Student Loans

[molly73]

My loans are with ACS...been there several years...they were transferred after a messed up on paying Sallie Mae...back on track now with...ACS could not be nicer!

Anyway....should i try to get them transfered back to Sallie Mae? 

Would this look better & help my credit?

[LynnInMN]

Try a google search....you could have found out the answer very quickly.

ACS is a servicer.

Message Edited by LynnInMN on 03-24-2009 10:20 AM

[molly73]

thanks...i have just heard different things...so i just wanted to make sure of it.

so having my loans with them does not look bad?

[Guardian]

There is an ACS that is a loan servicing company and also a small collection agency out of Alabama. But I think you are referring to the loan servicer, as the other one is not national and usually doesn't get out much

[molly73]

yeah....i'm working with the loan servicer.

would they also be marked as SunTrust on my credit report?

i just want to make sure it's ok my loans are with them....i heard they were a collection agency for student loans.

also...when i apply to credit and speak with someone over the phone...they say that my loans are tagged as "paid through insurer" 

[Guardian]

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molly73 wrote:

yeah....i'm working with the loan servicer.

would they also be marked as SunTrust on my credit report?

i just want to make sure it's ok my loans are with them....i heard they were a collection agency for student loans.

also...when i apply to credit and speak with someone over the phone...they say that my loans are tagged as "paid through insurer" 

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If I am not mistaken, SunTrust is a bank and they may be the ones who guaranteed your loan or bought it or somehow hold the title to it. ACS is the servicer, they handle the contact with the student, make sure payments are made, handle interest and forwarding of the funds to the owner of the loan after taking their management fees. Like Sallie Mae, they don't own the loans, they service them and they make money from it but the funds might belong to any bank that guaranteed the funds, Well's Fargo, Key Bank, Citibank and so on. Now remember sometimes your loans may exchange hands because the bank sells them or goes out of business and those initials may seem werid and not make sense but as long as YOU have not defaulted, don't worry about it, it happens. I have had many student loans and they have exchanged hands many times.

[molly73]

guardian -

thanks for explaining that....makes total sense.....did not know that these banks outsourced their office work!

thanks again!

[Guardian]

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molly73 wrote:

guardian -

thanks for explaining that....makes total sense.....did not know that these banks outsourced their office work!

thanks again!

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The money comes from the banks but the paperwork is managed by an agency. These angencies often handle loans for multiple source banks. Its common to have someone like Sallie Mae that has your loan, actually to go out and solicit more of your loans from another provider just to get it under one roof and see if they can make more money on it. Anyway, glad you got what you needed.