Preventing default, one borrower at a time
Nothing replaces direct contact with a borrower. We act decisively and directly when we see signs of delinquency—because helping borrowers stay current is in everyone’s best interest.
Preventing delinquency through financial literacy
Promoting overall financial literacy is key to preventing default. We communicate regularly with borrowers to remind them of their obligations. Plus, we provide financial literacy tools that help borrowers take control of their finances.
Working with delinquent borrowers
We take a direct, personal approach to default prevention. Our counselors work one-on-one with delinquent borrowers to help get them back on track.
ECMC’s experienced default prevention counselors use a systematic approach, including:
- Advanced business intelligence tools that spot borrowers who may be having trouble paying
- Telephone calls and letters that clearly explain options available to the borrower
- Individual advice for each borrower, including options for forbearance and deferment
- Clear explanations of default and its consequences
Mediating between lender and borrower
When we make contact with a delinquent borrower, our counselors can help them find a solution by bringing the borrower and the lender together in a conference call mediated by an ECMC counselor. With a 90% success rate, our mediation services are one of our most effective tools in preventing default.
Working with schools to prevent default
Few schools have the tools or resources to prevent default on their own. We help schools design and implement effective default prevention programs.
We help schools track and prevent default with:
- No-cost, comprehensive default prevention review
- Assessment tools that evaluate the school’s specific goals and programs
- Objective recommendations and programs for improving default rates
- Online default prevention reports
- Online default prevention tools that help schools track loan performance, generate delinquency letters, and document phone calls
