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December 02, 2009


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So my Chase student loan just got transferred over to ACS today. I had a 1% ontime benefit from Chase from my 36 consecutive ontime payments. ACS has the same program, but is claiming that I have made 0 payments to ACS and don't qualify for the benefit I was just receiving, even though they just BOUGHT Chase's FFELP servicing business. It makes me wonder how many other people are getting screwed over by this and don't even realize it.

ACS sounds really dishonest to me... I really don't know what steps to take at this point besides just paying off the balance of the loan.


I'm in the process of moving to a new city since my husband just got a new job, and since I will be jobless for an unknown amount of time, I called Chase today to see if I could make my loan payment less or defer it. I'm told they are in the process of transferring my loan to ACS and I cannot access anything regarding my account. So I ask for ACS's information so i can call them about this, and they won't give me any information for ACS!

All i get is that I must wait for an information packet coming in the mail from ACS. This is ridiculous...I have to change bank accounts and mailing addresses and I can't even get in touch with these people to tell them. I'm pretty worried about what's going to happen with my loan at this point. I was supposed to have a fixed interest rate but I'm worried they will find some loophole to change everything!


I hate ACS with a passion.

When I originally consolidating in 2001, I got a forebearance for 6 months. In 6 months, they tacked on almost $7,000 in interest.

It was until Bush created a loophole 2 years ago that I was able to transfer my loans to CFS, which sold it to Chase, which now sold it to ACS.

If ACS doesn't honor the .25% for automatic payments and 1% interest rate deduction for making on-time payments for 2 years, I will raise hell.

ACS are a bunch of bloodsucking, money grubbing jerks who will rob you of your money and make you owe thousands more than you should. (When U transferred my loans to CFS, I was told, I shaved off 10 years off the balance--saving me over $60K over time. Bet this move changes everything!!) Everyone should keep an open eye on their accounts.


My Chase student loan bill was automatically deducted from my account each month. I'm glad I still check this online from time-to-time, because it was no longer there. My only word about this was a notice on the Chase site after some digging - no letter in the mail, no email, no phone call. Considering I have another account with Chase, I REALLY find this to be sloppy, horrible customer service. I had to look up ACS as I had no idea who or what it was. The customer service woman in India wasn't very helpful, either. Frankly, I find it pretty strange that I have to track down a company in order to pay them, because I guarantee that they'd have no problem contacting me if the switch caused a delay in payment. Keep up the great work banks!


Well, I finally got my letter from ACS basically saying "HEY we have your loan, we have your automatic bank payments, sup." It was a huge freaking mess because we just moved, had to change banks and everything. Since my account was in limbo during the move, I couldn't inform them of my address/bank info changes....I tried calling Chase and ACS and both of them told me they couldn't do anything.

SO it of course caused problems with payments. And it doesn't help that I can barely understand anyone's Jamaican accent. The whole thing makes me feel really uncomfortable and I want to transfer to a new company...is this possible? It might be pointless though, since all they do is resell the loans a billion times anyway. So frustrated!


I started paying back my student loan in 2002 and my payments have always been 167.98. today I get a letter saying that ACS owns my loans and now I will owe 208.26 per month. Is this legal? I understood that I was locked in a set rate to pay 168 until the end of the loan. Has this happened to anyone else? Is there anyway to fix this or will ACS demand the money and get it?

Any insight on this will be helpful. I'm calling ACS tomorrow to figure it out.



Just found this article... I did get one email to an OLD address Chase had on file, about the transfer of my account to ACS. I just called ACS(who apparently is located in Jamaica) and the person on the phone verified that my auto drafting from my bank account would continue at the same monthly rate, and that a letter was sent to me 2 days ago in the mail, so I should have it soon.

It sounded encouraging, just wanted to share my experience to anyone who finds this article like I did. If this works(we'll find out on the 28th of the month) I'm surprised two companies transferred over my information seamlessly, although I never like one company sharing bank account information with another, in this case I'll deal.

This is my 3rd consolidator provider in 5 years. CFS Suntech to Chase to ACS. ALL I WANT TO DO IS PAY OFF MY LOANS, STOP MAKING IT SO HARD!


This happened to me too. I was paying 101.36 with both CFS and then Chase, but now my payment has ballooned to 177.01. I haven't been able to talk to anyone at ACS, but I do have an email chain with them basically stating that they changed the terms of my and I'm assuming your loans. WHICH IS ILLEGAL. I would contact them and find out what exactly changed. Get the hard data and I think we can sue.


Mark and Glenn,

I'm running into the same problem. It appears that they've shortened my repayment term from what was originally established. Now my monthly payment has increased without any approval on my part.

I'm currently trying to find out if this is legal and don't know where to begin. If it truly is illegal, I'd be interested in finding out what steps you're both taking to address this issue and/or update on this forum regarding my progress. I only have an email chain.



I am running into the same problem. ACS bought my loan from Chase. I had a 1% interest rate deduction w/ chase that they don't seem to honor. My payments have ballooned as well. If you learn anything, please post on the board. I have no idea what recourse I have.


I just spoke w/ ACS and Chase and recorded them. If anyone else still has issues (w/ ACS not honoring Chase's 36 mo interest rate deduction, or monthly payments ballooning), record your conversations, and let's talk. My husband is an investigative journalist and he's interested in looking into this.


We've had many issues over the years with ACS. When I realized that ACS was applying most of my payments to Interest rather than Principle reduction I called to ask about the amortization schedule. I was told that it depended upon the day of the month that my payment arrived. I explained that my payment is DUE on the 14th of the month and it is automatically sent via check through my bank account on the 4th of every month. Sometimes ACS would deposit my check on the 10th, sometimes on the 29th - it was left to ACS WHEN my check was deposited and therefore how much of my principle they would reduce each month. In short, I started to look into the issue and found that there are thousands of people with issues with ACS. A court case that was decided in July 2010 opened the way for a class action lawsuit. Please read the following links:




I have documented years of issues with ACS. My loan was originally with Key Education Resources but once it was handed over to ACS, it's been nothing but trouble - they accuse me of not sending payments which i prove again and again that they were sent AND cashed...some months they apply 100% of my payment to interest. I've been paying for years and my principle has barely budged.

I'm open to talking about this...working with a lawyer or an investigative journalist. This company is corrupt.

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