« National Financial Literacy Challenge Results Are In.... | Main | Time Article Details Rise and Fall of Securitization Markets »

January 29, 2009


Feed You can follow this conversation by subscribing to the comment feed for this post.


I have an explanation for ACS's financial success from a customer perspective. From my personal experience, their customer service business philosophy seems to be this:

"Use deception to get as much money from the customer as possible, then enable our CS Reps to do absolutely nothing for the customer."

I have never had so much difficulty in dealing with a company, nor felt so taken advantage of. Anyone who works for this company should be ashamed of themselves.

Disagree? Do you work for ACS? Are you capable of doing anything productive? Then I would love to hear from you via email livefromkiev@yahoo.com


ACS is not a good servicer. I have dealt with four loan servicers over undergrad and grad school, and ACS has been second worst, right next to Sallie Mae, which takes the cake.

The biggest problem: Outsourced customer support (India of course) who read from manuals and often get confused by your questions and what you're asking them to do, such as change your loan status to in-school deferment. This is bad enough when your toaster breaks, but when there are potentially thousands of dollars on the line, I do not want to F@$k around.

Then, when you think you've straightened everything out, your online account is shown as past due in big red letters because there is a glitch between when you posted payment, which was on time, and when it's actually processed, which is ACS's problem.

The best loan servicer I've dealt with is Total Higher Education, which had domestic customer support who understood and explained things very well. They are of course no longer accepting student loans because I'd imagine it is difficult to survive an industry where a premium is put on advertising, a nice website, and stock photo models, and not on competently handling loans, which I guess drives up operating costs.

I am a free market guy. Share information about the bad companies, do business with the good ones. Good luck!


I don't think it's okay for company's to behave this way. I know that the lending business is what it is, but I think that you should have a say in who buys your loan. I was perfectly happy with slfc, then I beg an to receive notice that my loan was sold to acs. Communication issues are the biggest problem. I think that if you have customers in the U.S., you should automatically be sent to the call center in the U.S. If you are a customer in India, then you should be transferred to a call center in India. And so on. I've asked the same question three times to three different reps, and am told three different things even after being on hold for ten minutes while one rep asks a supervisor to tell me they can't help me. Only to call them back a minute later and get a different answer and have the issue fully resolved. I've read a lot of comments on other sites that they also have an issue on applying payments to the right "customers" account. I think that's pretty sad. Even though no company is perfect, it's pretty sad when 99.9% of your customers think you're incompetent and would rather the other guy but didn't have a choice because you bought their loan out. Competence should be your game, not how good you are at expanding call centers. Quality, not quantity please.

The comments to this entry are closed.


SLA Private Student Loan Ratings

  • SLA :: Ratings
    Trusted source for independent, objective and timely information about private student loans

Paying For College Blog

  • Paying for College Blog
    Site for parents and students looking for independent and objective information about financing a college education

Want to receive daily SLA Blog updates via e-mail?

Enter your email address:

Delivered by FeedBurner

SLA Search Engine

Terms and Conditions