Posted Date: May 22, 2014
Jana Hernandes, Service Director, Operations, Federal Student Aid
Subject: Loan Servicing Information - Third Quarter's Customer Service Performance Results
Note: In November 2015, we moved this announcement’s attachments to the FSA Data Center. The attachments for the Quarter Ending 3/31/2014 are now located on the Servicer Performance Metrics and Allocations page at https://studentaid.ed.gov/sa/about/data-center/business-info/contracts/loan-servicing/servicer-performance#03312014.
Per the contractual agreement with each of our federal loan servicers, the Department of Education (the Department) will annually measure servicer performance in the areas of customer satisfaction and default prevention. We will then use these results to determine each servicer’s allocation of future loan volume when applicable.
This announcement is intended to share the customer service performance results for the third quarter (ending March 31, 2014) with the financial aid community. The Department measured customer satisfaction with each of the federal loan servicers exclusively through independently administered customer satisfaction surveys. We assessed default prevention through analysis of each servicer’s portfolio.
The federal loan servicers with third quarter customer service performance results are as follows:
- FedLoan Servicing (PHEAA)
- Great Lakes Educational Loan Services, Inc.
- Sallie Mae
Not-For-Profit (NFP) Members of the Federal Loan Servicer Team
- Aspire Resources Inc.
- Granite State – GSMR
- VSAC Federal Loans
We provide the customer service performance results in three attachments to this announcement.
In the attachment titled “Explanation of Customer Service Performance Measure Methodology,” we provide an explanation of the overall performance measure methodology.
In the attachment titled “Quarterly Customer Service Performance Results for FedLoan Servicing (PHEAA), Great Lakes Educational Loan Services, Inc., Nelnet, and Sallie Mae – Quarter Ending March 31, 2014,” we provide the third quarter’s customer satisfaction and default prevention results for these four servicers.
In the attachment titled “Quarterly Customer Service Performance Results for Not-For-Profit (NFP) Members of the Federal Loan Servicer Team – Quarter Ending March 31, 2014,” we provide the third quarter’s customer satisfaction and default prevention results for Aspire Resources Inc., CornerStone, ESA/Edfinancial, Granite State - GSMR, MOHELA, OSLA, and VSAC Federal Loans.
We value the participation of all customers in the loan servicing process and thank you for your ongoing feedback.