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CALCULATE INTEREST
As part of the contractors’ duties, agencies may require
the contractor to perform the interest calculations on the loans
being serviced. Agencies may issue task orders that include
requirements for interest calculation services which are similar
to the services described below. A task order may require any
combination of these services. These services illustrate some
of the types of tasks that the contractor may be required to
perform under this contract, but this is not intended to be
an all inclusive list. Rather, it illustrates the types of services
a contractor may provide.
When required, agencies may issue task orders that include this
service which may require, but are not limited to the following
types of tasks:
- The contractor may be required to calculate the interest
that accrues on borrowers' accounts in accordance with the
applicable regulations and the loan terms and conditions.
- The contractor may be required to post accrued interest
to borrower's accounts at time intervals specified by the
ordering agency in a task order and report posted interest
to an agency’s central database daily.
- The contractor may be required to provide amortization
schedule to the borrower.
ASSESS FEES AND LATE CHARGES
If an agency chooses to impose fees or late charges on Government
loans, it may require contractor services to assess, post and
collect them. Agencies may issue task orders that include requirements
for this service which are similar to the services described
below. A task order may require any combination of these services.
These services illustrate some of the types of tasks that the
contractor may be required to perform under this contract, but
this is not intended to be an all inclusive list. Rather, it
illustrates the types of services a contractor may provide.
When required, agencies may issue task orders
that include this service which may require, but are not limited
to the following types of tasks:
- Assess and post to borrowers' accounts applicable fees
and late charges on a loan in accordance with the applicable
loan regulations and the loan terms and conditions. Amounts
posted may be required to be transmitted to the agency’s
central database regularly.
- For borrower payments that are not honored by a bank,
agencies may require the contractor to assess a dishonored
payment fee in an amount specified by the ordering agency,
post the fee to the borrower's account, and transmit the
information to the agency’s central database. The contractor
may also be required to provide notification to borrowers
of dishonored payment fees and late charges assessed on
their accounts.
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