With a 50 year track record of success as an education loan
administrator, and $239 billion in guarantees, USA Funds® offers
education lenders unmatched experience and reliability. USA Funds offers
education lenders advantages that other guarantors simply can't match.
Guarantee process| E-signature| Default prevention| Debt management| Claim
processing| Online tools| Leadership| Training| Loan policy| Advisory councils| Independent guarantor| Personalized
attention
Guarantee process
options
USA Funds guarantees all loans
in real time, all the time. Schools can choose to get immediate response files
for all applications or elect overnight response files. USA Funds also supports
the blanket guarantee process, which permits participating lenders to disburse a
loan prior to USA Funds' processing the request for guarantee. USA Funds
supports the leading loan delivery processes, including OpenNet.
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Electronic signatures
USA Funds supports electronic
signatures on Stafford, PLUS and Federal Consolidation loan promissory
notes. The electronic signature process reduces paperwork, speeds the delivery
of funds and simplifies the education loan process for schools, lenders and
borrowers.
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Default prevention
USA Funds invests significant resources to prevent
seriously delinquent education loan accounts from falling into default. A team
of 250 professionals works on behalf of USA Funds to counsel delinquent
borrowers. During fiscal 2009, our efforts prevented default on more than
93 percent of the accounts on which lenders had requested USA Funds' assistance,
averting $23.7 billion in potential loan defaults.
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Debt management initiatives
As part of our commitment to help
postsecondary institutions achieve measurable reductions in their loan default
rates, USA Funds supports a broad range of debt management
initiatives.
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Claim processing
USA Funds accurately processes and pays lender
claims, while providing the maximum period for borrowers to avoid default.
Default prevention specialists continue to work with borrowers to avert default
all the way up to claim purchase. We offer electronic payment of default
purchases via the Automated Clearing House Network and a detailed claim purchase
report (DEFBRL92) available through DocumentDirect for the Internet. We comply
with Common Account Maintenance electronic processes.
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Online tools and reports
USA Funds offers education lenders convenient
online access to loan guarantee and disbursement status information. In
addition, a wide variety of lender reports are available online through DocumentDirect. These reports cover disbursement information,
borrower demographic and enrollment status changes, as well as PLUS credit check
results.
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Leadership and support of key FFELP
initiatives
USA Funds participates in
and has provided key leadership to important cooperative efforts among service
providers in the Federal Family Education Loan Program. USA Funds is a member
of ELM
Resources and the National Student Clearinghouse, and is a sponsor of
the Meteor Project and the Mapping Your
Future Web site. In addition, USA Funds played a leading role in the
development of the NCHELP CommonLine Network, the Common
Manual initiative and the development of common forms and applications.
USA Funds also has adopted the Total Enrollment Reporting Process and Common
Record:CommonLine. Through our involvement in the Total Enrollment
Reporting Process, USA Funds supplies enrollment information to the National
Student Clearinghouse.
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Training
Through USA Funds
University, USA Funds offers Student
Loan Boot Camp, a two-day training experience that provides an intensive
nuts and bolts overview of student loans. This training is geared to lending
representatives who are new to education lending or those who just want a
refresher on the basics. USA Funds also hosts several lender
forums throughout the year. These one-day events help keep you abreast
of the latest developments in the ever-changing education finance
marketplace.
USA Funds University provides online learning courses about financial aid, the
guarantee process, loan disbursement and student loan default prevention.
Courses include:
- Financial Aid Overview for Lenders.
- Guarantee Process.
- Claim Filing and Post Claim Recovery.
- Loan Disbursement and Delivery.
- Default Prevention.
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Loan policy guidance
USA Funds' loan policy and compliance experts
help lender-customers stay on top of the multitude of regulations that govern
the student loan program. Our policy analysts are available to answer questions
regarding loan policies and regulations. We offer a convenient e-mail
resource—askpolicy@usafunds.org—to
which customers may submit policy questions for a quick and accurate
response.
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The voice of the customer
To ensure that our services meet the needs
of education lenders, USA Funds convenes national and state advisory
councils, which include lender representatives.
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An independent guarantor
USA Funds is an independent education loan
guarantor and, except in the state of Hawaii, is not affiliated with any lender,
secondary market or loan servicer. Because of our independent status, we look
forward to working with every education lender to deliver the finest services to
schools, students and parents. We advocate and provide financial support for the
development of open loan delivery systems that permit schools and borrowers to
choose their lenders.
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Personalized attention
We're proud of our tradition of attentive, high-quality
customer service. We're "there for you." Our success is built on responsive
service to education lenders, financial aid professionals and education loan
borrowers. For more information, contact our
lender relations professionals.
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