An ACS loan is simply a student loan obtained through Affiliated Computer Services Inc. which is an American company specialising in outsourcing business processes. ACS technologies improve the efficiency of business processes, such as student loans, for many universities and are the primary outsourcing contractor for the Department of Education.
What does ACS offer?
The main benefit of ACS student loans is that their system allows a student to see all of their loans online, using a single account and interface.
What can students do? As a student, you can access all your ACS student loan information and update your personal details through their secure website. Other useful tools are a repayment calculator which you can use to calculate the different costs of paying your loan quicker or over a longer period of time, information about student taxes and the IRS guidance on student loans and general documentation about student loans.
How to make a payment From your loan briefcase on the ACS secure site, you can make payments for your loan. Once the payment has been processed, you will get a confirmation email.
Why universities use ACS The main reason why universities outsource their loan and financing systems to ACS is that it frees their resources and it is a more cost-effective option than managing the loans themselves. It also helps students, since they only need to be familiar with one system and can manage all of their loans from it.
For those who already have federal student loans, Affiliated Computer Services also offers education consolidation loans.
Benefits of ACS student loan consolidation First, consolidating all your loans on the same place means you will not need to remember to make a payment for each loan individually, reducing the likelihood of a human error. At the same time, and depending on your particular circumstances, you may be able to save some money on interest rates.
How does it work? ACS technology allows them to distribute the payment from the student with various lenders, effectively paying several loans at the same time from a single student payment. You can apply for a loan consolidation from ACS online after you have graduated. However, you will need to have a decent credit rating or somebody else willing to sign the loan with you, such as your parents.