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Financial Aid Processing - Maximize Your Administrative Effectiveness
FAME specializes in full-service management and processing of Federal financial aid programs for over 1000 career schools and colleges. Our commitment to quality in processing assures that our final product, your awards to students, meet regulatory requirements and stand the test of audit or program review. Our financial aid service center provides fast 48 hour turn around, institutional control and answers at your fingertips with the following services:
• Pell Grant Processing
• Campus-Based Processing
• FFEL Processing
• Federal Direct Loan Processing
Perkins Loan Management - Increase Productivity and Decrease Defaults
FAME’s
Perkins Loan Service provides you with access to the expertise
and knowledge of professionals in the field of loan servicing who provide
the personal touch for you and your students that is so essential
for successful student loan service. When our extensive experience
in loan servicing is combined with our sophisticated loan
management system, we are able to maximize repayments for
Federal Perkins Loans, while minimizing your cost.
Our service includes the following:
• Provide entrance
and exit interview materials.
• Perform exit interviews for no shows.
• Provide toll free (800) telephone service to borrowers and school
staff.
• Report loans to national credit bureaus.
• Send grace period notices.
• Send coupons or statements.
• Process payments and answer all correspondence from borrowers.
• Send past due notices.
• Call borrower if 1st payment due is missed.
• Call delinquent borrowers.
• Pursue documented revised payment plans with borrowers.
• Perform skip tracing using directory assistance and IRS.
• Refer accounts to collection agency.
• Monitor the performance of all collection agencies used.
• Determine the need for litigation, refers accounts to subsequent collection
agency.
• Prepare assignment packages for ED.
• Perform adjustments and loan balance write-offs.
• Perform monthly loan fund reconciliation.
• Provide monthly reports to school and prepare annual FISAP.
• Prepare report for state tax offset program.
• Perform comprehensive skip tracing using National databases.
Private
Loan Management - Reduce Costs While Maximizing Re-payments
Assisting students
by offering a Private Student Loan Program has become a key component of financial
aid programs in both the public and private sectors of postsecondary education.
In addition, alternative
financing has emerged as a part of many schools competitive strategies as
schools' compete for students.
Therefore, many schools are developing Private Loan
Programs to help students make tuition payments while
increasing their efforts in recovering outstanding tuition.
FAME’s system is designed to accommodate all
forms of student loans and is adaptable to specific
needs as defined by the institution. We have the
State-of-the art technology to do the job effectively
and have trained staff to interact with your borrowers
in a professional manner. FAME’s Private Loan Management Service includes:
Services
and Considerations
• Convert all present accounts to FAME's system.
• Add new accounts as requested.
• Report loans to national credit bureaus.
• Track in school borrowers.
• Provide lock box service.
• Send coupons or statements.
• Provide toll free 800 phone numbers for debtors.
• Process payments.
• Answer correspondence.
• Respond to debtor phone inquiries.
• Process deferment, postponement, cancellation and forbearance requests.
• Send past due notices.
• Call borrower if first payment due is missed.
• Pursue revised payment plans for debtors.
• Use comprehensive national skip tracing databases.
• Refer accounts to collection agencies.
• Respond to collection agencies requests for debtor information.
• Recall inactive accounts from collection agencies.
• Monitor performance of all collection agencies used.
• Determine the need for litigation or referral to a subsequent collection
agency.
• Refer account to an attorney serving the county where borrower now
resides.
• Refer account to a subsequent collection agency.
• Provide monthly reports to the school.
• Provide toll free 800 number to school personnel.
• Comply with the Fair Credit Reporting Act.
• Maintain fidelity bond sufficient to protect the school.
• Provide FAME's Student Loan Procedures Manual and updates.
Student Tuition Billing - The Effective and Profitable Solution
A review of the services listed below will provide you with an understanding
of the total management approach which has been so successful for clients
utilizing FAME's Tuition Billing Service.
In reviewing these services, you will see that the system is
comprehensive in scope and will manage all activities associated
with tuition billing which insures maximum staff efficiency, maximum
repayment and consistently high quality service.
• Accommodates
any type of payment plan, interest type, etc.
• Bills debtors weekly, monthly or quarterly.
• Generates statements or coupons.
• Schedules phone calls automatically for maximum efficiency.
• Follows customized due diligence approach as defined by the institution.
• Tracks information among main campuses, branches, parent organizations,
etc.
• Follows skip tracing procedures as defined by the institution.
• Refers to unlimited number of credit bureaus, collection agencies
and attorneys.
• Accommodates FAME lock box or remote lock box.
• Remits payments to the institution on a weekly, monthly or quarterly
basis.
• Applies payments to principal, interest, late fees and collection
costs.
• Calculates all forms of late fees.
• Generates revised repayment plans.
• Maintains complete account history for every debtor.
• Accepts unlimited changes to debtor's demographic information.
Consulting - Put FAME'S Extensive Experience to Work for You
FAME is proud of its team of experts who are available to share their knowledge and years of experience with you. FAME has developed a reputation for expertise in Federal financial aid program administration and utilizes this talent to provide a full range of consulting services.
• Eligibility
Services
• Interpretation of Federal Regulations
• Simulated Program Reviews
• Assistance with Audits and Program Review Responses
• File Compliance Reviews
• Evaluate Administrative Efficiency
• Due Diligence for Pending Acquisitions
• Customized Training Programs
• Training Workshops
• Publications
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