Department of Education Awards $71.5M for Other Credit Intermediation Activities to Oklahoma Student Loan Authority
Contract Overview
Contract Amount: $71,471,159 ($71.5M)
Contractor: Oklahoma Student Loan Authority
Awarding Agency: Department of Education
Start Date: 2019-12-30
End Date: 2024-12-31
Contract Duration: 1,828 days
Daily Burn Rate: $39.1K/day
Competition Type: FULL AND OPEN COMPETITION
Number of Offers Received: 4
Pricing Type: FIRM FIXED PRICE
Sector: Other
Official Description: THE PURPOSE OF THIS MODIFICATION IS TO CREATE A NEW TASK ORDER FOR CONTRACT ED-FSA-12-D-0012 WITH PERIOD OF PERFORMANCE 01/01/2020 TO 12/31/2020.
Place of Performance
Location: WASHINGTON, DISTRICT OF COLUMBIA County, DISTRICT OF COLUMBIA, 20202
Plain-Language Summary
Department of Education obligated $71.5 million to OKLAHOMA STUDENT LOAN AUTHORITY for work described as: THE PURPOSE OF THIS MODIFICATION IS TO CREATE A NEW TASK ORDER FOR CONTRACT ED-FSA-12-D-0012 WITH PERIOD OF PERFORMANCE 01/01/2020 TO 12/31/2020. Key points: 1. Significant award to Oklahoma Student Loan Authority for credit intermediation. 2. Full and open competition was utilized, suggesting a competitive bidding process. 3. Contract duration is substantial, spanning from 2020 to 2024. 4. The award falls under the 'Other Activities Related to Credit Intermediation' NAICS code.
Value Assessment
Rating: fair
The contract value of $71.5M over 5 years appears substantial. Benchmarking against similar contracts for credit intermediation services is needed to assess value for money.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract was awarded under full and open competition, which typically promotes competitive pricing. The specific pricing structure and discovery process are not detailed here.
Taxpayer Impact: Taxpayer funds are being utilized for credit intermediation services, the efficiency and effectiveness of which will determine the ultimate taxpayer impact.
Public Impact
Potential impact on student loan accessibility and management. Government's role in credit intermediation and its effectiveness. Economic implications of government-backed credit services.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Lack of specific performance metrics.
- Potential for cost overruns in long-term contracts.
- Limited insight into the specific services provided.
Positive Signals
- Awarded through full and open competition.
- Clear period of performance defined.
- Established contractor with a specific purpose.
Sector Analysis
This contract falls under 'Other Activities Related to Credit Intermediation,' a sector that involves financial services and potentially student loan programs. Spending benchmarks for this specific niche are difficult to ascertain without more detail.
Small Business Impact
The data does not indicate whether small businesses were involved in this contract, either as prime contractors or subcontractors. Further analysis would be needed to determine small business participation.
Oversight & Accountability
Oversight would focus on contract performance, adherence to terms, and the effective utilization of funds to achieve the stated purpose of credit intermediation.
Related Government Programs
- Other Activities Related to Credit Intermediation
- Department of Education Contracting
- Department of Education Programs
Risk Flags
- Lack of detailed service description.
- Absence of defined performance metrics.
- Potential for scope creep in long-term contracts.
- Limited transparency on specific cost drivers.
Tags
other-activities-related-to-credit-inter, department-of-education, dc, delivery-order, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of Education awarded $71.5 million to OKLAHOMA STUDENT LOAN AUTHORITY. THE PURPOSE OF THIS MODIFICATION IS TO CREATE A NEW TASK ORDER FOR CONTRACT ED-FSA-12-D-0012 WITH PERIOD OF PERFORMANCE 01/01/2020 TO 12/31/2020.
Who is the contractor on this award?
The obligated recipient is OKLAHOMA STUDENT LOAN AUTHORITY.
Which agency awarded this contract?
Awarding agency: Department of Education (Department of Education).
What is the total obligated amount?
The obligated amount is $71.5 million.
What is the period of performance?
Start: 2019-12-30. End: 2024-12-31.
What specific credit intermediation activities are being funded by this contract, and how do they align with the Department of Education's mission?
The contract's purpose is broadly stated as 'Other Activities Related to Credit Intermediation.' To assess value, a detailed breakdown of services is required. This could include loan origination, servicing, default management, or financial advisory services related to credit. Understanding the specific activities will clarify their alignment with the Department's educational and financial aid objectives and allow for a more precise evaluation of effectiveness.
What are the key performance indicators (KPIs) for this contract, and how will success be measured?
The provided data lacks specific KPIs. Effective oversight requires defined metrics such as loan default rates, processing times, customer satisfaction scores, or cost-per-loan managed. Without these, it's challenging to objectively measure the contractor's performance and the overall success of the credit intermediation services in achieving desired outcomes for students or the government.
How does the pricing structure of this contract compare to industry standards for similar credit intermediation services?
The contract value is $71.5M over five years. A comprehensive pricing assessment requires comparing the per-unit costs (e.g., cost per loan serviced, cost per default managed) against industry benchmarks. Without this granular data, it's difficult to determine if the pricing is competitive or represents a fair value for the services rendered by the Oklahoma Student Loan Authority.
Industry Classification
NAICS: Finance and Insurance › Activities Related to Credit Intermediation › Other Activities Related to Credit Intermediation
Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › MANAGEMENT SUPPORT SERVICES
Competition & Pricing
Extent Competed: FULL AND OPEN COMPETITION
Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY
Offers Received: 4
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Address: 525 CENTRAL PK DR STE# 600, OKLAHOMA CITY, OK, 73105
Business Categories: Category Business, Nonprofit Organization, Not Designated a Small Business, Special Designations, U.S.-Owned Business
Financial Breakdown
Contract Ceiling: $71,471,159
Exercised Options: $71,471,159
Current Obligation: $71,471,159
Actual Outlays: $96,311,388
Contract Characteristics
Commercial Item: COMMERCIAL PRODUCTS/SERVICES
Cost or Pricing Data: NO
Parent Contract
Parent Award PIID: EDFSA12D0012
IDV Type: IDC
Timeline
Start Date: 2019-12-30
Current End Date: 2024-12-31
Potential End Date: 2024-12-31 00:00:00
Last Modified: 2024-12-04
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