Home / Financial Policies / 1708 Collection of Student Loan Receivables

1708 Collection of Student Loan Receivables

Document purpose

To ensure the timely collection of student loan receivable balances.

effective

January 1989

revised

May 2018

Reviewed

May 2023

Responsible Office

Student Registration & Financial Services

Approval

Student Registration & Financial Services

The Policy

  1. The University will adhere to all due diligence requirements in connection with collection procedures for all government sponsored loan programs.

  2. Repayment schedules for student loan balances will be prepared in accordance with government regulations or trust agreements governing the loan programs.

  3. The Office of Student Registration & Financial Services has authority to refer matters to outside billing agents, including attorneys approved by the Office of the General Counsel, to assist in the collection of past due student loan balances.

    SRFS currently utilizes the following collection agencies/attorneys for delinquent student loan receivables:

    • Williams & Fudge
    • CRS (Mainline Recovery Services)
    • Recovery Management Services (RMS)
    • Watson & Allard
    • Gordin & Berger (limited usage)

     

  4. The Office of Student Registration & Financial Services places HOLDS on Academic records diplomas and future registration for accounts in collections.  Effective February 1, 2023, students may receive academic transcripts and view their grades.  The Office of Student Registration & Financial Services is responsible to maintain, update, release or waive HOLDS.