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Preditory Lending Practices

Complaint Rating:  100 % with 17 votes
100% 17
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United States
I am new to having ACS as a servicing agent for my student loans. Over the past 8 years I have been making regular automatically deducted student loan payments to Panhandle Plains Student Loan Center in Canyon, Texas. As of 18 Sept. 2009, ACS is taking over the servicing of my loan. I did not receive notification of this transfer from either PPSLC or ACS. Furthermore, ACS instituted a policy on all loans from ACS to not start automatic deductions for accounts identified as being "pre-paid", i.e. I've been paying more than my minimum payment for years and my next due date is not until sometime in 2011. I believe this is a covert action on the part of ACS to put people into non-payment status in an attempt to garner more profit for themselves in interest charges and late fees at the expense of college graduates just starting their careers. My experience with ACS is only 36 hours long at this point and I'm already asking around to find out which Federal agency has oversight responsibility for the companies that service guaranteed student loans. My advice to anyone with ACS is to check your account statements regularly and communicate only through certified mail with a return receipt. Obviously this part of the financial sector didn't learn any lessons over the past 12 months and is staffed with crooks and theives.
Complaint comments Comments (9) Complaint country United States Complaint category Loans


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A  30th of Nov, 2009 by    0 Votes
I, too just had my loans transferred from Panhandle Plains Student Loan Center to ACS. I wasn't aware that my Account number had changed so when I sent my check via Bill Pay through Bank of America, I used the old account number that PPSLC used. They now want me to put my SSN on my check as my Account Number?? My check for my October 14th payment cleared my bank on October 14th. I received a notice from ACS around the 1st of November stating that my account was past due. I contact my Bill Pay service and they said the check had already cleared. We contacted ACS and they asked for a copy of the cleared check. ONE MONTH LATER AND SIX FAXES later...they still show me past due. We fax and refax and ACS just keeps saying they haven't received the fax and will not open a research effort on the account until they receive the fax. We have spoken to three supervisors, all that give us the same fax number and NOTHING!! I'm so frustrated. I have my Transmission Logs from the fax machine showing the time, date & a copy of the first page faxed and I can't get any resolution to this.
A  27th of Jan, 2010 by    0 Votes
My experience with ACS has, so far been, been negative. Repayment of my student loan began on 12/28/09, however, I was expecting to receive a bill but didn't get one. As a result my payment became past due and I had to pay a high late fee. I registered to login on their website but I'm currently having problems logging in. When I contacted customer service, I was met with rudeness and apathy. I was put on hold for about ten minutes and then cut off. I tried calling back but couldn't get through. I contacted ACS by email and recieved an autolmated response and no subsequent response after that. I wanted to make payments online, but due to the problems I've been having with the website, my payments will again be past due again. This really worries me If this is the kind of service I can expect from ACS.
A  3rd of Mar, 2010 by    0 Votes
ACS owes me six thousand dollars and I have gone thru the Department of Education Ombudson (which I found our are employed by contract by ACS). I have sent two hundred pages of documentation to ACS and our loan was bought out by them and consolidated and they did not adhere Check returns from the university. I was unable to get a department but finally got a SR Representative that said she would help me then REFUSED to speak to me and I audited my files as I used to be a professional auditor.

They did not credit all my payments, when I paid my loans off, they held one thousand dollars of credit for one year, then they also did not sent an explanation of the money when they did send it and I am still waiting two years letter with all this documentation.

I have contacted Student Justice Leaugue and was just recently contacted by Huffington News by a reporter that stated that ACS is known for this and some students are suing through the Attorney General Office. I encourage you to contact the Department of Education at once and go from there. You must ask for resolutions department and I was told this after two years and you cannot get them on your own, you have to go thru the Department of Education.

I want my six thousand back and they still are charging me for a loan I don't owe and they were supposed to freeze my accounts while under audit.

Ask them for an internal audit and to present you with documentation. What they did for me is type in on an excel worksheet with no documentation. Good Luck, I am tired of ACS and the point of contacts given by the poster are not working numbers BJ in Texas

Go to your University Financial Aid Office also as they need to know.
A  3rd of Mar, 2010 by    0 Votes
Oh by the way, No federal agency regulates ACS, bad joke isn't it. BJ
N  3rd of Mar, 2010 by    0 Votes
You cannot send return receipt unless you have a person to send and there is no one to sign for it, tried that. BJ
A  5th of Mar, 2010 by    0 Votes
After reading the complaints I am almost afraid to even consider retiring. I was trying to find any information on whether or not there is any kind of program at ACS-education that will have a forgiveness clause. After I retire I will be living on a fixed income and the $175.oo a month will just about clean out a large portion of my income. I have been making payments faithfully since I graduation in 1994. Before going with ACS I was with Sallie Mae. Must say they were easlier to deal with. I really need to know where to turn to for help with this problem. Please response.
A  8th of Apr, 2010 by    +1 Votes
ACS is a scam syndicate and a disorganized institution of harassers. I'm a victim of IDENTITY THEFT that actually took place through a different bank via the internet four years ago. ACS bought that loan from the bank a year and a half ago, and have been sending me bills every since. As of today, I've had to request my THIRD fraudulent loan affidavit form to prove I do NOT owe them any money, and ACS claims the first form I filled out never made it back to them. The second form I requested (after finding out MONTHS after sending the first affidavit back to them) was never sent it to me! It's like they don't want to admit they bought a loan from a bank that was stupid enough to give away money to any 'ol crook with a stolen SSN and the dexterity in their hands to click on an "I agree that I am who I claim to be" e-signiture button on their online master promissory note web page. So I get the feeling I'll never see this third affidavit form I requested because ACS doesn't want to deal with it, and this identity theft will NEVER be solved. Hell, the original culprit will probably get away with the whole thing even if I do prove my case. Meanwhile, these ACS loan sharks will continue to harass me for the money that I don't owe, all because they're is too ###ed or purposefully trying to lose paperwork... especially their affidavit forms that could make them forfeit their precious interest! I refuse to pay for a loan I never took out. But at the same time, I'm tired of this run-around.
N  10th of Sep, 2010 by    0 Votes
You should always check any statements you get from student loan companies. If they send you something in the mail about a change and you didn't read it, that's not their fault. It's yours.
N  15th of Oct, 2011 by    0 Votes
I've been dealing off and on with ACS for 4 years. Here are some survivor tips. 1) When they ask you to fax something. Fax it everyday for like 10 days straight. It works and I do have an at home fax machine. 2) When you want to pay more than the balance due. Have it ach through your bank. Don't have your bank send a check. I learned the hard way. A check ACS can claim they hadn't received it, when they have it, they can gain more interest before cashing it. I played around with my banking system and once I kept the payment under $850, they sent it electronically (anything more than that prompted a paper check). Now I wanted to send in $8000, so I had to setup 10 payments of different amounts (different by a penny - i.e 800.00, 800.01, 800.02 etc, . to total $8000) to get my bank to not send a check. I guess if you set up a large amount to pay through online bill pay - ACS can request that it get sent in the check form. Also, they changed my account number, when I used the new number a paper check gets sent by my bank I canceled the request and put in my old account number - it was sent ach. Since I wasn't formally notified that the account number has changed, I'm ignoring it for now. I just assume when they send a new payment booklet for next year it will be updated with the new account number. I hope to have the entire loan paid off by 12/31/11. I hope this helps someone out there, because ACS is sneaky and pesty. But we should just up our game too. Also, ach they can't deny they received, with a check- they can deny they received. I would never use their system to pay a bill. They will only pull on your due date - more interest for them.

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