Pantheon Student Solutions employs proven techniques as endorsed by Federal Student Aid’s Portfolio Performance Division and utilized by the most successful default reduction programs. Our services are intended to enhance, not replace, existing borrower education services. For example, most schools already provide some sort of entrance and exit counseling, borrower education/financial literacy, student retention activities and job placement services. These steps are all integral to a complete default management plan and Pantheon can recommend improvements or additions to your school’s current offerings. Pantheon, however, will focus on post-enrollment activities: specifically early- and late-stage delinquency assistance and skip tracing – services typically not offered by schools to their former students. We will work intimately with the school and the loan servicer to ensure borrower account data is current and accurate.
Data Collection & Tracking System Entry:
Pantheon will collect necessary student-borrower data from the financial aid department, the loan servicers and/or the loan guarantors. Information will be entered into the Pantheon Database for the entire cohort and maintained in a secure environment.
Early- and Late-Stage Delinquency Assistance:
Pantheon will take all reasonable measures to prevent student-borrowers from entering delinquency and to assist them in bringing accounts current or arranging for a forbearance or deferment. Via letters, phone calls and emails Pantheon Student Loan Counselors explain to the borrower his/her responsibilities, present options and describes consequences of default.
Grace Period Notifications:
It is critical to ensure borrowers are properly contacted and informed even before they enter repayment. Pantheon can reach out to all borrowers via mail, phone & email to remind them to start budgeting for their repayment date and provide loan servicer contact information. Getting them off on the right foot and making that first payment can reduce delinquencies and eventual defaults.
Default Management Reports:
Pantheon will provide a monthly summary report for each contracted cohort that includes current status of each account and calculation of ongoing CDR. Also includes monthly lists of current delinquencies, delinquent resolutions and new accounts.
Skip Tracing:
Pantheon will take all reasonable and legal measures to locate student-borrowers for whom no current contact information is immediately available. We utilize third-party skip tracing services that scour numerous databases and return potential phone numbers and addresses. We will also contact references as provided by the school as necessary.
Existing Default Management Plan Consultation:
Pantheon can review any current default prevention activities at your school and provide an assessment with recommendations for improvements or additions. Also, including Pantheon introductory materials in the exit interview process provides some name recognition – which is beneficial if and when they need to be contacted in the case of a delinquency.
Date Entered Repayment (DER) Report:
It is critical that students are placed in the correct cohort; circumstances often impact the original expected graduation date. Pantheon can review DER Reports from NSLDS and assist the school in making any necessary changes to borrowers’ status via NSLDS Enrollment Reporting. Actively correcting erroneous data can prevent a time consuming appeal process later.
Review of Cohort Default Rates:
Pantheon can review annual draft/official LRDRs (Loan Record Detail Reports) to ensure the CDRs are calculated based on accurate data. Pantheon will assist if any challenges, adjustments or appeals are necessary.