According to this article in Washington Technology, ACS's contract with the Department of Education was extended for an additional performance year. ACS services the Direct Lending program for the Department of Education.
According to the article:
- "ACS begins the sixth year of the Common Services for Borrowers contract, which consists of a five-year base period followed by three potential performance-based award years and then two option years."
- Under the contract, ACS manages the business operations for more than $140 billion in student loans to more than 10 million borrowers.
Sallie Mae reported on their 4Q conference call on January 22nd that the Dept. of Education has also recently issued an RFI for FFELP servicing:
- "Last week the Department of Education issued an RFP for servicing FFELP loans. We expect the Department to invite a limited number of qualified companies to submit final bids, and they expect the final selection will be made no later than April. We believe we are well positioned to participate in this contract."
Comments