FSA Perkins Loan Servicing Contract

Background
The Federal Student Aid (FSA) is a performance-based organization managing and administering student financial assistance programs at the U.S. Department of Education (ED). The FSA's non-defaulted Perkins Loan portfolio is currently being serviced by Xerox Education Solutions under the Common Services for Borrowers contract vehicle. The current non-defaulted Federally held Perkins loan portfolio is approximately 10,000 borrowers.

Work Details
The Statement of Objectives details the Tier 1 and Tier 2 requirements, including the performance requirements, system reporting deliverable requirements, pricing schedule, and unique pricing for handling federally held debt. It also outlines the requirements for Tier 1 servicing, such as deliverable requirements, default aversion management system, NSLDS reporting, transfer of defaulted Perkins borrowers to DMCS, and servicing status reports.
Additionally, it includes the coordination of mission-critical contractor services and contingency plans for mission-critical functions.

Period of Performance
The contract requires the contractor to comply with annual wage determinations and Fair Labor Standards Act requirements. It also includes provisions for price escalation based on economic indicators and adjustments to comply with changes in regulations or statutes.