ACS Receives Contract Extension to Service Federal Student Loan Programs
October 22 2009 - 8:05AM
Business Wire
Affiliated Computer Services, Inc. (NYSE: ACS) has been awarded
a 12-month contract extension to support servicing and collections
for the federal government’s Student Loan Programs. The extension
from the U.S. Department of Education is valued at $200 million and
covers the 2010 calendar year.
This is the second consecutive contract extension given to ACS
for meeting performance goals, highlighting the company’s quality
service in managing the business operations of $175 billion in
student loans to more than 12 million borrowers.
“With a long-term partnership of more than 15 years, ACS
continues to help the Department of Education provide quality
service to borrowers,” said Tim Conway, senior vice president and
managing director, ACS Federal Solutions. “We will continue to
commit ourselves to the program that is vitally important to help
make higher education possible for so many people.”
ACS now enters the seventh year of the Common Services for
Borrowers (CSB) contract, which consists of a five-year base period
followed by three potential performance-based award years and two
option years. Under the CSB contract, ACS provides services
including new loan bookings, loan consolidations, collection
services, mailroom, customer care and payment processing.
ACS is a leader in student loan administration. In addition to
service to the Department of Education, ACS provides business
process solutions to commercial clients, serving more than 500
education clients representing nearly 900 campuses as well as many
of the largest lenders and secondary markets in the country.
About ACS
ACS, a global FORTUNE 500 company with approximately 76,000
people supporting client operations reaching more than 100
countries, provides business process and information technology
solutions to world-class commercial and government clients. The
company's Class A common stock trades on the New York Stock
Exchange under the symbol "ACS." Learn more about ACS at
www.acs-inc.com.
The statements in this news release that do not directly relate
to historical facts constitute “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are subject to numerous risks and
uncertainties, many of which are outside the Company’s control. As
such, no assurance can be given that the actual events and results
will not be materially different than the anticipated results
described in the forward-looking statements. Factors could cause
actual results to differ materially from such forward-looking
statements. For a description of these factors, see the Company’s
prior filings with the Securities and Exchange Commission,
including our most recent filing. ACS disclaims any intention or
obligation to revise any forward-looking statements, whether as a
result of new information, future event, or otherwise.
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