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RECONVERT LOANS
Agencies may require a contractor to perform some or all of
the tasks associated with reconverting loans. Agencies may issue
task orders that include requirements for this service which
contains services similar to the those 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 the reconversion of loans which may require, but
are not limited to the following types of tasks:
- Reconvert borrower loans from repayment into a payment-not-due
status if appropriate.
- Reverse any late charges assessed and any interest erroneously
calculated in accordance with the ordering agency’s guidelines.
In addition, the contractor may be required to correct reports
sent to an agency’s central database and credit bureaus
if the contractor reported the borrower as delinquent or
defaulted.
- In the event of any reconversion, cease billing and provide
the borrower with an adjusted statement of account balances.
The contractor may be required to generate the appropriate
transactions to an agency’s central database.
- Reconvert a loan within a specified time period of obtaining
the required information and cease collection activities
immediately.
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