ED Releases Q3 Customer Service Scores, Repayment Status Data For Loan Servicers
By Brittany Hackett, Communications Staff
Customer service scores for federal loan servicers continued to be high for the first three quarters of fiscal year (FY) 2015, while the percentage of borrowers in repayment increased among several servicers, according to recent data from the Department of Education (ED).
The data was released last Wednesday in an Electronic Announcement with data for the third quarter ending on March 31, 2015. It is the second round of customer service data to be released under the 2014 contracts ED has made with the servicers, with the first round having been released at the end of March.
Below are the customer service scores (based on a scale that goes up to 100) for the Title IV Additional Servicers (TIVAS) federal loan servicers for the first three quarters of FY2015:
Servicer |
Q1 FY2015 |
Q2 FY2015 |
Q3 FY2015 |
|---|---|---|---|
| FedLoan Servicing (PHEAA): | 73 | 73 | 72.75 |
| Great Lakes | 75.67 | 76 | 77.25 |
| Navient (formerly Sallie Mae) | 72.33 | 70.25 | 73.75 |
| Nelnet | 75.33 | 75.5 | 78.00 |
The same scores are listed below for the not-for-profit (NFP) members of TIVAS:
Servicer |
Q1 FY2015 |
Q2 FY2015 |
Q3 FY2015 |
|---|---|---|---|
| Aspire Resources Inc. | 75 | 74.25 | 75 |
| CornerStone | 73 | 73.5 | 73.75 |
| ESA/Edfinancial | 70 | 72.25 | 74 |
| Granite State-GMSR | 74 | 75 | 75.50 |
| MOHELA | 75 | 72.5 | 74.5 |
| OSLA | 74 | 76.75 | 77.50 |
| VSAC Federal Loans | 76 | 75.25 | 78.75 |
When comparing the first, second, and third quarters of FY2015, four TIVAS federal loan servicers continued to see an increase in the percentage of borrowers currently in repayment:
Servicer |
Q1 FY2015 |
Q2 FY2015 |
Q3 FY2015 |
|---|---|---|---|
| FedLoan Servicing (PHEAA) | 65.26% | 63.6% | 68.30% |
| Great Lakes | 70.58% | 74.07% | 75.61% |
| Navient (formerly Sallie Mae) | 62.42% | 64.73% | 67.63% |
| Nelnet | 61.04% | 61.67% | 63.41% |
The NFP loan servicers were a mixed bag regarding the percentage of borrowers currently repayment, with several seeing increases after a brief period of decline:
Servicer |
Q1 FY2015 |
Q2 FY2015 |
Q3 FY2015 |
|---|---|---|---|
| Aspire Resources Inc. | 90.62% | 82.95% | 86.2% |
| CornerStone | 92.7% | 88.42% | 87.46% |
| ESA/Edfinancial | 93.07% | 89.63% | 91.63% |
| Granite State-GMSR | 90.66% | 85.01% | 87.48% |
| MOHELA | 93.34% | 88.91% | 92.85% |
| OSLA | 88.22% | 80.89% | 86.02% |
| VSAC Federal Loans | 91.25% | 83.85% | 86.99% |
The TIVAS servicers saw the percentage of borrowers who were delinquent on their loans either by 91 to 270 days or 271 to 360 days stay largely consistent with the previous quarters of this year. The 2014 revised contracts lowered the amount paid per borrower to servicers for loans that are 270 days or more delinquent, which may contribute to the declines seen in the second and third quarters of FY2015:
Servicer |
Q1 FY2015
|
Q2 FY2015
|
Q3 FY2015
|
Q1 FY2015
|
Q2 FY2015
|
Q3 FY2015
|
|---|---|---|---|---|---|---|
| Aspire Resources Inc. | 13.18% | 11.64% | 11.87% | 4.11% | 3.35% | 3.06% |
| Great Lakes | 10.69% | 10.37% | 10.37% | 3.59% | 2.3% | 2.33% |
| Navient | 12.20% | 11.34% | 9.53% | 2.40% | 2.27% | 2.69% |
| Nelnet (formerly Sallie Mae) | 15.09% | 13.65% | 13.86% | 3.89% | 3.68% | 4.02% |
The delinquency rates decreased across the board in the third quarter among the NFP providers:
Servicer |
Q2 FY2015
|
Q3 FY2015
|
Q2 FY2015
|
Q3 FY2015
|
|---|---|---|---|---|
| Aspire Resources Inc. | 5.55% | 4.64% | 1.31% | 1.38% |
| CornerStone | 3.05% | 2.70% | .75% | .65% |
| ESA/Edfinancial | 3% | 2.69% | .75% | .60% |
| Granite State-GMSR | 3.41% | 2.93% | 0.91% | 0.63% |
| MOHELA | 3.40% | 2.08% | 0.60% | 0.48% |
| OSLA | 5.54% | 3.54% | 1.22% | 1.18% |
| VSAC Federal Loans | 3.93% | 3.79% | 0.98% | 0.59% |
Publication Date: 7/14/2015
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