Agreement to Help Modernize the Office of Student Financial Assistance and Save $79.1 Million
WASHINGTON, D.C., December 12, 2001 – Accenture (NYSE:ACN), the global management and technology consulting organization, announced today that it signed a share-in-savings agreement to integrate Direct Loan eServicing into the Title IV student financial aid programs administered by the U.S. Department of Education’s Office of Student Financial Assistance (SFA). Use of the new capabilities is expected to streamline administrative processes, saving an estimated $79.1 million over five years.
Under terms of the contract, Accenture will deliver new Internet capabilities at no upfront cost to SFA. Accenture then will be compensated for creating this capability out of the savings derived from the new process efficiencies, with payments capped at $41.6 million.
With eServicing, borrowers will be able to take advantage of:
Additionally, more efficient electronic customer relationship management (CRM) tools will be deployed to the Direct Loan Service Centers. Approximately 700 customer service representatives handling inbound calls in SFA’s Borrower Services and Loan Counseling Departments in Utica, N.Y., and Bakersfield, Calif., will use the CRM tools.
Accenture’s team creating the new online services includes AFSA Data Corp. and Affiliated Computer Services.
The contract is part of an overall work process modernization effort, which is enabling SFA to operate more like the commercial sector, while complying with the Government Performance Results Act of 1993. Throughout SFA’s business units, best practices from the private and public sectors are being applied to develop business processes, technology alternatives and training and competency assessments that reflect the agency’s new performance-based vision and objectives.
For additional information on student aid, call 1-800-4-FED-AID, or visit its Web site at http://www.ed.gov/offices/osfap or the schools portal at http://sfa4schools.sfa.ed.gov.
Accenture is the world’s leading management and technology consulting organization. Through its network of businesses approach, in which the company enhances its consulting and outsourcing expertise through alliances, ventures and other capabilities, Accenture delivers innovations that help clients across all industries quickly realize their visions. With more than 75,000 people in 47 countries, the company generated net revenues of $11.44 billion for the fiscal year ended August 31, 2001. Its home page is http://www.accenture.com.
- Electronic Bill Presentment and Payment, which allows borrowers to view their Direct Loan bills online and to make payments via the Internet through the Direct Loan Servicing Web site (DLWS) or through a third-party service provider;
- Online Correspondence, which gives borrowers the option of receiving Direct Loan correspondence via email; and
- The convenient ability to self-service some deferment and forbearance transactions on the Web site and, in some cases, by phone.