ACS Student Loans

ACS is one of the largest players in student loans, but it doesn’t lend its own money. In fact, universities simply outsource their financial planning and college financing operations to ACS, which handles all the headaches, complaints, and troubles with the federal student loan system.

Currently, ACS provides outsourcing for 1,100 universities, and also for private and public lenders. Recently, the company realized more than $100 billion in student loans to nearly 10 million students, and is recognized as one of the largest of the outsourcing companies responsible for the Direct Loans program.

All told, ACS provides processing for public, private, and local student loans, as well as Sallie Mae loans and consolidation programs. A few of its most popular programs are recognized below:

Parent borrowing – When students can’t pay for the full cost of their college education out of their own pocket, or with their own financing, parents can step up to take out a loan for their child in their own name. Borrowing as a parent is beneficial for the family, since the student can borrow a maximum of $26,000 from the federal government, and many of the programs are dependent on financial need. For those who will need more money, a parent loan is a great way to find the cash, and these are almost always serviced by ACS.

Sallie Mae – Sallie Mae loans are private loans issued to both the student and the parent. A student loan will allow for borrowing up to the difference between the cost of attendance and all other financial aid. Beyond the cost of attendance, a private parent loan can be issued by Sallie Mae, which has a limit defined only by the parent’s financial situation, as well as their credit history and current rating.

Stafford Loans – Issued by the government, a Stafford loan is provided to students who have completed a FASFA. This public loan is administered through Direct Loans, which is then outsourced to ACS by the government and colleges. ACS does nothing more than handle the money, and it distributes the cash to students after all forms, and paperwork has been filled out. Stafford loans come with a very low rate of interest, and are made readily available for all students who qualify. These loans are loans which you will want to accept as soon as you are approved for them!

ACS is easy!
If possible, using ACS student loans is a much better solution than working with college financial aid, or the federal government’s Direct Loan program. ACS--being a middle-man that provides the technology link between borrower and lender--is also a customer service program that deals with all student issues. One of the great things about ACS is that when you need help, ACS is paid to provide you with an answer. This aids in that ACS has an incentive to keep customers happy, and to spend as much time as is necessary to solve customer complaints, problems, or to simply answer questions. This often isn’t the case with lenders, university counselors, or financial aid offices.

ACS's biggest benefit over other services is that it offers a comprehensive online suite for managing both public and private student loans, and that it can consolidate the two offerings into one online management system. Unfortunately, the student loan business is one in which each year brings about a new loan. That is, a student who goes to school for 4 years, and who borrows for each year, will have a total of four loans outstanding. Should this student borrow from public and private institutions, it will have eight outstanding loans, and you can only imagine how complicated managing eight different loans with differing interest rates, payment terms, and even payoff dates can be. ACS solves that problem with ease.