Lowell, AR, – The U.S. Department of Education (ED) has awarded CRI a prime contract to provide Default Collection Services. The contract has a five-year base period with an optional five-year period and a potential value of $2,000,000,000.
CRI will assist borrowers with the best repayment options based on their current financial situation in order to resolve their default student loan(s). In addition to these program options, we also assist ED in collecting the appropriate documentation if the borrower is deceased, disabled, incarcerated, or has a situation resulting in a programmatic cancellation. For those borrowers who refused to enter into a voluntary repayment plan, CRI has the authority to process involuntary collection methods, which include Administrative Wage Garnishment and Litigation. “In the coming years, we are excited about our partnership with ED and the continued CRI expansion of this contract. We plan to increase our production, join forces with additional subcontractors and double our staff.” said Karena Holt, Vice President of Operation of CRI’s Financial Solutions division.