Recovering Defaulted Perkins Loans is Key to Funding Current Student Loans
The revolving funds that comprise the Perkins Program must be replenished to fuel future student funding. Also, since Perkins Loans typically go to an institution’s neediest students- continuance of the funding may determine if a student can finish their education. Along with providing the financing needed for secondary education, comes the need to resolve accounts that have defaulted.
A Solution to Balance Financial Obligations
At Alltran Education we provide Colleges & Universities with a recovery solution needed to replenish the Perkins Loan program. We deliver an empathetic and ethical approach to borrowers, a highly successful skip trace process, and exceptional client relations. We positively affect student lending.
Our partnership includes:
- 3rd party ARM services
- Professional representation through experienced resolution specialists
- Experience with various types of Perkins Loans including: cohort accounts, new defaults, or your older defaults.
Our industry strength makes us the Premier Partner
- Demonstrated Success with hundreds of private and public colleges and universities across the country,
- Adherence to all applicable regulations, federal and state laws and mandates about our industry
- A Resolution Strategy which delineates a specialized approach to Perkins portfolios
- Specialized “debt counselors”- Alltran’s Perkins Counselors work exclusively in Perkins Loans
Alltran is dedicated to nurturing our partnerships with Colleges and Universities to maximize the recovery rates of their delinquent Perkins portfolios while maintaining industry-leading compliance standards. We passionately believe there is a better way to support people; through a culture of empathy, utilizing a consultative approach which nurtures the resolution of financial challenges.
Profile: A small college with over $3 million in defaulted Perkins Loans partnered with Alltran to work its entire portfolio regardless of the age of the loan.
Challenge: Locating borrowers that had been in repayment for years. Convincing these borrowers to take actions to resolve their defaulted loans. Identifying deceased borrowers and acquiring death certificates for these accounts.
- Intensive skip-tracing including death, bankruptcy, and service member scrubs.
- Utilizing a Perkins specific letter series to notify borrowers where telephone numbers were not available to our counselors.
- Identifying the jurisdiction where deceased borrowers last resided and securing certified copies of the death certificates for the client.
- Offering borrowers the choice of options available to Perkins Borrowers to remove their accounts from default.
- $778,000 recovered for the client which could then be lent to future students
- Twenty-four (24) death certificates for deceased borrowers which enabled the client to cancel these loans with ED.
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