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“When
we hired Second Alliance, our Federal Perkins cohort
default rate was at 53.6%. Within 13 months, Second
Alliance was able to reduce it to only 7.6%. Second
Alliance succeeded where other agencies failed.”
January 2000, our overall default rate was 11.03%. That
rate reduced to 6.82%
Sandra Turnquist
Finlandia University
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As
a Second Alliance client, your default rate is
our responsibility. We are very proud of our ability
to both locate and subsequently assist delinquent
borrowers in finding workable repayment solutions.
Our Cohort Default Prevention Program is being
utilized successfully to reduce default rates
by some of the top schools in the nation.
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Upon
referral, our collection team will examine your
placements and flag cohort accounts to designate
their special status. Each cohort account is then
classified by the number of days past due to identify
those accounts most likely to increase your default
rate. We will then use an arsenal of collection
programs including: Federal Loan Consolidation
and Rehabilitation, arrearage collections, accelerated
repayment plans, litigation and where applicable,
forbearance and deferment opportunities.
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Regularly
placing clients are eligible for free and low
cost skip tracing and pre-collect programs! Free
limited skip tracing and pre-collect programs
are services that are both available prior to
any placement. Or, for a reasonable fee we also
offer our intensive “4x4” pre-collect
program and concentrated skip-tracing service.
Our “4x4” program includes four precollect
letters and four telephone calls and our skip-tracing
service allows you access to our team of highly
skilled investigators.
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“Prior
to referring Federal Perkins student loan accounts
to Second Alliance in January 2000, our overall
default rate was 11.03%. That rate reduced to
6.82% by June 2000, with an overall recovery
rate of 54% on accounts referred. In addition,
we were able to reduce our allowance for doubtful
accounts at year-end and increase our projections
for new loans in the upcoming year.”
Christina Henderiksz
California Institute of the Arts
“I wanted to let you know that our final
default rate for 2002 came in at 5.49%, less
than 40% of last year’s cohort rate. I
have your fine team to thank for that great
number and want you to know how much easier
you made my year.”
Kathy Krug
Kansas City Art Institute
“I would like to take a moment and thank
all of the people at Second Alliance for the
great job you are doing. The funny at California
Baptist University is, since we have been working
with Second Alliance, we have more Perkins money
than we can award out!”
Mary Daniels
California Baptist University
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