Default Resolution Agent Services for Education Debt
Overview
Fit Score
Settle Intelligence
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SUMMARY
DESCRIPTION
The U.S. Department of the Treasury, Bureau of the Fiscal Service (BFS), is conducting market research to gather industry feedback on a draft solicitation related to default resolution agent services for education debt. The BFS is responsible for collecting delinquent nontax debts owed to the United States and, by law, federal agencies must refer nontax debts delinquent for 120 days or more to BFS's Cross-Servicing program. This program employs various tools, including contracted default resolution agents, to recover outstanding debts.
Additionally, the U.S. Department of Education's Federal Student Aid (FSA) manages the collection of defaulted student loans, with a portfolio of approximately 9.2 million debtors valued at $217 billion. Student loan defaults may be referred to the BFS Cross-Servicing program for collection services. The BFS seeks feedback from industry regarding its requirement for Cross-Servicing services on behalf of the Department of Education for student loans in defaulted status. This Request for Information is intended only for market research and acquisition planning, and not as a solicitation for formal proposals.
Source attribution
This Settle analysis is based on the issuing organization’s public RFP listing.