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Conduent Education Services, formerly known as ACS Education Services, was a company that serviced private, campus-based and federal student loans.
It closed on Sept. Conduent was a student loan servicer, a company acting as a middleman between the original lender and the borrower. Conduent sent student loan bills to borrowers, collected payments, helped borrowers enroll in payment plans and hardship programs, reported information to the credit bureaus and handled customer service. But the company has gone through several changes through the years. Both ACS and Conduent have been the target of several lawsuits, complaints and fines over the years.
The state cited steering borrowers toward expensive loan options, misreported information to the credit bureaus and misapplied payments among its reported grievances. If Conduent Education Services previously managed your student loans, the company transferred them to a new loan servicer.
When your loan is transferred to a different servicer, your loan terms and balance stay the same. However, the way you make payments may change. Missing payments can hurt your credit, making it difficult to qualify for financial products later on.
It depends on the type of loan you have:. Conduent Education Services is no longer managing student loan accounts. You can log in to the Federal Student Aid website, check your credit reports or contact your original lender to find out where your loans have been transferred. Kim Porter. Kim Porter is a former contributor to Bankrate, a personal finance expert who loves talking budgets, credit cards and student loans.
Porter writes for publications such as U. When she's not writing or reading, you can usually find her planning a trip or training for her next race. Chelsea Wing. Chelsea has been with Bankrate since early She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Bankrate logo The Bankrate promise. It also agreed to end illegal and abusive debt collection practices and to make reparative efforts such as crediting wrongfully charged late fees.
The U. It had incorrect principal balances. The CFPB alleged that ACS lacked a proper system and manpower for processing changes to repayment, such as deferment, forbearance, or income-based repayment plans. It included properly adjusting relevant loans or making restitution to borrowers.
Xerox shed several business interests in and created the publicly traded company Conduent Incorporated. Conduent moved to start winding down all student loan servicing operations for FFEL loans.
Conduent's student loans business is no longer in operation. All Conduent student loans that were previously serviced have been transferred to other services. What does all of this mean for the borrowers with whom Conduent previously worked? Borrowers should proceed in one of two ways depending on their type of loans. It must make restitution to any affected borrowers. Contact your new student loan servicer and discuss the matter with them if you believe this applies to you but your loans were not adjusted.
You might also want to check on your loan balance, review your previous payments, and request a free copy of your credit report to ensure that it is accurate. Federal Student Aid.
Consumer Financial Protection Bureau. In This Article View All. In This Article. Definition and Examples of Conduent Ownership.