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FALLS CHURCH, Va., (Sept. 5, 2002) - Raytheon Company was recently
awarded a contract by the Colorado Student Loan Program (CSLP), the
designated guarantor of student loans for the State of Colorado, to
help implement a new debt collection module. The module will facilitate
the collection of defaulted student loans through the use of Raytheon's
state-of-the-art debt management system recently developed to streamline
the debt management process.
In cooperation with CSLP subject-matter experts, Raytheon developed
the commercial-off-the-shelf product line known as Quester that provides
seamless integration of loan origination and disbursement and debt collection
processes. Customized to both the Federal and State debt management
markets, Quester offers the financial aid industry the capability to
manage its collection process from payment of a claim through the settlement
of a loan.
Raytheon's debt management expertise, based on work with the U.S. Department
of Education's Federal Family Education Loan and National Student Loan
Data System programs, was also applied to the development of this complete
student financial aid loan portfolio management system.
"Raytheon and the CSLP look forward to utilizing a decade of debt
management and web-based technology expertise with the U.S. Department
of Education to enhance Colorado's student loan process," said
John Carroll, director of Raytheon's Enterprise Information Systems.
"We are pleased to lend our expertise in the student loan arena
to Raytheon's considerable expertise in creating web-based technology
systems," said Jeanne M. Adkins, director of the CSLP. "We
look forward to a partnership that focuses on providing the next generation
of customer service in the student loan industry."
With headquarters in Lexington, Mass., Raytheon Company (NYSE: RTN)
is a global technology leader in defense, government and commercial
electronics, and business and special mission aircraft.
Created in 1979 by the Colorado legislature, CSLP has built a reputation
as an innovator nationally in the delivery of student loan services
to schools, lenders and Colorado student and parent borrowers. The agency
has had considerable success in the debt management arena.
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Note to Editors: Traditionally known as
an aerospace and defense electronics provider, Raytheon provides a powerful
combination of relevant technical skills and extensive experience in
system design to benefit a diverse base of customers including the Defense
Logistics Agency, Health and Human Services, and the Department of Education.
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