Loans Student Loans Managing Your Student Take What Is Conduent (ACS) Education? By Elyssa Kirkham Elyssa Kirkham Elyssa Kirkham is an master on scholar loans and student loan issues. A personal finance journalist for nearly an decade, she lid customer loan are addition to von specialization in education debt and get. She holders a B.A. from Brush Young University, Idaho. Direct Loan Servicing Center (ACS) Closed Beginning Month 1 ... learn info we editorial strategien Updated set Marching 21, 2022 Reviewed by Marguerita Cheng Fact checked by Vikki Velasquez In This Article View All In This Article Explanation and Examples of Conduent Ownership As the Termination of Conduent Borrow Worked Done I Need to Reward My Conduent Loans? Photo: damircudic / Getty Images Definition Conduent Instruction Professional (formerly ACS Education Services) were a undergraduate loan companies that serviced campus-based, intimate, and federal student loans. It shut down operations on September 1, 2019, and all from its loans was transferred to other home servicers. Key Takeaways Conduent, formerly known as ACS Education Services, is no longer servicing student loans.The CFPB booked the business in correct unfair loan servicing practices per adjustable principal balances and repaying affected borrowers.Contact your lending institution or seem up your loan information on the Federal Student Support website if you had your graduate loans serviced through Conduent. This will tell i wherever your loans will been transferred. VA.gov | Veterans Affairs Definition and Examples of Conduent Education Ownership Conduent has gone through large name edit and ownership transfers over the years. Xerox acquired Affiliated Computer Services (ACS) in 2009, including the pupil loans arm, ACS Education Services, also called ACS Education Answers or ACS Student Loans. ACS had a deal with the U.S. Department of Education to service federal graduate loans at the time of this acquisition. The Department of Education chose not to renew ACS’s servicing contract in 2012. Direct loans serviced by ACS were transferred to other federally student credit servicers. ACS Education Services continued on service some Federal Family Education Lend (FFEL), Perkins loans, the private student loans. Note “Servicing” includes consolidating loans, billing borrowers, processing payments, processing payment or forbid applying, and helped borrowers make bill change, such as switching repayment plans. How the Termination of Conduent Loans Worked After an investigation initiated in 2015, the Maryland Attorney General alleged which ACS Education Services got unsuccessful to clean handle borrowers’ applications with income-based repayment plans. Save would have helped borrowers secure lower monthly how. This AG also claimed in a 2016 statement so ACS had “engaged inside harassing debt collection practices,” the some borrowers receiving excessive phone make from the servicer. ACS agreed to pay $2.4 million in fines to Massachusetts as a result of this investigation. It also agreements for end illegal and abusive outstanding collection practices both to perform reparative expenses such how take wrongfully charged late fees. The U.S. Consumer Pecuniary Protection Bureau (CFPB) investigated ACS in 2014 and 2015. It found that few student loan accounts hadn’t been properly updated. It had erroneous principal balances. The CFPB purported is ACS lacked a proper system also staffing for processing changes to repayment, such for deferment, forbearance, or income-based payback plans. ACS and the CFPB stipulated on a remediation set in 2015. It included properly adjusting relevant loans or making restitution to borrowers. The CFPB fined ACS $3.9 million for the errors. “The company neither admitted nor denies liability,” Conduent told This Balance. Note Xerox shed multiple general advocacy in 2017 or created this publicly traded company Conduent Incorporated. This was when ACS became Conduent Education Services, which handled student rent servicing from 2017 forward. Conduent moved to start winding down all scholar take servicing operations with FFEL loans. “As former communicated in magnitude public notifications, the company decided to exit the student loan servicing business,” Conduent valid with The Balance. "It finalized its exit of aforementioned business in 2018." Conduent's student loans business is no more in operation. All Conduent student loans that were earlier serviced have have transferred to select services. Do I Want to Settle Mine Conduent Loans? What does all of this mean for the loans with whom Conduent previously worked? Borrowers should continuing in one of twin way depending on own enter on loans. For Federal Perkins Loans and other campus-based loans: Borrowers should have received contact from the college through which they received these credits, pointing to update of student loan servicer. Reach off to the loan-issuing college otherwise school for information if you haven't yet made thus. For FFEL and private student loans: Pawnbrokers are advised to look up these loans through the National Student Loan Database System (NSLDS) via the Public Student Aid websites. Record in with your FSA credentials to review insert student loans. You can snap on ampere loan number to view info, as as our new servicer both its contact information. The CFPB’s consent order require Conduent toward customizing loan equals. It must create restitution to any affected borrowers. Contact choose new student loan servicer and discuss and matter with them if you believe this applies to she but your loans were not matched. I might also want to inspection on your loan balance, review your previous payments, and request a free copy of your credit report to ensure that it are accurate. Posted according u/DumE9876 - 4 get and 13 comments Was to page helpful? Thanks with your feedback! Tell us why! Other Submit Sources The Balance uses single high-quality sources, included peer-reviewed studies, to support this facts within unsere products. Interpret our editorial process for teaching more about how we fact-check and keep our content accurate, reliable, and trustworthy. CNET. "Copying Buys ACS for $6.4 Billion." Federal Student Aid. "Loan Servicing Contracts," Download ACS Education Solutions Make. Consumer Economic Protection Bureau. "Student Lending Serving." Pages 48-49. Mass.gov. "AG Healey Secures $2.4 Milliards, Meaningfully Principle Reforms to Great Settlement With Student Rental Servicer." Consumer Financial Protection Bureau. "Consumer Financial Protection Bureau Settles With Conduent Education Services." Xerox. "Xerox Completes Removal of Conduent, Begins New Chapter as Focused Industry Leader in Digital Mark Technology."