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Acs Education Student Loan Article
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ACS Education Loans
from: Kyle BesserWhen considering the options for financing a higher education, one of the higher education loan options that you might come across is the ACS education student loan. ACS is short for Affiliated Computer Services, Inc. ACS has contract to be the primary education loan servicing provider for Student Loan Finance Corporation (SLFC) to provide education loan servicing for SLFC's federally guaranteed and private student loans. SLFC is a secondary market for student loans, providing liquidity for financial institutions and low default rates for institutions of higher education.
ACS and SLFC has had more than a 10-year relationship. Under the terms of the new agreement, ACS is converting the Federal Family Education Loan Program and the private loan portfolio previously serviced by SLFC to the ACS education loan student servicing system. ACS will service more than 240,000 borrowers. ACS will offer a comprehensive range of student loan services including inbound and outbound call center services, payment processing, entitlement processing, claim filing, pre-default collections, skip tracing and originations.
ACS education student loan services many different types of ACS education student loan programs on behalf of the financial institutions and colleges who own the loans. The two major ACS education student loan programs are the Federal Family Education Loan Program (FFEL) and the Campus Based Student Loan Program (CPS).
Parents and students often assume that they will not qualify for any type of financial aid. but financial aid comes in many different forms. Grants, scholarships and low-interest loans are three of the options.
To determine eligibility, a student and his/her family must complete the Free Application for Federal Student Aid (FAFSA) and submit it to an approved federal processor. The processor will use a standard needs analysis formula to assess the family and student's income and assets. The end result is the computation of the Expected Family Contribution (EFC). The EFC is evaluated by each of the schools to which the student applies. The Financial Aid Office at the school makes the final determination regarding the amount of assistance a student will receive.
Factors considered in determining EFC:
*A contribution from the parents' income
*A contribution from the student's income
*A contribution from the assets of the parents and student
*An expectation of student's summer earnings
The EFC is then deducted from the total cost of attendance. The difference between the EFC and the total cost is the student's eligibility for financial aid.
Sometimes the family and student rule out schools because of the cost, but it is important for the student to apply to those schools where the student feels he/she will have a positive academic experience and then make the decision where to attend after the financial aid package has been determined.
Many financial aid packages include grants and scholarships to help pay for the cost of college. Awards are need based and are determined by the school. Money for these programs comes from federal, state or institutional sources.
Federal Pell Grant
Unlike loans, grants do not have to be repaid. Generally, Pell Grants are awarded only to undergraduate students who have not earned a bachelor's or professional degree. Pell Grants are usually a foundation of financial aid, to which aid from other sources is added.
Federal Supplemental Educational Opportunity Grant (FSEOG)
This grant is for undergraduates with exceptional financial need. Pell Grant recipients with the lowest Expected Family Contribution (EFC) will be the first to get FSEOGs. EFC is an amount, established by law, that is a measure of a family's financial strength. Calculation is based on family earnings, assets, students in college, and size of the family. The EFC is used in determining financial need for federal student aid. FSEOGs do not have to be repaid since they are grants.
Other Grants and Scholarships
Individual schools may also have monies that they award to students. These monies come directly from the school and are determined by guidelines set by the school. Most schools award monies based on financial need. You should, however, ask the school about programs and options based on other criteria such as academic and athletic ability.
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