Collections Analyst

Virginia Information Technologies Agency•Chesterfield, VA

3d•$65,000•Onsite

About The Position

Execute internal collection processes for student accounts receivable, including tuition, fees, institutional receivables, and applicable loan programs. Monitor receivables aging and identify delinquent accounts requiring collection action. Perform routine review of accounts to ensure timely collection efforts and escalation of past-due balances. Ensure collection activities comply with the Virginia Debt Collection Act and CAPP 20505 requirements, including timely and aggressive collection of accounts receivable. Identify and act on accounts eligible for escalation based on aging and collection thresholds. Identify accounts meeting criteria for referral to private collection agencies and the Office of the Attorney General (OAG), Division of Debt Collection. Ensure accounts are referred in accordance with state requirements and established timelines. Maintain documentation supporting all referral and escalation decisions. Research and resolve inquiries related to receivables and account balances. Investigate discrepancies and ensure proper application of payments and adjustments. Communicate with internal departments, external agencies, and debtors as needed. Maintain complete documentation supporting all collection activities, including, outreach efforts, payment arrangements, referrals, adjustments. Ensure adherence to internal controls and audit requirements. Maintain accurate records of all receivable activity, including, aging, collection status, referral activity, recoveries. Prepare reports for management reflecting collection performance and outstanding receivables. Ensure all receivable activity is properly documented and auditable. Coordinate the setup and administration of past-due payment plans. Create and modify payment plan arrangements based on communication with students. Issue payment plan invitations to students and ensure timely follow-up. Monitor payment plan activity to ensure student enrollment in plans, payments are received and applied appropriately, account balances and memo postings are accurately reduced. Identify and escalate delinquent or non-compliant payment plans for further collection action. Prepare and submit accounts in accordance with required timelines. Monitor and reconcile collections received through setoff and external collection sources. Perform collection-related activities for Perkins and other institutional loan receivables Ensure compliance with applicable federal and state requirements for loan servicing and collections. Monitor delinquent loan accounts and coordinate appropriate collection actions.

Requirements

Demonstrated knowledge of Federal and State statutes and regulations governing accounts receivable, debt collection, and Federal Perkins Loan programs
Demonstrated ability to interpret regulatory requirements and translate changes into operational processes and procedures
Demonstrated ability to perform detailed research using multiple sources to support collection activities, resolve discrepancies, and ensure compliance
Demonstrated ability to analyze financial transactions and account activity for accuracy, completeness, and conformity with established policies and regulatory requirements
Demonstrated ability to manage multiple priorities and meet mandatory deadlines within a structured, process-driven environment
Demonstrated ability to prepare, maintain, and analyze financial reports related to receivables, collections, and account activity
Demonstrated ability to communicate effectively, both orally and in writing, with internal departments, external agencies, and customers
Demonstrated ability to interact professionally with students, faculty, staff, and the general public while handling sensitive financial matters
Demonstrated ability to maintain accurate documentation and support audit and compliance requirements
Working knowledge of automated financial systems (e.g., Banner, Argos, Nelnet or similar systems) and intermediate proficiency in Microsoft Excel and Word

Nice To Haves

Bachelor’s degree in Accounting, Finance, Business Administration, or a related field, or an equivalent combination of education and experience.

Responsibilities

Execute internal collection processes for student accounts receivable, including tuition, fees, institutional receivables, and applicable loan programs.
Monitor receivables aging and identify delinquent accounts requiring collection action.
Perform routine review of accounts to ensure timely collection efforts and escalation of past-due balances.
Ensure collection activities comply with the Virginia Debt Collection Act and CAPP 20505 requirements, including timely and aggressive collection of accounts receivable.
Identify and act on accounts eligible for escalation based on aging and collection thresholds.
Identify accounts meeting criteria for referral to private collection agencies and the Office of the Attorney General (OAG), Division of Debt Collection.
Ensure accounts are referred in accordance with state requirements and established timelines.
Maintain documentation supporting all referral and escalation decisions.
Research and resolve inquiries related to receivables and account balances.
Investigate discrepancies and ensure proper application of payments and adjustments.
Communicate with internal departments, external agencies, and debtors as needed.
Maintain complete documentation supporting all collection activities, including, outreach efforts, payment arrangements, referrals, adjustments.
Ensure adherence to internal controls and audit requirements.
Maintain accurate records of all receivable activity, including, aging, collection status, referral activity, recoveries.
Prepare reports for management reflecting collection performance and outstanding receivables.
Ensure all receivable activity is properly documented and auditable.
Coordinate the setup and administration of past-due payment plans.
Create and modify payment plan arrangements based on communication with students.
Issue payment plan invitations to students and ensure timely follow-up.
Monitor payment plan activity to ensure student enrollment in plans, payments are received and applied appropriately, account balances and memo postings are accurately reduced.
Identify and escalate delinquent or non-compliant payment plans for further collection action.
Prepare and submit accounts in accordance with required timelines.
Monitor and reconcile collections received through setoff and external collection sources.
Perform collection-related activities for Perkins and other institutional loan receivables
Ensure compliance with applicable federal and state requirements for loan servicing and collections.
Monitor delinquent loan accounts and coordinate appropriate collection actions.