Conduent Education Services (Originally ACS Student Loans) Review.
Conduent Education Services: Conduent Business Services obtained ACS Student Loans, one of the major Servicers for both government and private understudy credits, toward the start of 2017. The securing brought about a difference in the name for ACS Student Loans to Conduent Education Services.
While the name change caused some perplexity, borrowers utilizing ACS Student Loans encountered no adjustment in their advance terms or installment choices. Be that as it may, the change to Conduent Education Services came after a noteworthy hit for ACS.
ACS Student Loans Lawsuit and Acquisition
In Massachusetts, the understudy advance servicer ACS was fined $2.4 million for a few reasons, including purportedly deferring applications for money driven reimbursement plans for a large number of borrowers.
The servicer was additionally fined for reportedly charging exorbitant expenses on certain advances and neglecting to agree to tops set on loan costs under the Servicemembers Civil Relief Act. ACS Student Loans conceded no bad behavior.
Some contend the change to Conduent Education Services was because of the terrible press encompassing the charges and consequent fines.
A re-marking appeared to be important to improve borrowers’ impression of the organization, however, little has changed as far as how understudy advances held with Conduent are adjusted.
Conduent Education Services Benefits
Conduent Education Services, like most other understudy advance servicers, gives a few choices to borrowers to oversee and pay their understudy advances.
Through its online platform, Conduent offers access to installment information, express installment alternatives, repeating installments, e-charging, and email updates, and electronic conveyance of tax documents.
The understudy advance servicer additionally gives borrowers the choice to apply for deferment or forbearance on FFEL understudy credits through its online platform.
Conduent administrations a few kinds of understudy advance records, including private understudy advances, Perkins Loans, grounds based advances, and FFEL (Federal Family Education Loans).
Under the FFEL program, Conduent gives borrowers the choice to choose a standard 10-year reimbursement plan, a graduated reimbursement plan, or an all-inclusive reimbursement plan for as long as 25 years.
Programmed installments are accessible through the servicer, as is prepayment for specific advances.
Issues With Conduent Education
Notwithstanding the remarkable claim with ACS Student Loans, Conduent’s understudy credit adjusting practices have experienced harsh criticism from a few borrowers griping about the progress time frame.
A few borrowers were bolted out of their records as ACS progressed toward becoming Conduent, which means they were unfit to make installments on their credits effectively.
Different objections include the high consider volume the organization reliably encounters, which leaves borrowers with practically no approach to connect with an advance delegate for assistance.
Contact Information for Borrowers
Most borrowers interface with Conduent through its online platform, regardless of whether it is for a deferment or forbearance application, making a regularly scheduled installment, or mentioning documentation on understudy advances.
In any case, borrowers may likewise contact the understudy advance administration by telephone. Conduent gives three diverse contact numbers to borrowers, in light of their advance program.
- For FFEL borrowers, an advance delegate can be come to at 1-800-835-4611 Monday through Friday, 8 a.m. to 11 p.m. ET.
- For grounds based understudy advances including Perkins credits, borrowers can call 1-800-826-4470 Monday through Friday, 8 a.m. to 6 p.m. ET.
- Private credit borrowers can call 1-800-508-0806 Monday through Friday, 8 a.m. to 11 p.m. ET.
Mode of Making Conduent Student Loan
If perhaps you’re using the Conduent student loan, you can select from a number of payment methods to make your monthly student loan payments, including:
- Check by mail: Address varies depending on which type of student loan you have
- Direct debit/ACH: Called “Checkmate II” by the company, these are recurring payments automatically withdrawn from your checking or savings account each month
- Phone: One-time payments made through Conduent’s automated phone system
- Online: One-time payments made through your online account, called “ExpressPay” by the company
- Bill pay: Payments made by a third-party bill pay service
What to do if You’re Having Trouble Making Student Loan Payments
If you’re having difficulty making your student loan payments, you have a number of options at your disposal.
