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Accenture awarded $966 million contract to support Federal Student Aid Programs

Accenture awarded $966 million contract to support Federal Student Aid Programs

  • International
  • The U.S. Department of Education has awarded Accenture Federal Services a 10-year, $966 million contract to continue operations and maintenance of the federal financial aid system that helps make college a reality for millions of students and their families.
  • Accenture
  • http://www.accenture.com
  • info@accenture.com
  • http://newsroom.accenture.com/news/accenture-awarded-966-million-contract-to-support-federal-student-aid-programs.htm

Accenture has been working with the department on the Common Origination and Disbursement (COD) system since 2001, providing integrated system operations, customer service, application maintenance, and hosting support for federal student aid programs, including the Pell Grant, Direct Loan, Teacher Education Assistance for College and Higher Education (TEACH) Grant, and Iraq Afghanistan Service Grant (IASG) programs.

Since its inception, the COD system has processed more than $1 trillion in federal student loans and grants. COD has originated over $130 billion in aid to more than 14 million students and their families at 6,000 schools in 2014, including more than $5.1 billion in a single day.

“We are proud to be able to continue supporting the department’s efforts to deliver federal student financial aid to millions of post-secondary students in a secure and reliable manner,” said Paul Peck, who leads Accenture’s work at the Department of Education.

The Accenture-designed COD system has consistently delivered stable and secure origination and disbursement services for the department’s Office of Federal Student Aid (FSA), students, and schools. Due to the system’s flexible and scalable design, COD has helped FSA rapidly respond to 36 legislative mandates since 2007, including the transition to 100 percent direct lending in 2010, doubling the system capacity in three months.

Accenture Federal Services is a U.S. company, with offices in Arlington, Va., and is a wholly owned subsidiary of Accenture LLP. Accenture’s federal business has served every cabinet-level department and 30 of the largest federal organizations with clients at defense, intelligence, public safety and civilian agencies.

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