ACS Student Loan Information

When considering all the options for financing your higher education, one of the loan products that you might come across is the ACS student loan. 

What does “ACS” stand for?  Well, in short it stands for “Affiliated Computer Services.”  This is a company to which a large portion of federally subsidized student loans are outsourced.  This means that they act as the actual lender for many of these loans.  As the GoCollege.com website puts it:

Basically, when you get a direct loan from the government, such as a Stafford Loan, you may very well end up borrowing through ACS, as they are the Department of Education’s primary outsourcing company.

In essence, the term “ACS student loan” is a bit of a misnomer.  These loans are actually guaranteed by the federal government and are administered by ACS.  However, because ACS manages so many loans, many borrowers have come to think of these as ACS loans.

Advantages of the ACS Student Loan

Why seek out an ACS student loan (or, more accurately, a loan administered by ACS)?  There are a number of reasons:

• Ease:  ACS is well known for its high-quality management process and ease of use.  With an ACS student loan, you can access your accounts online and keep track of all your loans in one place.
• Assistance with Loans:  ACS can offer assistance to students in helping them get matched with the right loans, and you can even apply online.

Qualifications for the ACS Student Loan

Whether you can qualify for a loan through the ACS service will depend on a variety of factors, including:

• The type of loan for which you’re applying:  An ACS student loan is basically a student loan offered through any one of several federal government programs, all of which have different qualification criteria.  You must qualify under the federal loan program you are considering, such as the Perkins loan or the Stafford loan.
• The college you plan to attend:  Not all institutions of higher education qualify for all types of student loan programs.  You will need to check with your institution’s financial aid program to figure out which loan might work best for you.
• Who is borrowing:  Loans are available for both students and parents, which may mean that you and your family have some decisions to make.  In some cases, it may make more sense for a student to apply, in other cases, it may make sense for the parents to do so.

The good news is that the ACS service can help you figure out what might work best for you.

Steps for Applying for an ACS Student Loan

To get started, go to the ACS site at https://www.acs-education.com/CS/Jsp/general/home.jsp.  Here you will find step-by-step instructions for filling out the various forms necessary to explore the federal loan application process. 

Through the site, you can also gain access to a wide variety of online tools, such as secure processes for making payments to existing loans or submitting deferment  forms.

A college education doesn’t need to be out of reach, especially with some of the student loan options available through ACS and other vendors.