WILMINGTON, Del., Dec.23, 2011 /PRNewswire-USNewswire/ --Access Group, a nonprofit organization focused on delivering affordable education financing for graduate and professional students, has entered into an agreement to outsource the servicing of its student loan portfolio, which consists of approximately $8 billion in principal outstanding, to ACS, A Xerox Company.
ACS was selected through a competitive bidding process conducted among leading third-party loan servicers over the past two months. ACS has more than four decades of experience servicing student loans, and currently manages a portfolio exceeding $200 billion.
"We are excited to expand our relationship with ACS in a way that will ensure a continuation of the high quality service that our borrowers have come to know and expect," stated Christopher P. Chapman, Access Group's President and Chief Executive Officer. "Given our current relationship with ACS as a back-up servicer and its well-established track record of efficiently converting loans to its servicing system, we are confident that the transition will be seamless for our customers and a positive event for the holders of our asset-backed bonds."
The conversion of the loans to the ACS system is subject to the confirmation of applicable rating agencies of the ratings of Access Group's asset-backed securities that finance the loan portfolio. The conversion is expected to be completed by March 31, 2012.
About Access Group
For more than 25 years, Access Group has served as an advocate for students and schools to ensure continued access to higher education. Since the company's founding in 1983, its service-driven mission focuses on relevant issues and solutions addressing education financing and debt management to help aspiring professionals achieve success. Access Group continues to develop content and tools applicable to students, borrowers and school administrators. Additionally, Access Group hosts the leading educational conference addressing financial aid matters for graduate and professional financial aid administrators.
Access Group is headquartered in Wilmington, Delaware. For more information, visit AccessGroup.Org.
SOURCE Access Group
