The last five years have been tumultuous for both private and public student loan providers. One of the side effects of the credit crisis that proceeded the Great Recession was a dramatic reduction in the number of securitization funded private lenders, leading to higher rates, which has recently attracted smaller community banks and credit unions into the market. In addition, with the elimination by the Department of Education of FFELP loans, federal student loans are now made directly by the federal government, rather than through private intermediaries.
A constant through this period of change, with more than $1 trillion in student debt outstanding, is the need to service the millions of consumers who now owe money for a student loan. Convergent is a highly competitive Business Process Outsourcing provider with national scale. We have a broad range of solutions for student loan providers, ranging from front end lead generation to post charge off collections efforts.
Choose from the Services Provided menu at right to learn more about the many services Convergent offers to education companies.