JM Associates understands that universities and colleges have different portfolios of accounts that are delinquent, owing, and payable. JM Associates also understands that these portfolios have unique and very specific requirements regarding how they are to be worked by the Agency, audited by the University, and monitored and controlled by the University’s internal policies and procedures, as well as all applicable state and federal laws including but not limited to the Federal Trade Commission, the Fair Debt Collector Practices Act, Title IV Higher Education Act of 1965 as amended, the National Defense Education Act of 1958, Department of Health and Human Services, Gramm-Leach-Bliley Act and the Department of Education’s Safeguards and Procedures.
With over 150 years of combined collection management experience in the campus based lending environment, as well as incessant service on all client agreements signed to date, JM Associates has learned that in order to provide remarkable service to clients, the Agency’s entire staff must be updated with all new trends and legislation as it becomes available. JM Associates knows that the industry is dominated by new policies and procedural changes instituted by reauthorization. A collection agency that wants to maintain a competitive advantage in this highly specialized industry must manage at the speed of change.
An integral part of the collection and resolution of an institution’s federal loan portfolios is federal loan consolidation. Because the lending institution is responsible to replenish its federal loan funds, it is often in the best interest of the lender to have the loan repaid in full. Federal loan consolidation has proven to be a very effective tool to meet the needs of both the lending institution and the student. An effective student loan collection agency should be able to master the consolidation process in order to expedite the funding, address the student’s best interests and alleviate additional work for the university or college.
|
