The company exited the student loan servicing business in October. The ACS in the latter stands denotes Affiliated Computer Services, which is based in Dallas. The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Conduent Education Services, LLC (CES), a student loan servicing company that formerly operated under the name of ACS Education Services. If you apply for federal loans directly, you are assigned a servicer with no say in the matter. FED UP!! When Xerox acquired it in 2010, ACS was the sole servicer for all of the education loans made directly by the federal government, with a contract valued at about $2 billion. I believe ACS is trying to get me to become delinquent on this payment to say they can't help me until I pay the amount in full. I've called ACS several times to resolve my student loan. Loans have been sent to other companies for management. I've been paying this loan since 2010 so how am I not in the system? Still, it is an additional collection power and the government does use it sometimes. My students loans tripled when this company took them over. After all of these years of paying with ACS, I had it down to 13,000. Disclaimer My students loans tripled when this company took them over. Each time they found something wrong even when other loan providers accepted it. I could not pay it so I had to have it go into default. I did not receive previous notices or letter warning my forbearance/ economic hardship had ended. I ended up cancelling the agencies services and asking for a refund. I didn't know what's going on until they send my loan to a defaults agency ASA . ? I appealed (desputing: accuracy, unfair reporting practices, and because I had proof that ACS applied … They refuse to adjust it. I’m at a loss, this is a never ending battle that’s I’m probably not going to win. Placing someone in forbearance requires less paperwork than enrolling that person in an income-driven repayment plan. Access Group, the loan provider, says on its website that it no longer services student loans and has transferred that function to ACS Education Services, a company owned by Xerox since 2010. Talk about high interest rates. I remind you that this is my 3 time I send this IBR form each one of them with different checkmark selection. I believe that their original offer of a fixed interest rate of 3.875% was deceptive as I was lead to believe when I signed up with them that this was the interest rate on the whole life of the balance, meaning that the balance would only go up by 3.875% once interest had accrued. I have faxed over numerous time the necessary document, signed and dated in an effort to continue my deferment. The agreement bars Conduent from servicing loans for the major federal programs or private loans for the next five years. About BigClassAction.com The 1st loan was sold to another company within 6 months and the 2nd just a few months after that. All Rights Reserved. Adam WindThese individuals use titles like “Sr. ACS - Education Service is absolutely, undeniably a terrible company to serve student loans.!!!!! I could not pay it so I had to have it go into default. They sold this account while I was in forebearence for 1 year due to a hardship with losing my job due to outsourcing to another country. My loan is going into default as i am trying to clean my credit to prepare to buy a home. They refer me to the college I attended, were to date I have not been able to speak to the person ACS referred me to. Filed for loan forgiveness numerous times. U.S. Bank, NextStudent and ACS schemed to keep "borrowers trapped in student loan debt that borrowers were actively seeking to repay as fast as possible to lower the total cost of borrowing," the lawsuit … of my balance went. Then they shipped my loan to another copany. Lawsuits are not very common in federal student loan collection, but they can happen! Navient Corp., a major servicer of private and federal student loans, is facing six lawsuits alleging that it harmed student loan borrowers throughout the repayment process. I cannot log in to make a payment. You'd think after 8 years of on time payments that my balance would have come down significantly, but instead this debt continues to grow. That is ridiculous. I have been payin this loan since 2002 and now continue to pay Nelenet. I made a payment ahead of schedule and I have yet to receive any confirmation from ACS. It is less common for the government to sue to collect on student loans because it has so many tools to use outside of court. ACS was based in Dallas, Texas.ACS was ranked at number 341 on the 2010 Fortune 500 list. Learn More. It went UP. This is when I decided to give them a call again next day to verify my status. They consolidated 2 of my federal loans without asking or informing me. I believe this loan should have been paid off years ago. Campbell said the New York settlement “makes a case for millions of borrowers to receive partial forgiveness on debt that was mismanaged by ACS.”. “ACS has systematically failed borrowers by refusing to educate them on more effective federal repayment options, and instead, pushing them towards options that padded their bottom line,” said New York Attorney General Letitia A. James, who worked alongside Maria T. Vullo, the state’s superintendent of financial services, on the case. I created a log in and was able to see the balance but it doesn't allow me to see any of the payments that were previously made to ACS. Affiliated Computer Services Inc. (ACS) was a company that provided information technology services as well as business process outsourcing solutions to businesses, government agencies, and non-profit organizations. I spoke with another Rep. We have to protect borrowers.”