First Associates services student loans for many of the country’s leading schools. We have a history of producing industry-leading results while working with private student loan programs at both for-profit and not-for-profit schools. We also provide default mitigation services for federal student loans.
Our services include:
- Loan servicing
- Federal loan default mitigation
We look forward to demonstrating our unmatched focus on achieving results. Contact us today.
Real Clients; Real Results
Challenge: Reduce delinquencies and defaults in a private student loan portfolio with over 20,000 borrowers.
Strategy: First Associates used an intense, high-touch servicing approach, reaching out to borrowers and quickly resolving issues that were resulting in a high level of regulatory complaints at the previous servicer. In addition, we worked through borrowers’ financial issues to help them meet their loan obligations.
Result: Communications through borrower-friendly channels during each loan’s grace period rapidly reduced first payment defaults, while continued relationship building throughout the active repayment period resulted in a 40% decrease in delinquencies. Defaults were reduced by almost half. The portfolio’s ACH relationship, a key indicator of future performance, increased by over 400%.