If you’re applying to or attending an educational institution in the United States, chances are you’ve heard of an ACS student loan.
Student loans can be difficult to understand, especially if you don’t have any experience with them before, but they offer a great way to pay for your education without having to worry about how to pay it off after the fact.
In this article, we’ll go over five of the top reasons why you should apply for an ACS student loan as soon as possible and how they can help you afford your education in the long run.
In order to help you understand why an ACS student loan might be right for you, we’ve compiled the top five reasons you should consider it. Read on to find out more!
What is an ACS Student Loan?
An ACS student loan is a great option for borrowers looking for alternative ways to finance their education.
It’s especially helpful for those who have limited credit history, are unemployed, or cannot qualify for federal aid.
Even though you’ll be charged interest over the life of the loan, your payments are generally lower and start earlier in the repayment process.
In other words, it can be less expensive because you’re required to make smaller monthly payments starting from when you first get the loan rather than waiting until after graduation (when many people begin their careers and may not even have a full-time job).
While there are many ways to pay for college, most students and their families find student loans to be the most convenient and affordable option available to them.
This means that it’s important to take full advantage of all the benefits offered by your student loan provider, including access to great customer service, flexible repayment options, and low interest rates.
Whether you’re just starting out with your ACS student loan or are already an active borrower, these five reasons will help you decide whether an ACS student loan is right for you.
ACS
The acronym ACS stands for Affiliated computer services Incorporated but now it was no longer known as ACS as of 2017 but conduent services.
ACS is a servicer that works independently in collaboration with your preferred lender to lend and manage student loans.
They have the capacity to perform task in business more effectively and efficiently this has Led to their partnering with private lenders
Importance of ACS.
- They outsource many federal loan programs, universities and lenders that administer loans thus helping the government in great ways.
- They help in servicing student loans.
- They make the work of lending and borrowing easier.
What is Conduent?
Conduent is currently the servicer for ACS student loans. ACS education services was acquired by conduent in 2017.
Current education services was formed in January 2017 after a part of Xerox acquired in ACS education Services.
Conduent itself is a business process service company formerly a part of Xerox.
Currently, conduent formerly known as ACS education services is no longer a student loan servicer.
So if you had your student loan serviced by conduent before you will have to check your loan information on the federal student Aid Website which will aid you in knowing where your loans I have been transferred
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What you need to know about conduent.
???? Conduent education services was birth when ACS faced a lawsuit for mishandling account of borrowers and on 1st September 2019 conduent stopped servicing student loans.
???? They began handling student loans in 2017 when Xerox shedded many of its several business interests and created Conduent Incorporated.
Benefits of Conduent Education Services.
1. Through congruent online platforms, one has access to express payment information and options recurring payments electronic billing and email reminders, e-delivery of tax forms.
2. Thus having many options for borrowers to manage and pay loans.
3. They serviced different types of student loan account which includes ;
- Private Student loans
- Perkins loans
- Campus based loans
- Federal Family Education Loans ( FFEL )
Issues with Conduent
Conduent had many cons despite the pros this include
????Dated websites.
????Navigation problems
????No interest rate reduction
????Bad reputation in terms of legal history. The issues of borrowers being locked out of their account which led to high complaints through call volume ; amongst others.
How Do I Go about Payment of My Conduent Loans?
Every borrower with whom conduent worked for previously, these borrowers should proceed in any possible way to payment depending on their type of loans.
- ???? Federal Perkins Loans and other campus-based loans:
Contacts should have been given to colleges And Borrowers should have received this contact from the college through which they received these loans, showing their change of student loan servicer.
Check the loan-issuing college or school for more information in case you haven’t done so.
- ????For Federal Family Education Loan(FFEL) and private student loans:
Borrowers are advised to lock up these loans through the National Student Loan Database System (NSLDS) via the Federal Student Aid website which I mentioned earlier.
Log in with your FSA papers/credentials to view the student loan of yours. Click on a loan number to view details, such as your new servicer and its contact information.
The CFPB’s consent order necessitated Conduent to adjust loan balances. It must compensate any affected borrowers.
Get in contact with your new student loan servicer and talk over the matter with them.
If you sense this applies to you but your loans were not adjusted. You should check your loan balance, also your previous payments, and request a free copy of the report ( credit ) for the sake of accuracy.
How do I Switch From Conduent Education Services ?
This could be hard for federal Student Loan Borrower as they can’t select which servicer for managing their loan.
The United States Department of Education selects the servicer that handles all loan and interest calculations, payment, and forbearance and deferment application.
The only way out is to refinance your student loan with a private lender.
Reasons to Get an ACS Student Loan
1. Competitive rates – You’re likely going to be paying less in interest with a private lender than with a bank when you borrow student loans.
2. Short-term loans – The interest rate is fixed, so your monthly payments will remain the same until you’ve paid off the loan in full; there are no hidden fees and no need for collateral like with a credit card.
3. Easy repayment – Your payment can be automatically deducted from your checking account or withdrawn from your savings account on a predetermined date every month.
4. Simplified paperwork – Applications take less than 10 minutes to complete online and don’t require any personal information beyond basic contact information such as name, address, email address, phone number and social security number.
5. There’s no penalty for early payoff – Your ACS student loan never goes into default.
Instead, it matures without penalty after 180 days of nonpayment if you still owe money to other creditors or six months if you owe nothing else (although some lenders may charge a fee).
Conclusion
If you have been thinking about taking out a student loan, it is important that you fully understand all of the terms and what your monthly payments will be.
This will help you determine if taking out a student loan for your education is the right move for you.
For those with high-interest rates, deciding not to take out a student loan might save them more money in the long run.
Sources: Collegescholarship and Thebalance
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