Rolling Meadows, Illinois, June 10, 2013 – Financial Management Systems (FMS), a longtime U.S. Department of Education’s Federal Student Aid (FSA) contractor, today released www.MyEdDebt.io, an innovative website that provides self-service options to defaulted student loan borrowers.
A game-changer in the world of defaulted student loans, www.MyEdDebt.io will help borrowers with outstanding loan obligations make well-informed decisions on their repayment options via amortization calculators and a payment engine. Initially, access to the site will be limited to those borrowers being serviced by FMS under its contract with FSA. The goal is to de-mystify the debt collection experience, provide complete transparency, and enhance the borrower experience through yet another communication channel.
“The Web and mobile devices are how people connect and relate. Student loan repayment can be a confusing and complex process. We want to make the process easier and simpler for borrowers,” said Balaji ‘Raj’ Rajan, CEO of FMS.
Rajan added that there are no personalized websites for borrowers today that are helpful. “Most sites contain only parts of the loan and repayment information needed. We believe there’s a better way and that together, FSA and its private sector partners in loan servicing and collections, can create a multi-channel communication strategy that is simpler, easier, and more transparent for borrowers. MyEdDebt.io is a strong first step in that direction,” said Rajan.
The site provides a number of functions beyond payment processing. For instance, users can review all available repayment options, including their eligibility for “Reasonable and Affordable” payments, where a borrower’s payments are reduced using rules similar to the Income Based Repayment plan for non-defaulted borrowers. The site includes a dynamic dashboard with loan-level detail, payment history, outstanding balance, and other key information. Borrowers are also able to update their demographic and employment information.
Future releases of www.MyEdDebt.io will deliver secure Web chat with FMS’ Default Resolution Specialists for real-time support in repayment planning. The site will also pre-populate secure and encrypted downloadable forms necessary to authorize non-standard repayment. Borrowers will be able to provide electronic signatures to enroll in these plans.
Best of all, borrowers who use the site and enter into a loan rehabilitation or consolidation program, will be given free, life-time access to www.LoanLook.com, a service that is provided by FMS’ sister concern, Loanlook, Inc., for non-defaulted student loan borrowers and parents.
Financial Management Systems (FMS) is a wholly-owned subsidiary of Ceannate Corp., a leading business process outsourcing organization dedicated entirely to the education receivables management sector. FMS is a Private Collection Agency for FSA and since 2004 has provided a variety of services to FSA including: the recovery, consolidation, rehabilitation, and administrative resolution of defaulted Title IV loans; enhanced Treasury Offset Program recoveries; and database cleansing services.