Free Trial!
Today’s Best Stocks To Trade! Click Here
Affiliated Computer Services Inc. of Dallas has opened a student loan servicing center in Aberdeen in the Student Loan Finance Corp. building at 105 First Ave. S.W.
Most of the approximately 45 remaining employees will continue to work for Student Loan, its president, Norg Sanderson, said Wednesday. Some, however, are taking jobs elsewhere, he said.
Affiliated announced this week it has entered into a seven-year contract with the Aberdeen company to become the latter's primary education loan service provider for about 240,000 borrowers in Student Loan's portfolio. The contract is valued at $67 million, according to a news release from the Dallas company.
The pending contract was first announced in May. It does not mean the Texas firm has bought Student Loan, which will continue as a loan originator and servicer of some students' loans, primarily in the private market, Sanderson said.
The arrangement with Affiliated allows Student Loan to expand at a lower cost, he said. Affiliated's more than 60,000 employees serve clients in more than 100 nations.
"We are helping the local economy by bringing a Fortune 500 company here that will expand in the area," Sanderson said.
Affiliated's Class A stock trades on the New York Stock Exchange under the symbol "ACS." For more information, go to www.acs-inc.com.
The contract is an expansion of a relationship the Texas and Aberdeen companies have had for more than 10 years, a news release stated. ACS workers in Aberdeen will perform a range of functions: inbound/outbound call center services, payment processing and claim filing as examples.
Richard K. Schnacker, senior managing director for Affiliated, said in the release that the expertise and work ethic of the Aberdeen employees "made the decision to open a center in Aberdeen an easy one."
Affiliated is on the leading edge and delivers services of superior caliber, Sanderson said.
Student Loan Finance is a local secondary market that buys loans from banks, then collects payments from students. In December 2005, it had more than $2.6 billion in assets. Affiliated has more than 9.6 million borrowers with outstanding loans totaling more than $128 billion.
Sanderson created Student Loan in 1978. It was a nonprofit company until 1998, when it became for-profit because of a change in the federal tax code. In May 1999, it became an employee-owned company.
To see more of the American News, or to subscribe to the newspaper, go to http://www.aberdeennews.com. Copyright (c) 2008, American News, Aberdeen, S.D. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
