Central Research Student Loans: What to Know About the New Federal Servicer

In April 2023, the Biden Administration’s Department of Education announced that it would award federal loan servicing contracts to five loan servicers. One of these new loan servicers is Central Research, Inc., a relatively small player in the student loan servicing space.

Student loan borrowers might be switched to Central Research to complete their repayment, so it’s important to understand the basics of this company and what to expect.

What is Central Research, Inc?

Central Research, Inc. (CRI) is a small business located in Arkansas. It prides itself on being veteran-owned. The company has had the U.S. Department of Education as a customer in the past, with a contract to help student borrowers with loan rehabilitation on student debt in default.

Central Research also has contracts with other government agencies, including the Small Business Administration, the Department of Transportation and the U.S. Army. Services provided by Central Research included IT services, data management, call centers and other program support functions.

This represents a step up in the company’s potential to work with the government by being part of the latest student loan repayment servicing contract and not just supporting borrowers with delinquent student loans. However, the company’s previous work with the government and its current engagements, as well as its previous experience on a Department of Education project might have contributed to its current eligibility for the most recent loan servicing contract.

Central Research customer feedback

Central Research provides services that put it on par with debt collection agencies, which can impact some of the customer feedback. The tactics used can be phone calls and wage garnishment. However, the company has also helped student loan borrowers get out of default and bring their accounts in order.

CRI isn’t accredited by the Better Business Bureau (BBB), but it has two customer service reviews, which are both positive. However, the BBB also reports seven complaints closed in the last three years, with no complaints in the last 12 months. 

There are no reviews on Trustpilot.

Most of the feedback on Central Research, Inc. comes from employees on sites like Glassdoor or from women on websites like InHerSight. Glassdoor has CRI at a 3.7 rating, while InHerSight lists it as a 3.9 average rating.

How does Central Research compare to other student loan servicers?

In general, CRI is a smaller company providing support to the U.S. government when it comes to student loan servicing.

Current contract amounts from the Department of Education include the following:

• CRI: $24.3 million
• MOHELA: $299.6 million
• Nelnet: $11.8 million
• EdFinancial Services: $138.7 million
• Maximus Education: $970.4 million

Central Research’s share of the pie is relatively small. It’s also important to note that Nelnet Diversified Solutions is a subsidiary of Nelnet, which has had much larger contracts in the past, continues to service older federal loans (including those from the FFEL program), and even has private loans in its portfolio.

Additionally, Maximus Education operates Aidvantage, the company that is taking over the massive federal student loan (including more recent Direct Loans) portfolio operated by Navient.

As a smaller player in the industry, Central Research has a chance to prove itself with its loan program. Additionally, with the relatively small amount involved, along with a smaller number of borrowers, there’s a chance that Central Research might be able to handle its load.

Finally, even though Central Research is relatively small, it already has experience with higher education contracts through its default resolution service. Additionally, CRI lists MOHELA as one of its customers. The company has experience understanding forbearance, deferment, PLUS Loans, income-driven repayment terms and other programs related to federal loan payments.

What to do if Central Research is your new servicer

If you have a new student loan servicer as a result of the new contracts, you should be notified of the situation. Additionally, the Federal Student Aid (FSA) website should be updated within seven to 10 business days with the information. 

You can also see who your current federal loan servicer is by going to the National Student Loan Data System (NSLDS) and logging in with your FSA ID and password. Information about your loans, including how much you owe and your interest rates, is available, along with your current servicer.

If you end up being transferred to a new servicer, watch for information regarding how to handle payments going forward, and make a note of your new account information. You’ll likely need to set up online access with Central Research. Make sure you understand when you need to make monthly payments to Central Research. There currently isn’t a separate portal for student loan borrowers yet.

How to contact Central Research about your student loans

You can find contact information about your servicer, including if its CRI, in your NSLDS profile. For now, you might not yet know if you’ll end up with Central Research as a servicer. The company is new and doesn’t appear to have set up a separate portal.

For now, it’s possible to contact Central Research during its regular business hours 8 am to 5 pm central time, Monday through Friday. The phone number for Central Research is 479-419-5456, and its address is 106 N Bloomington St S, Lowell, AR 72745.

There is also a contact form on the CRI website that you can fill out to connect with the company.

Central Research FAQs

The Financial Aid website hasn’t yet been updated with a lot of information about Central Research and how it will operate. However, there are some questions you might have about the company.

What can you do if you don’t want Central Research as your servicer?

In general, if you don’t like your current servicer, you need to either submit paperwork to be considered for PSLF and be found eligible to pursue it, or you need to apply for federal loan consolidation.

Another option is to refinance your student loans. Refinancing will make your loans private, however, and you won’t be eligible for a federal repayment plan or loan forgiveness.

Pay attention in the next few months to see if your loans are about to be transferred for Central Research. Check the NSLDS to see who your servicer is, and be vigilant in order to avoid missed payments.