers and cosigners) via multiple methods.
- Communications contain loan detail presented at borrower level.
- It supports creation of all communication both physically and/or electronically and to be stored in EDMS solution.
- This includes responses and acknowledgements of communication preferences, waivers, approval and denials, interest statements, repayment disclosures, billing statements, notifications, etc.
- It includes "tickler" functionality for setting reminders and notes.
- It provides the ability to stop correspondence from generating for borrowers and cosigners for specific situations (e.g., bankruptcy stays, bad addresses).
- Explain options and online or mobile customer portal offerings and list any third-party products, services, hardware that are required.
- Solution has integrations with dept. database to apply agency benefits, national student loans clearinghouse, and an IVR solution that supports payments, origination systems, credit bureaus for reporting, and other necessary systems.
- Describe systems and integration methods (i.e. file transmittals, API, etc.).
- Solution contains all functionality to service student loans, throughout the entire lifecycle of the loan, while complying with all applicable laws, rules and guidance.
- Provides multi-loan level support for all processes.
- This includes default processes and the ability to transfer to collections/guarantor.
- Solution provides servicing functionality to agency for defaulted loans until loans are paid in full to include but not limited to the following:  
• Generate reports
• Flexible repayment schedules
• Configurable collection cost assessments
• Generate billing statements or correspondence
• Configurable payment posting options (e.g., collection cost, interest, and principal; overriding capability).
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: May 01, 2025