From: Piper, Pat (ppiper@ufl.edu)
Date: Thu Jan 30 2003 - 11:50:07 EST
DeAhn,
Our in-house collection staff make monthly calls to all delinquent loan
accounts when the account exceeds 30 days of delinquency. We continue to
actively work delinquent accounts through 240 days delinquent when the
account is accelerated, and if no response, placed with a collection agency.
We assess an internal collection cost on delinquent accounts to cover the
cost of our collection efforts as required by CFR 674.45(e)(1):
Assessing and documenting costs
You may charge either actual costs incurred in collecting the
borrower's loan or average costs incurred for similar actions taken to
collect loans in similar stages of delinquency.
Your school must assess all reasonable collection costs against the
borrower despite any provisions of state law that would conflict with
the above provisions.
Assessing costs cite
34 CFR 674.45(e)
We use the "average costs" method and currently assess a $12 monthly
collection cost on all accounts being worked by in-house collection staff.
Patrick Piper
Administrative Services Coordinator
University of Florida
University Financial Services
S-113 Criser Hall, PO Box 114050, Gainesville, FL 32611
(352) 392-0766 Fax: (352) 392-3448
ppiper@ufl.edu <mailto:ppiper@ufl.edu>
> -----Original Message-----
> From: DeAhn Baucom [mailto:DeAhn@email.unc.edu]
> Sent: Thursday, January 30, 2003 8:28 AM
> To: bursar-l@virginia.edu
> Subject: 45-day calls on student loans
>
>
> Good Afternoon, Thank you in advance for answering the
> question below:
>
> 1- How many of you have staff make collection calls on student loans
> when they become 45 days past due?
> 2- Whether yes or no, why? (cost v. benefits?)
>
> Thanks!
> DeAhn Baucom
> Director of Student Accounts
> UNC Chapel Hill
> 919-843-2454
>
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