A Dime of Prevention Is Worth A Dollar of Cure
The trend of rising default rates – the rate of borrowers who fail to remain current on their loans – are a concern for lots of schools. The primary reason for that is because when a school has a default rate of 30% for three consecutive years – or if it has greater than 40% in any one year – is more likely to lose its access to the various federal aid programs.
It is imperative that you take the necessary step to develop an effective, comprehensive default prevention plan for your school, and FAMS’ is readily available to help your company realize that. We have a proven effective and efficient process that can help your business address default rates and other associated issues that can hamper business growth.
FAMS offers the following services for default prevention:
Default Aversion Assistance – Late Stage Delinquency accounts can often be cured with a third party call before the borrower’s account goes into default. In a recent Guaranty Agency Pilot at a large midwestern agency, fifty percent of the delinquent accounts characterized as Skips were located and counseled back into a current status.
Default Reduction Activities – FAMS can help you take advantage of the time when withdrawing students are in their Grace Period by making calls to counsel the borrower into repayment.
For default prevention assistance, contact FAMS at (404) 293-7639.
FAMS is an amazing company to work for. The leadership and staff at FAMS has treated me like family from day one. The best part of FAMS is that they care about you and your success. I started as a collection specialist and was promoted to the Accounting Department family. Thanks FAMS!
I'm happy to be at FAMS, simply because of the support system everyone has a willingness to help! Real Team players! I came in feeling like the new girl, left feeling like a part of the family! Thank you FAMS! I love it here!
I am happy to be at FAMS because of the management team I work for in St. Charles. Mike and all the management staff have been very supportive over my time here. One of my favorite things is that while I have been at FAMS, I have been able to use my bonus checks to purchase my own home.
When FAMS was the only agency to hit their Student Loan goal for the month of September, I received an appreciative e-mail from Jerry Hogan. It was a great feeling to know the owner of the company took the time to send an email telling us we did a good job.