Collection Agency to Add 400 Jobs on Dept of Ed Contract Win

WATERLOO, IA – A local debt recovery agency has landed a major federal contract, and will be adding 400 workers over the next 18 months.

The CBE Group Inc. was awarded a student loan collection contract from the U.S. Department of Education. CBE will be one of several private collection agencies to recover debts owed on government student loans, such as those through the Perkins Loan Program.

“The ED contract is the single largest and most sought after contract in our industry, and CBE went head-to-head with some of the best agencies in the nation to win it,” said company president Tom Penaluna, who joined the firm in 1979 and became sole owner in 1986.

To handle the workload, CBE is immediately hiring 200 workers for its Waterloo office, about half of those coming by the end of the year. An additional 200 workers split between Waterloo and CBE’s West Des Moines facility will be hired over the next 18 months. The added positions will nearly double CBE’s current employment of 423.

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