ACS awarded contract by SLFC for education loan servicing

Thursday, June 26, 2008; Posted: 05:39 AM

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Jun 26, 2008 (M2 EQUITYBITES via COMTEX) -- STU | Quote | Chart | News | PowerRating -- Affiliated Computer Services Inc (ACS) (NYSE: ACS), a provider of business process outsourcing and information technology solutions, announced on Wednesday (25 June) that the company has been awarded a seven-year contract by the Student Loan Finance Corporation (SLFC), a secondary market provider of student loans, to provide education loan servicing.

Under the contract, which is valued at a total amount of USD67m, ACS will provide education loan servicing for SLFC's federally guaranteed and private student loan portfolio.

ACS is converting the Federal Family Education Loan Programme and private loan portfolio, previously serviced by SLFC, to the ACS loan servicing system.

The company will reportedly handle over 240,000 borrowers on behalf of SLFC, and deliver a comprehensive range of student loan services, including inbound/outbound call centre services, payment processing, entitlement processing, claim filing, pre-default collections, skip tracing and originations.

ACS said that the company has opened a loan-servicing centre in Aberdeen, South Dakota, USA and will add approximately 130 SLFC employees to staff that centre.

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For full details on Affiliated Computer Svc (ACS) click here. Affiliated Computer Svc (ACS) has Short Term PowerRatings of 5. Details on Affiliated Computer Svc (ACS) Short Term PowerRatings is available at This Link.

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