1. Change the Due Date
Though Conduent’s website doesn’t list out specific details about how borrowers can change their payment due dates if you’d like to request a change of due date you can do so by contacting a Conduent student loan representative.
According to a Conduent representative, if you have federal student loans serviced by Conduent, you may choose from one of three payment dates that they offer: One at the beginning, middle, or end of the month.
If you have private student loans or campus-based loans serviced by Conduent, whether or not you can change your payment date will depend on the policy of your specific lender or university.
The only way to know for certain will be to call and ask about your options.
It may seem like a small thing, but changing your payment due date can make paying back your loans a lot easier.
By choosing a date that is further away from other monthly bills, or that coincides with a time that you know you’ll have money (think: payday), you may be able to ease your monthly cash flow problems.
2. Find a New Repayment Plan
If you need to reduce your monthly student loan payments, your options will depend on what type of student loan you have.
Repayment plans for campus-based student loans serviced by Conduent (including Federal Perkins Loans) are dependent on the policies offered by your university.
Repayment plans for private student loans serviced by Conduent are dependent on the policies of your original lender who originated the loan.
Changing From Conduent Education Services
One of the drawbacks of government understudy credits is the truth that understudy advance borrowers can’t choose the servicer to deal with their advances.
The Department of Education chooses the servicer that will deal with the credit and its advantage computations, reimbursements, and deferment or forbearance applications.
So as to change a servicer on a government understudy advance, a borrower would need to renegotiate understudy advances through a private bank.
Private advances held with Conduent might be more effectively changed to another servicer through the renegotiating procedure.
Renegotiating requires a borrower to choose a private advance organization and after that apply for another understudy advance that will, at last, supplant the present advance held with Conduent.
The advantage of renegotiating is the potential for a lower financing cost, an all-encompassing reimbursement term, or lower regularly scheduled installments.
Another understudy credit supplier may likewise offer better client administration, simpler access to make installments or changes to a record, or have different advantages like instructive assets and borrower occasions.
In any case, renegotiating a government understudy advance from Conduent to a private understudy credit with another bank removes intrinsic bureaucratic advance advantages, including forbearance and deferment alternatives, pay based reimbursement plans, and understudy advance forgiveness later on.
As of now, borrowers can’t renegotiate understudy credits with Conduent as a private understudy advance loan specialist.
The organization works as a service, not an originator, so borrowers must discover another choice in the event that they need to renegotiate.
What Are the Advantages of This Loan
Lots of people take out different loans when going to college, which means that they’ll have multiple different student loan payments and interest rates each month. This can be confusing and hard to organize.
With ACS student loan consolidation, you can say goodbye to having 5 different student loan payments with 5 different checks. You can consolidate your loans into a single monthly payment (depending on the types of loans you have).
You’ll also have the option to “lock-in” a particular interest rate, which can reduce your overall cost when repaying the loan.
If you choose not to consolidate your loans, there are still numerous benefits to using the ACS student loans program. They provide a secure repayment calculator to help you figure out interest rates and estimate your monthly student loan payments.
The downside of This Loan
The consolidation student loan with its benefit also has its downside. for instance:
Consolidating your loans can mean that you will be reimbursing them for a much longer time, even if you are paying a smaller amount every month. A longer repayment period can mean you will pay more interest overall.
Consolidating student can also result in a higher interest rate, which would again result in paying more in the long run compared to non-consolidated loans.
Also, not all loans are available for consolidation. You can’t combine federal and private loans into one consolidation either.
Besides the problem with consolidating student loans, there are some other problems to look at when considering an ACS school loan.
In recent times, there have been lots of complaints about how ACS manages student loans, which resulted in the Department of Education severing ties with this student loan servicer.
Borrowers have expressed frustration with the ACS’ methods of management, saying that they were told misinformation about payment plans and that borrowers would feel trapped in plans they no longer wanted.
There was even a 2016 lawsuit in Massachusetts citing these exact issues that settled for 2.4 million dollars.