Launch begins outreach campaigns via text and email starting at 3 days past due. When a borrower falls behind on their payments (by more than 30 days with UAS or 60 days with Launch), our deferral partner Loan Science will begin reaching out by phone and email daily in order to help them get back on track. Loans are then sent to collections only if all of the following criteria are met:
- They are not on any type of deferment plan,
- They are more than 120 days past due, and
- They have been sent an “intent to accelerate” letter and have been accelerated.
- They are not in Bankruptcy
At the end of every month, loans which meet the above criteria are sent to collections.
Our collections partner will reach out to borrowers and attempt to help them set up payment plans.
Your school admins will be able to see when a loan is sent to collections — the status will appear as “Collection” in the School Portal. Then, if a student settles while in collections, their repayment status in the School Portal will be “Compromised,” and this loan will be considered complete.
For non-remittance loans, servicing fees will still be charged while the loan is in collections.
Borrowers who are at risk of falling behind on payments and eventually being sent to collections can apply for a deferment plan through our third-party servicing partner, Loan Science:
- For students to request a deferral of payments on your Climb loan, please have them contact Loan Science directly using this link or by calling (866) 311-9584.
- To learn more about the approval criteria for a deferral application, please contact Loan Science directly. They make these decisions on a student-by-student basis.