ROUND ROCK, Texas, Dec. 3, 2014 (GLOBE NEWSWIRE) -- TG, a nonprofit corporation that provides information on and support for repaying federal student loans, announced that during fiscal year 2014 (October 1, 2013 through September 30, 2014) it helped more than 42,000 borrowers resolve their student loans that were in default, including 18,000 borrowers who used the popular rehabilitation option to bring their accounts into good standing. This allowed those borrowers to successfully restore their credit standing and regain eligibility for other repayment options.
"TG's high customer-service standards are the cornerstone on which we build our success," said Phillip Cervin, TG's vice president for collections. "We achieved a record high customer satisfaction score during this time, demonstrating that our recovery specialists are working not only to ensure federal dollars are being repaid, but remain sensitive to the unique circumstances that borrowers find themselves in when repayment is difficult."
TG rehabilitated more than $283 million in federal student loan defaults, and obtained a customer satisfaction score of 4.68 out of a possible 5.0.
Cervin described the intense training TG customer representatives, rehabilitation and recovery specialists undergo in order to meet federal compliance standards, and also how to best assist borrowers to find the best repayment solution to get out of default.
"Our training covers a wide range of topics, and we instill in new specialist hires our pride in providing the best customer service possible, helping them understand that there are many circumstances in a borrower's journey that bring them to us," said Cervin. "From there, it's our job to help them find a resolution."
He offered up three important steps that borrowers in default should follow if contacted by a federal student loan collector:
- Contact the organization (TG or any federal student loan servicer) in order to get answers to questions about default and how to resolve the challenges
- Discuss with the rehabilitation or recovery specialist all the different options in order to get into a positive repayment status
- Return all requested documentation in order to better assess individual situations and to assist with developing payment plans
For more information about federal student loan default, or if an individual needs assistance in rehabilitating his or her federal loan status, visit www.TG.org. Customer service representatives can be reached at (800) 222-6297.
TG is a private, nonprofit corporation that promotes educational success to help millions of students and families realize their college and career dreams. TG provides critical support to schools, students, and borrowers at every stage of the federal student aid process — from providing information on how to pay for a higher education including financial aid options, to facilitating successful loan repayment after graduation.