(December 4 – 13:00 ET) – FirstService Corp. says that BDP Business Data Services, a unit of its business services division, has been awarded a contract with Human Resources Development Canada to process and administer student loans for borrowers attending private educational institutions. The three-year contract is worth $45.7 million.

Under the terms of the contract, BDP will be responsible for the administration of loan disbursements, management of accounts while student borrowers are attending educational institutions, consolidation and repayment of loans and the management of student loan debt while student borrowers are in repayment.

“Processing and administering student loans is core to BDP’s business”, said Lawrence Zimmering, president and CEO of BDP. “The decision by the banks to exit the student loan business has forced the federal government and the provinces to find other arrangements to ensure uninterrupted delivery of student loans and we are thrilled to have been chosen for this task”, he concluded.

This new contract win is the second in the Student Loan area over the last few months. Recently, BDP was awarded a five-year contract to provide student loan processing, administration and portfolio management in British Columbia.

“These two contract wins and others will help BDP continue its enviable record of strong internal growth”, said Jay Hennick, president and CEO of FirstService. “They have built an excellent reputation serving some of North American’s leading corporations, financial institutions and government agencies.”
-IE Staff