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School Settlement Policy

  • 1.  School Settlement Policy

    Posted 07-31-2018 01:01 PM
    Hello,
    Would some of you be willing to share your school's settlement policy for old student debt if a student offers to pay in full with reduction in amount due?  For example, student accounts 1-2 years aged offer 10% settlement discount if pay in full the remaining 90%, 2-3 years aged 15% settlement discount, 4-5 years aged offer 20% discount, 6+ years 30% discount. Or, is your standard policy to offer adjusting off interest and fees accrued but principle is never adjusted?

    Also, does your policy change if student is in-house collection or with collection agency?

    Are there any DOE regulations that guide this policy?

    I appreciate any information you can provide.

    Thank you!

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    Kelly Jensen
    Coordinator Student Loans & Receivables
    Salt Lake Community College
    brooke.jensen@slcc.edu
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  • 2.  RE: School Settlement Policy

    Posted 08-01-2018 08:40 AM

    We follow a standard policy that requires a minimum of 75% of total debt to be paid.  If the student is with a collection agency, we will make the student work through them, but we will use the same offer.

     

    Scott K. Rosen
    Assistant Controller
    Arcadia University
    450 S. Easton Road
    University Administrative Building, Room 115
    Glenside, PA 19038
    Phone: (215) 572-4081
    Fax: (215) 572-4010