Preventing Default, One Borrower at a Time
We communicate regularly with borrowers to remind them of their obligations.
Preventing Delinquency through Financial Literacy
Promoting overall financial literacy is a key to preventing default. We provide financial literacy tools that help borrowers take control of their finances.
Working with Borrowers Who Are Delinquent on Their Federal Student Loans
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:
- Telephone calls and letters that clearly explain options available to the borrower
- Individual options for each borrower, such as income-driven repayment plans, forbearance and deferment
- Clear explanations of default and its consequences
Our counselors help borrowers find a solution, send them the appropriate form with instructions for completing the form, or bring the borrower and the lender together in a conference call to help them resolve their delinquency. Our facilitation services are one of our most effective tools in preventing default.