What To Look For In A Recovery Agency
Higher education is a beautiful thing. Inspired minds arrive to a college campus where they pursue their passions, create lifelong memories and leave with skills that make these students-turned-professionals indispensable to organizations in a seemingly endless sea of industries. However, this transformation does come with a price tag to cover their individualized costs.
Six months or so after being handed their degree, graduates can expect to start paying back their student loans – but some individuals may forget about these loans or they possibly set up their payment schedule incorrectly. To reconcile these delinquent payments, a bursar’s office will usually employ an outsourced agency. We’re here to cover just some of the things your organization should look for when choosing a debt recovery agency that specializes in student loans.
Look For An Agency That Understands That We’re All Students In Some Way
The debt recovery industry is an ever-evolving landscape. The mindset of “get the money at all costs” has been retired and replaced with a far more empathetic approach – one that sees individuals with debts less as “debtors” and more as real people who just need to know their options.
Students with outstanding debts are not bad people! Some may have forgotten about their payments, while others may not have the means just yet. A good debt recovery agency will work with each of these students on a case-by-case basis, presenting them with their best options forward and a gentle lesson in accountability along the way.
By The Book: Your Agency Should Know All Of The Industry’s Idiosyncratic Regulations & Standards
Being called “pedantic” is a good thing in the world of ethical collections! While our team may use compassion to achieve positive outcomes, we always remain true to the letter of the law. There are a number of regulations, standards and rules put in place to ensure debts are resolved and harassment is kept to a minimum.
Prerequisites & Requirements: Before Working With An Agency, Make Sure They Are Firmly Familiar With The Following:
- Higher Education Act
- Fair Debt Collection Practices Act (FDCPA)
- Fair Credit Reporting Act (FCRA)
- Telephone Consumer Protection Act (TCPA)
- Servicemembers Civil Relief Act (SCRA)
- The U.S. Bankruptcy Code
- Regulation F for Collections
You Want A Partner, Not A “Debt Collector”
At the end of the day (or semester), the company representing you is responsible for upholding your reputation as an exceptional educational institution. Not only do they need to be a solid debt collection agency for universities, but they also need to be an extension of your brand. Unlike your college years, being in debt isn’t a great time. Learning about how much one owes can strike anxiety and even fear into their heart. With the right agency on your side, these graduates will land on the path to paying off whatever debts they owe while fondly remembering their tenure on your campus.
American Collection Systems: Your Proven, Outsourced Collections Solution
In case you were wondering – we didn’t just come up with these criteria off the top of our heads! Each is a component that we have found to be critical when successfully partnering with universities across the United States. Do you have additional questions about what you should look for when considering a student loan debt collection agency?