FALLS CHURCH, Va., Jan. 7 /PRNewswire/ -- Raytheon Company (NYSE: RTN) was
recently awarded a contract extension by the U.S. Department of Education for
the Federal Family Education Loan (FFEL) program data management system. The
one-year contract extension is valued at $20 million and will run through
December 31, 2002.
Raytheon's FFEL contract primarily facilitates the collection of defaulted
student loans by providing interactive and batch processing to hundreds of
users. Raytheon performs student loan processing and debt collection support
for approximately 5.2 million debts in 3.9 million separate accounts for the
Department of Education. In performing these services, Raytheon provides
print and mail services generating more than 1.2 million pieces of mail to be
disseminated each month, and remittance processing worth more than $2 million
each week. Raytheon also helps the Department of Education respond quickly to
new legislative and regulatory changes, system improvements, and new
technology insertion.
"We are pleased to continue our work on these programs with the Department
of Education," said John Carroll, Raytheon's director of Enterprise
Information Systems. "Our partnering effort helps streamline and improve the
loan process and the return on federal loan investment dollars."
The FFEL system uses more than 1,700 COBOL batch and on-line programs, in
addition to a 100GB database. The system regularly interfaces with the
Internal Revenue Service, Department of Justice, U.S. Postal Service, Social
Security Administration, Immigration and Naturalization Service, Selective
Service, and state-level loan guaranty agencies.
Recognizing market needs for an integrated debt system, Raytheon is
developing a web-based, commercial-off-the-shelf Debt Management System
product line that supports all aspects of loan origination and disbursement,
loan servicing, and debt collection. The new product is scheduled to be
released during March 2002 and will focus on both the Federal and State debt
management markets.
With headquarters in Lexington, Mass., Raytheon Company is a global
technology leader in defense, government and commercial electronics, and
business and special mission aircraft and special mission aircraft.
Note to Editors: For more information about Raytheon's Enterprise
Information Systems business and the data management systems visit the
following web address:
http://www.raytheon.com/c3i/c3iproducts/c3i084/index.html
Contact:
Pennington Way IV
Raytheon Company
703.849.1635
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
CONTACT:
Pennington Way IV of Raytheon Company,
+1-703-849-1635
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