. This agent put me on hold to supposedly speak with a supervisor after I asked why I received a letter of rejection for IBR. Shawn Johnson 2. Bad student loan company. So my qualifying payments are totaling at only 18 when I've been making payments for 8 years and 6 of those years were with a government employer. ACS Education Services, a company that once managed one of the largest portfolios of student loans, will pay New York $9 million to resolve charges of steering struggling borrowers away from affordable repayment plans, state officials said Friday. They would not lower my payments to an affordable amount as I had been promised, so I had to ask for a deferment. The actual numbers are in fact quite different. So I tried contacting all of my past loan servicers to get copies of my payment history and that’s when I found out that ACS had a class action lawsuit and after the lawsuit they were bought out by Conduent. Liam Smith 4. For anyone with Conduent or ACS student loans, as well as any other federal loan borrower, you can’t choose your loan servicer. In 2016 in Massachusetts, the student loan servicer ACS was fined $2.4 million for several reasons, including allegedly delaying applications for income-driven repayment plans for thousands of borrowers. I was being charge with thousands of dollars on late payments and interest charges. Convenient, flexible options make it easy to pay back your student loan. By 2013, the Education Department transferred all of the direct loans that ACS managed to other servicers. ACS and Conduent student loans have been the target of complaints and fines. Acs Student Loans No cost Beneficial Details. ACS Education Services continued to service some Federal Family Education Loans (FFEL), Perkins loans, and private student loans. Legal troubles for Conduent and ACS. Under the terms of the agreement, Conduent will pay a $1 million fine and $8 million in restitution to about 55,000 New Yorkers affected by ACS’s alleged practices. In the mean time, I sent another mail to ACS for approval. I recently received a letter stating my loan through ACS entered default. They refuse to put my loan on default unless I pay $400. It’s quite possible you have an FFEL Program loan if you have federal loans serviced by AES. Taxes. HIGHWAY ROBBERY! Now I cannot return to school and my credit is poor. 1. ACS had me under the impression that I could qualify for the (PSLF) Public Service Loan Foregiveness Program. I began to worry about preceding since ir had been so long and when I checked the statements I realized that payments had been cancelled and charge at time but I was not aware. At least once a year they lose a payment, attributed it to one loan and not the other, and in both cases charge me late fees and contact the credit agencies. As of Sept. 1, 2019, Conduent Education stopped servicing student loans. If you can't afford your student loan payments, don't wait until you fall behind to seek assistance. “New York’s action shows exactly how the industry routinely denies borrowers — including dedicated public servants — their rights and keeps them needlessly chained to their debts,” said Seth Frotman, executive director of the nonprofit Student Borrower Protection Center. I've been dealing with ACS since our loans were transfered to them in January, 2006. I was contacted by Sunshine documents in regards to Student Loan forgiveness. To avoid losing other accounts, prosecutors say ACS misled borrowers about their eligibility for Public Service Loan Forgiveness, a program that cancels federal student debt after 10 years of on-time payments for people who take public-sector jobs. While my loan was with ACS, I tried to apply for PSLF and was denied into the program even though I applied for an income based repayment plan and I was working in public service with the State of Florida (and still am 6 years later). Finally I was able to speak with someone but only receive one payment back. My student loan has not dropped for years. I sent them paperwork, had my current school contact them and contacted FSA Ombudsman. Investigation Officer,” “Investigation Officer,” and “Sr. One person told me that this new website does not use any browser other than IE, well I don't have IE. However, because of the large number of complaints against them, the Department of Education transferred all direct loans to other servicers. A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses.It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school. there;s no way that the amount jumped that much within 6 mos of forebearance. I graduated in 2010 and have been making payments since. I was in school at the time of the so-called default. Beware of "Debt Relief" Organizations. They refuse to work with me. When I attempt to contact the company, I am placed on hold constantly for extensive periods of time. As a result of the lawsuit, Directele is required to cease operations and dissolve. “The Department has been loath to release information on ACS’s performance, but ACS was consistently found to be out of compliance by the inspector general and external entities,” said Colleen Campbell, associate director for postsecondary education at the Center for American Progress, a liberal think tank. Terms of Service It was one student loan company then all of a sudden it was ACS who bought the loan. The company told me the I would have to pay them around $900 and in return they would have my loans forgiven. It was one student loan company then all of a sudden it was ACS who bought the loan. I have and continue spending a considerable amount of time trying to get this resolved and still I don't know who to pay or not to pay. $4,600.00. During the inital phone call I paid $250 via debit. Currently, I have been trying to make payments but they have no call center to speak with anyone in, and their website is constantly down. ACS Student Loans Lawsuit and Acquisition. Doing so places you under no obligations and does not establish an attorney-client relationship. I am currently waiting for an update on this. Now I owe late fees. If you have a student loan… Nothing. I am left on hold or can't even get through sometimes. That is ridiculous. I called the Ombudsman Office and let them know. “Servicing” includes consolidating loans, billing borrowers, processing payments, processing deferment or forbearance applications, and helping borrowers make account changes, such as switching repayment plans. Now realizing after almost 10 years that i've made no progress and ACS doesn't qualify and only loans under FEDLOAN qualify. I figured it would happened again. I stayed at my low paying local government employment to get my loans paid off. I made several attempts to call but they could not be reached. This continues to plague my credit, caused me excess out-of-pocket school expenses and hinders me from further school attendance. Two of my student loans were sold to ACS. Too many attempts and now I'm locked out of my account. ACS ceased operations in late 2019 and is now insolvent. If one of the below defenses applies in your situation, you might not have to pay the student loan debt. I even asked the exact question that led to me filling it out this way. Now I would be wrote off this month but only have less than a year toward loan foregiveness and looking to get into private sector.
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