Press Release: Positive Reactions to Champion College Services’ Proactive Actions
For Immediate Release:
Chuck Sweet
VP of Sales and Business Development
Champion College Services, Inc.
Phone (480) 947-7375x207
FAX (480) 947-7374
Chuck.Sweet@ChampionCollegeServices.com
ChampionCollegeServices.com
Positive Reactions to Champion College Services’ Proactive Actions
Phoenix, AZ October 4th, 2011- On September 14, 2011, the Department of Education officially announced the fiscal year 2009 2-year cohort default rates. The national average went from 7.0% to 8.8%, an increase of 25.7%. The proprietary school average went from 11.6% to 15.0%, an increase of 29.3%. Champion College Services’ average for tenured clients for the same period went from 11.3% to 10.5%, a decrease of 7.1%. Those same tenured clients were also reported having an average of 45% repayment rate as published by the U.S. Department of Education in August 2010.
When the U.S. economy crashed in 2008 followed by complications in the student loan business with extensive loan transfers and the mass exit of many FFELP lenders and servicers, Champion’s President and CEO, Mary Lyn Hammer, knew that her business had to change. Champion was the proactive pioneer in creating substantial and meaningful borrower education while expanding servicing procedures to help out struggling student borrowers. Champion recognized that doing the same thing and expecting different results would not be successful.
Even Champion College Services non-tenured clients fared better than the national average. Being under Champion’s wing for less than a year of the measurement period and mostly comprised of proprietary schools, these clients saw a rise from 13.5% to 14.0%, a minimal increase 3.5% compared to the national average increase for proprietary schools of 29.3%.
Champion College Services is a leading advocate for the student borrowers they serve. With the government’s decision to eliminate subsidized loans for graduate students starting July 1st, 2012 and budgetary discussions to eliminate other student loan subsidies, many students will be faced with an even bigger challenge when it comes to paying interest as it accrues. To combat these challenges, Champion is continuing to develop its borrower education materials while implementing an interactive financial literacy program to establish a culture of accountability among new student borrowers.
Living the company’s mission statement is essential to the success. “Champion College Services continues to uphold its mission on behalf of its client schools to be a mentor for developing healthy life skill for their student customers that create and maintain self-esteem and self-worth.” Call us at 1-800-761-7376 or on the Internet at ChampionCollegeServices.com
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