Education extends contract supporting student aid program
- By Mary Mosquera
- Mar 03, 2006
The Education Department awarded Accenture LLP a three-year, $179 million contract extension for operation and maintenance of the Office of Federal Student Aid's Direct Loan and Pell Grant processing system. Accenture will provide system enhancements along with financial aid support services for additional academic award years.
Accenture developed and implemented the Common Origination and Disbursement system, which consolidates and integrates the legacy systems that support the loan processing of Title IV Student Financial Aid funds used to pay for college and university education. These include Pell Grants, Supplemental Educational Opportunity Grants, Stafford and Perkins loans.
The contract continues services for the Common Origination and Disbursement system until Education puts into production the new Advance financial aid delivery system, which aims to integrate front-end financial aid systems into a single locator.
The current system enables Education to disburse about $25 billion annually in Pell Grants and direct loans. Since its implementation in 2002, COD has disbursed more than $93 billion in federal student aid.
Mary Mosquera is a reporter for Federal Computer Week.