Education
Students must begin managing their education debt right after graduation, withdraw from classes, or when attendance falls below half-time status. Delinquencies come in all shapes, sizes, and for a host of reasons. eCollections provides the tools to help collection agents and students work together to get those loans back on track.
eCollections works directly with universities, trade schools, colleges, community schools, private schools, and collection agencies to help them manage student loans and keep payments coming on time. Whether working with outside lenders, government loans, or in-house financing eCollections put powerful tools in the hands of collectors. There is no need to replace existing student management systems. eCollections is designed to work in conjunction with existing systems and share account data.
eCollections clients currently work directly with the US Department of Education and Sallie Mae. To support their business eCollections has incorporated specific student loan features including a module to manage student loans in the Department of Education Defaulted Loan Rehabilitation Program. Rehabilitation is a federally mandated program that gives federal student loan borrowers a way to bring their loans out of default. Rehabilitation can reverse the many negative consequences of defaulting on a student loan, and participation is one of the rights granted to a federal education loan borrower.
The student loan rehab program is a key element of eCollections.Edu and helps collection agencies, education institutions, and the students work together to get defaulted student loans out of delinquency into repayment. In addition to the rehab program, eCollections.Edu manages an unlimited number of user-defined payment plans, payment deferrals, approved changes in payment plan schedules, and forbearance.
"Powerfully Simple" Student Loan Rehab Program
paves the way for healthy debt management