Program agreement

Definition

A student's long-term contract, usually billed by an outside company that holds the paper.

Why It Matters

The contract book is most of what is being sold, and it usually sits with a billing company that advances against it, charges a fee, and has its own view on whether the agreements transfer. Ask how many are in force with months remaining on each, what the billing company's contract says about a change of owner, and what the collection rate has been, because a signed agreement and a paid one are not the same number.