Accenture Signs 3-Year, $179 Million Contract Extension with U.S. Department of Education for Grant and Loan Origination and Disbursement System
WASHINGTON; March 1, 2006 – Accenture has signed a three-year, $179 million contract extension with the U.S. Department of Education for continued operation and maintenance of the Office of Federal Student Aid’s Direct Loan and Pell Grant origination and disbursement processing system.
Accenture developed and implemented the system, known as the Common Origination and Disbursement (COD) system, which consolidates and integrates the legacy systems that support the origination and disbursement of Title IV Student Financial Aid funds. Since its implementation in 2002, COD has disbursed more than $93 billion in federal student aid.
“Accenture appreciates the opportunity to continue serving the Office of Federal Student Aid in its mission to provide financial assistance and support to America’s students and schools,” said Kenneth S. Dineen, managing director of Accenture Government’s Citizen Service portfolio.
Accenture’s support of the COD system enables the Department of Education to disburse approximately $25 billion in Pell Grants and Direct Loans annually.
Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills and technologies to help clients improve their performance. With more than 126,000 people in 48 countries, the company generated net revenues of US$15.55 billion for the fiscal year ended Aug. 31, 2005. Its home page is www.accenture.com.