Accenture tapped for Ed. work

The Department of Education's Office of Student Financial Assistance will save about $173 million through two new share-in-savings contracts with Accenture.

The two contracts are worth $234.6 million to Accenture of Hamilton, Bermuda, and its partners.

The contracts, the third and fourth share-in-savings agreements between Accenture and Student Financial Assistance office, are part of a modernization effort to transform the agency into the federal government's first performance-based organization.

Under the share-in-savings approach, Accenture and its team members will pay for system development and implementation and will be later reimbursed based on achieving specific results.

Under one contract, Accenture will develop and deploy a Common Origination and Disbursement system that will save the financial aid office about $94 million over the next 10 years, the company said.

Under the second contract, the Title IV student financial aid programs administered by the Office of Student Financial Assistance will get new online service capabilities.