Education Solution Partners services include:
- Program Strategy Development
- Operational Efficiencies
- Loan Servicer and Vendor Management
- Accounting Reconcilement
- Investor Reporting
- Covenant Tracking
- Funds Processing and Remittances
- Coordinating FFEL Audit Engagements
- Coordinating Financial Audit Engagements
- Private Loan Program Development and Product Design
- Vendor Analysis and Recommendations
- Private Loan Process and Procedures Development
- Contract Review and Negotiation
- Regulatory Compliance Reviews
Program Strategy Development
Whether you are developing a new education loan program, exiting a discontinued business line, or looking for assistance in evaluating your options, ESP has the experience and knowledge to assist you. Not only will we consult with you on the direction of your program, providing insight from our 40 years of experience, but we will provide the day-to-day services needed to implement the strategy that is developed. Because our sole business is the education loan industry, we can see opportunities for the improvement of your strategy and have the ability to implement them on your behalf.
Operational improvements to your education loan program are only as good as their implementation. ESP goes beyond recommending improvements by actually running the process on a day-to-day basis. We don’t just “tell you what to do” — we do it for you. ESP can administer any aspect of your education loan program. In so doing we will identify and implement contractual, operational and market improvements that increase the value of your program. We are experts at improvements!
Loan Servicer and Vendor Management
ESP will work directly with your loan servicers and other venders (such as trustees, guarantors and collection agencies) in the daily operations of your Education Loan business. We monitor the reports and activities to assure that all contractual and legal obligations are being maintained. Periodic reviews of samples of individual loans are conducted to ensure the servicers and vendors are complying with your policies and those of your regulator.
ESP will reconcile the records and reports of the servicers and other vendors to your accounting records, pursuing any discrepancies to a final resolution. ESP will provide you with the daily and monthly entries necessary to maintain your financial records or will even manage your entire general ledger if you would prefer.
If your education loans are pledged to a financing arrangement, ESP will produce and distribute reports to the investors as required by your program. Having designed and developed the Investor Reports for the first publicly traded Student Loan Asset Backed Securities ever issued, we have extensive experience in this area.
One of the areas that can lead to serious problems if overlooked are the covenants contained in the financing documents of your education loan program. ESP will thoroughly review your legal documents to determine the commitments that have been made by you and make sure that your program is in compliance or provide you with an early warning, and possible actions to take, if a covenant will be violated. Similarly, ESP will determine the commitments others have made to you and monitor their compliance with those covenants.
Funds Processing and Remittances
On a daily, weekly and monthly basis ESP will coordinate the flow of funds between the various parties involved in your education loan program. More than making sure that funds are remitted to investors, ESP will verify the transfer of funds from the servicer are appropriately recorded and processed in a timely manner, provide instructions (per your program specifications) for the movement of funds and monitor the entire process.
Coordinating FFEL Audit Engagements
ESP will work directly with the U.S. Department of Education on your behalf in coordinating and responding to any audits conducted on your federal student loan portfolio. ESP will report the audit progress to you on a regular basis and provide to you proposed responses to audit findings prior to submission to the auditor.
Coordinating Financial Audit Engagements
To the extent that ESP has been engaged by you to provide general ledger entries or manage all of your financial records, we will also coordinate all financial audits. This includes engaging directly with the auditors to provide information, documents and records. ESP will coordinate any onsite visits required by the auditors, whether in your offices or ours. We will report the audit progress to you on a regular basis and provide to you proposed responses to audit findings prior to submission to the auditor.
Private Loan Program Development and Product Design
The Principals of ESP have been designing and implementing Private Education Loan programs since 1989. Our extensive experience in these programs allows us to design the unique characteristics you are looking to achieve. We can provide guidance from credit criteria to collection activities and every step in between.
Vendor Analysis and Recommendations
We have worked with nearly all of the major vendors involved in the origination, servicing and collection of education loans. As such, we are well versed in the capabilities of their systems and organizations. ESP can analyze their capabilities to provide services for your program and provide you with recommendations to meet your specific needs. We have no preferred vendors and recognize that all vendors have strengths and weaknesses. Our recommendations are based solely on the ability of the vendor to meet your requirements.
Private Loan Process and Procedures Development
If you are creating a new Private Education Loan Program, or just want to improve the process of your existing program, the place to start is with a well designed Program Manual. A Program Manual that is developed to cover all aspects of your program and is maintained as your program evolves is critical to the coordination of all the systems, processes and vendors involved in your Education Loan Program. ESP has developed and maintained numerous Private Education Loan programs. We will work directly with your team and your vendors to document the policies of your program as well as every operational step of the process.
Contract Review and Negotiation
Because the Principals of ESP have managed Education Loan Programs since 1989, we have experience in negotiating and managing contracts with the major servicers and other vendors in the country. We know the services they can, and cannot, perform. ESP can either negotiate contracts on your behalf or review the contracts for you.
Regulatory Compliance Reviews
ESP lives by the adage “you get what you test”. To that end we recommend and conduct periodic reviews of processes and procedures to make sure that every step of your program is in accordance with the regulations governing your program. While we are not attorneys, we work closely with your counsel to determine the aspects that need to be reviewed. We then conduct file level reviews of your program, remotely or onsite at your vendor, to determine your level of compliance and any corrective action that needs to be taken. If corrective action is needed, we will follow-up with the vendor and put the correction in place on your behalf.
Winding Down your Federal Loan Program?
Modifying your Private Loan Program?
Evaluating your Tuition Payment Plan?
Created in 2009, ESP brings over 40 years of student loan experience to the table, and we've administered over $10 billion in that time. From sales and marketing, to operations and finance, we've seen and done it all.
Our sole objective is to execute your education loan strategy. We bring the tools, the knowledge and the experience to get the job done.