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Higher Education Services Corporation-We Help People Pay for College
ANNUAL REPORT 2002
Annual Report Home Key Executives and Board of Trustees HESC Overview Financial Aid for NYS Students Tables and Charts

Table 6

Collection Activities on Defaulted Loans


  State Fiscal Year ($ thousands)
  1997-98** 1998-99 1999-00 2000-01 2001-02
Outstanding Principal Balance of Defaulted Loans $1,780,362 $1,742,864 $1,637,659 $1,562,835 $1,542,203
Default Collections $162,657 $148,868 $144,617 $128,403 $109,892
Loans Consolidated*   $62,939 $117,712 $140,837 $154,535
Loans Rehabilitated*   $12,606 $30,414 $22,600 $17,751

*NOTE: The Collection, Consolidated and Rehabilitated amounts include principal, interest and collection fees.

Revenue to NYSHESC as a Result of:

Default Collections $50,206 $39,181 $35,218 $31,168 $26,567
Loans Consolidated*   $9,826 $18,205 $21,788 $24,187
Loans Rehabilitated*   $1,968 $4,738 $3,737 $3,142
Total Collection Related Revenue $50,206 $50,975 $58,161 $56,693 $53,896

* See FINANCIAL AID PROGRAMS FOR NEW YORK STATE STUDENTS for a description of these programs. Accounts that are consolidated or rehabilitated are no longer in default and have been returned to repayment.

** In 1997-98, few defaulted loans were rehabilitated or consolidated and the figures were not segregated.

Over $282 million of defaulted loans were collected, consolidated, or rehabilitated by HESC, led by a 10% increase in loans consolidated.
Last Modified on November 01, 2002