Director Of Default Prevention And Institutional Loan Management
CurrentResponsible for positively impacting the annual student loan cohort default rate by applying proven strategies and promoting student borrower awareness of loan obligations. Responsible for overseeing collection efforts on student institutional balances owed. Oversees daily management of default prevention staff and collections staff. Responsibilities:• Manage default prevention and financial literacy initiatives for the company. Provide strategic direction and tactical… Show more Responsible for positively impacting the annual student loan cohort default rate by applying proven strategies and promoting student borrower awareness of loan obligations. Responsible for overseeing collection efforts on student institutional balances owed. Oversees daily management of default prevention staff and collections staff. Responsibilities:• Manage default prevention and financial literacy initiatives for the company. Provide strategic direction and tactical implementation of internal and external campaigns to reduce the annual cohort student loan default rate. • Staying abreast of current and proposed Federal Student Aid legislation.• Documenting and communicating internal procedures. • Identify training and procedural needs for the team, research and implement “best practices" for default prevention and financial literacy, as well as regulatory changes associated with the federal student loan programs. • Manage the relationship with federal student loan servicers. • Position oversight for establishing goals and metrics for default management.• Accurately tracks, analyzes, reconciles and reports on projected cohort default rates for schools on a regular basis. • Maintain acceptable rate of students who are in repayment and are moved from pre-claims to repayment.• Work with CFO to establish collection goals and manage the collection process for all “out of school” institutional loans and ledger balances. • Recommend and oversee skip tracing and third party collection companies as well as establish and implement collection policies and procedures.• Strong emphasis on maintaining written procedures and ensuring compliance with all Federal and State regulations regarding collections. • Stay apprised of collection regulations and industry standards.• Interviewing, hiring, and training employees; planning, assigning, and directing work; appraising performance; rewarding and disciplining employees; addressing complaints and resolving problems. Show less
