Specifications include, but are not limited to: 1. General: College of Charleston's requirements include, but are not limited to, banking, billing, accounting, reporting, 1098T tax form processing, related services, and an Interactive P.C. Based System, that will facilitate the College's need in the collection of Perkins Loans. 2. Specific: The objective of the College in contracting with a servicer for student loans is to maintain efficient methods for administering its student loan programs to achieve the following goals: - Minimize delinquencies and calculated cohort default rates. - Consolidate collections to provide additional resources of the College's student financial assistance program. - Operate a cost effective program within the College’s requirements. - Utilize an innovative system which offers advanced automated applications for loan collections and management. - Communicate effectively with borrowers in a clear, concise, cordial, and timely manner. - Provide continuity and uniformity to the administration of the College's federal loan programs. - Provide an integrated billing service, and must respond, within 24 hours, to all College inquiries. - Provide an “800" phone number for student and College access to account inquiries and to speak directly to a Customer Service Representative (no automated answering systems during normal business hours). - Provide monthly collection and account reconciliation reports and statements. - Provide timely and accurate recording of borrower’s payments including audit trailcontrols. 3. The contractor shall provide full service of all accounts including Title IV federal Perkins due diligence requirements. 4. The contractor shall provide full compliance with all current provisions as amended including all current and future supplementary regulations, policies and administrative guidelines.