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The Death of an Industry

The Death of an Industry. Early Prevention & Sustainability. Presentation by:. Andrew Roosen – Student Loan Processing Center, LLC. The Death of an Industry. Early Prevention & Sustainability. Banking Regulations Predatory Practices Loan Servicer Issues Personal Information Security.

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The Death of an Industry

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  1. The Death of an Industry Early Prevention & Sustainability

  2. Presentation by: Andrew Roosen – Student Loan Processing Center, LLC

  3. The Death of an Industry Early Prevention & Sustainability

  4. Banking Regulations Predatory Practices Loan Servicer Issues Personal Information Security The death of an industryAgenda

  5. Banking

  6. Banking Why are companies running such a high unauthorized rate while so many clients are seeing benefit? What’s the result if something is not done? The solution! It’s imperative that you monitor all of your reps and affiliates’ performance and have stats to see which companies are causing your rate to go higher. These companies should be held accountable. Additionally, as a processing company, you need to make changes in how you conduct business. If your policies are loose, then it will affect everybody.

  7. Banking • Here are some things we have done that’s helping improve our numbers • Produce reports/stats of Sales Agents and Affiliates in order to identify the root of the problem • Drafts ACH vs CC • Number of drafts/pays per client: Full Pay vs. Two Pay vs. Three Pay etc… • Cancellations • NSFs • First Payment & Last Payment Aging

  8. Banking • Things you can do as a processing company to keep your unauthorized rate down! • Recorded QC/Welcome call for every client • Send Welcome Packages to all clients • Draft notifications via SMS and/or Email • High Visibility of Customer Service Phone # • Approve affiliates marketing mailers • Control Sales Scripts and ensure sales agents follow it • Ensure sales agents are informed with quality training (MStars and IAPDA)

  9. Banking Important – a loose refund policy • This is a volume business. Our stats show that for every few thousand files, there is a VERY small number of clients calling back and asking for a refund. Cancelation rates should be less than 8%, and a very small amount of these ask for their money back. Even if you provided the service, it doesn’t make sense not to refund clients who ask for their money back. Losing a banking relationship as a company or as an industry is not worth trying to make an extra $500. Save that energy for more sales, the numbers are there for you to grab. If you don’t give a refund, statistics show that many customers will bypass you and go directly to their bank and claim an “unauthorized charge”. Keep in mind, these are consumers that have their backs against the wall in many instances.

  10. Predatory Practices • What is considered to be Predatory? • What is Student Assist Plus (SAP)? • What is the Student Loan Solution Feature? • Additional added valued benefits • legal/financial assistance • roadside assistance • identity theft protection • everyday savings on dining, groceries, shopping, movies, etc. • doctor by phone • dental discounts • pharmacy discounts • chiropractor services/discounts • fitness discounts • Stable Residual Income • Student Assist Plus is now available for processing companies and for affiliates of Student Loan Processing Center, LLC

  11. Loan Servicers Who are the Servicers?

  12. Loan Servicers • Things Servicers do to make our process difficult: • Constantly Changing Protocols • Labeling Student Loan Consolidation Companies as SCAMS • Misleading information on the consolidation process • Try to retain loans for themselves

  13. Loan Servicers • THE SOLUTIONS • Build a Relationship with the Servicers: • Develop rapport • Acquiesce to their needs. • Educate the Consumer

  14. Storing Personal Information • DO’s: • Limit access to the client’s personal information for employees and protect from outside intrusions • Specifically DOB, SSN, PIN, Credit Card and Banking info • Ensure your network, servers, CRM, Software & more have the highest levels of SSL security certificates & encryption • Background checks on ALL employees • Regularly audit work processes & security protocols • Create a disclosure to client on how personal information is used Information Security

  15. Contact Us: • WEBSITE: www.StudentLoanProcessing.com • Affiliate Relations: (888) 221-7540 x. 1681 • Email: info@studentloanprocessing.com

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