In April 2023, the U.S. Department of Education announced agreements with five new companies to service federal student loans.
Central Research is one of the new companies to sign a student loan servicing contract.
As a student loan borrower, this means you. student loanCentral Research may treat it as yours. student loan servicer. Let’s take a look at Central Research’s background and how this might affect student loan repayments.
What is a Central Research Student Loan?
Central Research Inc (CRI) was founded in 2002 by Scott Dillard and Johnny Dillard. Since its inception, the veteran-owned company has grown into a multi-million dollar company.
The latest deal signed by the Department of Education is a multi-million dollar deal. However, this is not the first time the CRI has worked with the federal government. In 2015, CRI Contract with Ministry of Education To help a student loan borrower rehabilitate a student loan that has defaulted (i.e. helped collect a student loan).
CRI also acts as a contractor for other federal agencies. But these focuses Other contracts We offer data management, IT services, call centers, and other supportive roles. Accordingly, recent contracts with the Ministry of Education underscore the weight of CRI’s responsibility.
What do you offer?
Central Research is one of the newest student loan servicers (joining the ranks of MOHELA, NelNet, etc.). But as a student loan borrower, you don’t have a variety of companies to choose from. Instead, you should be notified by the Department of Education if there is a new student loan servicer.
If you don’t want to wait for notifications, you can find out who your student loan servicer is by visiting the following link. National Student Loan Data System. Central Research may already be listed as the servicer for this system.
If your student loan is serviced by Central Research, here’s what you need to know about the company.
wait for online access
As of writing in June 2023, Central Research does not have an online platform set up for federal student loan repayments.
No online platform yet, but may be in development. By the time Central Research officially takes over student loan repayment plans, you should be able to access online repayment options.
After all, Ministry of Education It said it made the switch to modernize the student loan repayment experience. For now, federal borrowers will have to wait and see what Central Research’s future platform offers.
In contrast to several other companies that have won contracts from the Ministry of Education, Central Research has won relatively low contract amounts.
Central Research’s contract value is $24.3 million. That’s a lot of financing, but it’s pretty small compared to Maximus Education’s $970.4 million signing bonus and he MOHELA’s $299.6 million signing bonus.
Central Research is new to student loan services, so it should be a smooth transition with little effort. Of course, time will tell what happens to Central Research’s role as a student loan servicer.
How does it compare to Central Research Student Loans?
Central Research is not the only company contracting government services for student loans. MOHELA and Aidvantage have provided this service for many years.
Mohera Missouri Department of Higher Education Loans, has been on student loans for several years. Unfortunately, many borrowers have experienced repayment problems through the company, including excessive phone complaints.
advantage, Maximus Education’s federal student loan processing division took over processing federal loans after Mr. Navient was relieved of his role. Aidvantage is relatively new to this role. But the company expects Navient to be fairer than ever to borrowers.
How do I contact Central Research Student Loans?
To contact Central Research, call 479-419-5456 Monday through Friday, 8 am to 5 pm Central Time. Another option is Inquiry form Visit the Central Research website or send the information by mail to 106 N. Bloomington Suite S Lowell, Arkansas 72745.
It’s too early to say what the customer service experience will be like. Hopefully, the company will provide a smooth repayment journey. However, it will take some time to determine what kind of experience borrowers will have when partnering with the company.
Central Research is the first to enter the federal student loan servicing arena. As one of the smaller companies, very few student loan borrowers are affiliated with this company. But Central Research could benefit from less workload as it can focus on doing great work instead of being overwhelmed by a huge influx of borrowers.
Editor: Colin Graves
Reviewed by: Robert Farrington
The Central Research Student Loan Review article was first published in The College Investor.