https://www.washingtonpost.com/news...ighlights-problems-in-student-loan-servicing/
ACS also runs the Department of Education's Ombudsman office. This is wrong. You are right! Ever been dealing with ACS, called the Ombudsman, and gotten terrible service? THIS IS WHY!
ACS Education Services, a company that once managed one of the largest portfolios of student loans, will pay Massachusetts $2.4 million to settle charges of abusive collection practices and sloppy handling of accounts, the state attorney general’s office said Tuesday.
[White House steps up effort to reform student loan servicing to stave off rising defaults]
Student loan servicing companies such as ACS have drawn the ire of consumer advocates and liberal lawmakers who say the firms are not doing enough to help people struggling with education debt. Servicers are paid millions of dollars by the federal government and private lenders to collect monthly payments, answer questions and ultimately keep people from defaulting on their loans. Yet state and federal authorities have said some servicers are falling short of those aims.
In the case of ACS, Massachusetts Attorney General Maura Healey said the company delayed processing applications for income-driven repayment, a federal program that caps monthly student loan payments to a percentage of a borrower’s earnings. She alleged the company charged some borrowers excessive late fees on suspended accounts and flooded others with a barrage of debt collection calls in violation of the law. ACS also
ACS also runs the Department of Education's Ombudsman office. This is wrong. You are right! Ever been dealing with ACS, called the Ombudsman, and gotten terrible service? THIS IS WHY!
ACS Education Services, a company that once managed one of the largest portfolios of student loans, will pay Massachusetts $2.4 million to settle charges of abusive collection practices and sloppy handling of accounts, the state attorney general’s office said Tuesday.
[White House steps up effort to reform student loan servicing to stave off rising defaults]
Student loan servicing companies such as ACS have drawn the ire of consumer advocates and liberal lawmakers who say the firms are not doing enough to help people struggling with education debt. Servicers are paid millions of dollars by the federal government and private lenders to collect monthly payments, answer questions and ultimately keep people from defaulting on their loans. Yet state and federal authorities have said some servicers are falling short of those aims.
In the case of ACS, Massachusetts Attorney General Maura Healey said the company delayed processing applications for income-driven repayment, a federal program that caps monthly student loan payments to a percentage of a borrower’s earnings. She alleged the company charged some borrowers excessive late fees on suspended accounts and flooded others with a barrage of debt collection calls in violation of the law. ACS also
