October 26, 2007
Loan Company Overbilled Government for a Decade
Affiliated Computer Services, a loan-servicing company used by many of the largest lenders in the federal guaranteed-student-loan program, overbilled the U.S. Education Department by $17.6-million for subsidies on the loans it handles, the department confirmed last week.
The overpayments, which occurred over a 10-year period, were a result of a software error at Affiliated Computer Services, or ACS, which collects payments and provides other services for lenders on some nine million
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