Sallie Mae 2003 Annual Report Download - page 17

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LENDER SELECTION LOAN ORIGINATION LOAN DELIVERY GUARANTOR SERVICES DEBT MANAGEMENT
Pioneer Credit Recovery
Lawannah Howell
ASSISTANT CONTRACTING OFFICER’S REPRESENTATIVE FOR
THE U.S. DEPARTMENT OF EDUCATION
In 1997, Joan Ludwick started work as an analyst at Pioneer Credit Recovery, Inc.
The company had 30 employees. Six years later, the once-fledgling business has
grown to 750 employees, and is considered a national leader in federal contract
collections. Joan grew with the company, as well, becoming its chief executive
officer in 2004.
Collections is a revolving door, says Lawannah Howell, a
25-year veteran of the U.S. Department of Education. “If
payments on defaulted loans are not recovered, future gen-
erations of students ultimately will pay the price,” she says.
Joan Ludwick, CEO of Pioneer Credit Recovery, agrees.
“Collection work affects many, many stakeholders. The
amount of dollars that we have helped return to the
Department of Education has an impact on everyone from
borrowers to taxpayers. In collecting these ‘lost’ dollars, we
are helping to ensure that programs are available for future
students to secure loans for their education.”
For the past six years, Pioneer has served as one of the top
collection agencies for the U.S. Department of Education, total-
ing more than $155 million in gross collections in 2003. The
reason for the success is simple, says Ludwick. “We truly care
about the end customer. Both the Department and Pioneer
strive for the same goals, helping borrowers meet their stu-
dent loan obligations and putting dollars back in taxpayers’
pockets by collecting outstanding federal debt.”
And that goal is critical. Effective counseling programs not
only spare borrowers the serious repercussions that follow
default, but also protect the integrity of the entire student
loan program, as well as the interests of schools and
American taxpayers.
The Department’s Howell gives kudos to Pioneer for its
collection efforts. “Pioneer stands out. They are indeed a
consistent top performer,” she says.
Adds Pioneer’s Ludwick: “Our approach is about treating
consumers with respect.We work with borrowers, not against
them. The idea is to counsel, provide options and get them
into the right program that fits their needs.When this hap-
pens, everyone wins.”
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