In your search for the right student loans to meet your requirements, you might have heard ACS student loans mentioned. But you may still be wondering what ACS is.So, what is an ACS student loan?
An ACS student loan is one that is obtained through Affiliated Computer Services, Inc., a company with a well established market share of business process outsourcing. Many universities use ACS student loans because of the company's reputation for using technology to handle loan servicing efficiently. In fact, they are the Department of Education's primary outsourcing contractor. Students are able to manage their ACS loan accounts online. This includes checking their account status, making payments, updaing personal data, and receiving email notifications of processed payments.
Other helpful tools that ACS provides on their website include a repayment calculator, IRS guidelines about student loans, and a glossary of important terms.
With ACS student loans, students also take advantage of the convenience of being able to manage all of their loans in one place. ACS also acts as an outsourcer for colleges and universities that have campus based programs which lend money to their students. This has proven to be an excellent allocation of resources for a number of schools. ACS also works with other financial institutions to help match up each student with the lender that is best suited to their needs.
Understanding ACS Student Loans
A wide range of financial aid programs fall under the umbrella of ACS student loans. One of the major ACS student loan groups is known as the Campus Based Student Loan Program (CBSL). This program includes Federal Perkins Loans, Nursing Student Loans (NSL), and Institutional Loan Programs. Another major group of student loans that ACS handles is the Federal Family Education Loan Program (FFEL), which includes the Stafford Loans, PLUS loans to parents of students, and loan consolidation services . In addition, ACS handles a group of educational loans funded by several private companies.
If you have not already applied for a student loan, you needn't let the process intimidate you. All the guidelines and applications for different financial aid programs are available online. The ACS website provides a clear example of how to fill out a Free Application for Federal Student Aid (FAFSA) form, and helps you to interpret the results in terms of your eligibility for financial aid. In addition, the ACS website has applications for both Stafford loans and PLUS loans for parents, which can be completed and submitted online.
ACS Student Loan Consolidation
If you already have federal student loans, it could be in your best interest to learn about the benefits of ACS student loan consolidation. The ACS website provides information and application forms, and an ACS loan consolidation could mean you only have to write one check each month. It also might help you lock in a lower interest rate to lower your total monthly payment amount.
So, Why ACS Student Loans?
Perhaps you like the convenience and time saving aspects of managing all of your student loans online, and only having to deal with one entity for your loan servicing, from application to repayment to consolidation. ACS works with many universities across the United States. Even if your college or university is not offering ACS student loans, their website is a valuable resource of helpful tools and information, and well worth visiting
