State Looks to Update Alternative Student Loan Management Tech

The Texas Higher Education Coordinating Board (THECB) is seeking an experienced vendor that can convert its current student loan management system to a new one.

For context, the state’s Hinson-Hazlewood Loan Program includes the College Access Loan and FORWARD Loan programs; the commission originates and services additional loans for a total portfolio worth about $1.7 billion, according to the request for offers (RFO).

The modern system will work across devices with various operating systems, including phones, tablets and desktops, and it must work in all web browsers.

This will be a four-year contract.

The agency seeks a secure system that follows federal and state regulations including student privacy laws, accessibility laws, cybersecurity requirements and banking rules. It will be interoperable with various outside systems such as the state’s accounting systems (CAPPS and USAS).

Administering the loan programs includes:

• Loan origination and service
• Payment processing
• Accounting
• Reporting
• Document generation/management
• Debtor ID and location
• Collections, litigation tracking and default collections
• 24/7/365 availability
• Customer portal

Responses to RFO No. 781-4-02476 are due at 11:30 p.m. Dec. 2, and those offers may be for loan origination services only, loan servicing only, or both origination and servicing. THECB is looking for creative solutions for an integrated system, according to the summary. The contact is Marcus Garcia.