BILLING-1627 - USA (Springfield, Illinois) - Student Loan Billing Service - Deadline July 7,2022

Product (RFP/RFQ/RFI/Solicitation/Tender/Bid Etc.) ID: BILLING-1627

Government Authority located in Springfield, Illinois; USA based organization looking for expert vendor for student loan billing service.

[A] Budget: Looking for Proposals

[B] Scope of Service:

(1) Vendor needs to provide integrated billing, collection, and accounting services to the government authority located in Springfield, IL.
- Provide the ability to enter multiple payments.
- Provide the ability to set a tax offset indicator and generate file based on the indicator for submission to the tax offset, including the ability to exempt accounts.
- Provide the ability to update reference and personal and confidential information from loan counseling interviews.
- Include an internal collections module.
- Provide the ability to automatically generate form letters at predetermined stages of delinquency.
- Provide the University access to all university and student data via online access and downloads.
- Provide a website for borrowers that offers services such a loan balance and status queries, electronic payment options, credit bureau information, deferment forms, etc.
- Ability to respond to custom requests and inquiries in a timely manner.
- Provide free notifications to borrowers when changes in federal regulations occur.
- Provide payment processing in “real-time” and not within a batch process.
- Ability to generate monthly, quarterly, semi-annual, and annual bills.
- Ability to generate consolidated billing statements for borrowers with multiple types of loans.
- Provide the borrower the option of electronic payments (including e-check, ACH and credit card) via vendor’s website as a form of loan repayment.
- Ability to assess collection costs, actual costs, late charges and penalty charges to borrower accounts systematically or manually as necessary.
- Set up and continuously monitor all remittance processing arrangements for the receipt and handling of payments from borrowers.
- Ensure that the procedures employed to handle and record payments made by borrowers incorporate adequate internal controls.
- Provide for prompt deposit of all payments it receives on serviced loans into a designated interest-bearing account(s). Normal processing of payments is expected to be within one (1) business day of receipt.
- Treat the payment, regardless of date of deposit, as though it had been posted on the day of receipt, backing out any additional accrued interest, late charges or other fees that were assessed as a result of the posting delay.
- Able to provide comprehensive, detailed information to enable university to perform accurately and on time for its monthly accounting and reconciliation responsibilities.
- Be capable of accruing interest at annual percentage rates of zero percent and higher.
- Be capable of managing loans with variable rates.
- Have the capability of showing on its billing statements, in accordance with university standards, the amount of interest that was paid on the borrower's loans in the previous calendar year.
- Handle multiple collection agency interfaces. Placements to the university’s collection agencies must be provided on both an automatic and manual basis.
- Add collection costs to debtor accounts on-line with the respondent’s system.
- Minimize the number of small balance write-offs. The respondent must explain the ways in which its system minimizes the need for small balance write-offs.
- System must allow the entire e-sign process to be completed in one session electronically.
- Any web-based changes to customer information must be processed and reflected immediately in the on-line system.
- The system can ensure that only authorized users can access the capabilities of the system and the system must separate by group or user who can create, read, update, and delete specific records or data and under specific conditions.
(2) All questions must be submitted no later than June 8, 2022.

[C] Eligibility:

- Onshore (USA Organization Only);

[D] Work Performance:

Performance of the work will be Offsite. Vendor needs to carry work in their office location.

Expiry Date : Thursday, 7 July, 2022

Question Answer Deadline : Wednesday, 8 June, 2022

Category : Billing Services

Country : USA

State : Illinois

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