Today, Affiliated Computer Services (ACS) announced that it has been awarded a 12-month contract extension to support servicing and collections for the federal government’s Student Loan Programs. The extension from the U.S. Department of Education is valued at $200 million and runs through 2010. It is the second consecutive contract extension given to ACS for meeting performance goals, highlighting the company’s quality service in managing the business operations of $175 billion in student loans to more than 12 million borrowers.
ACS now enters the seventh year of the Common Services for Borrowers (CSB) contract, which consists of a five-year base period followed by three potential performance-based award years and two option years. Under the CSB contract, ACS provides services including new loan bookings, loan consolidations, collection services, mailroom, customer care and payment processing.
“With a long-term partnership of more than 15 years, ACS continues to help the Department of Education provide quality service to borrowers, ” said Tim Conway, senior vice president and managing director, ACS Federal Solutions. “We will continue to commit ourselves to the program that is vitally important to help make higher education possible for so many people.”