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Exploring AES Student Loans – What You Should Know

About AES Student Loans

American Education Service or AES is a loan servicing company that provides student loans to students or their parents to assist them in financing college education. AES student loans are offered by the U.S. government through the Federal Family Education Loan Program (FFELP). To be able to use services offered by AES, you have to register online and after that you can take advantage of their numerous helpful alternatives that include: loan repayment, account administration, options for the loan deferment and various additional tools. With convenient online applications, AES makes the complicated process of student financial aid management easy. AES offers management services for both federal and private loans, such as Federal Stafford Loans, Parent Plus and Graduate Plus.

Eligibility Requirements

To qualify for AES student loans, an applicant needs to be a US citizen or eligible non-citizen. Furthermore, the borrower must be enrolled in school that participates in the FFELP at least at half-time basis and he must not have previous education loans. Students whose loans are into default are not eligible.

To get one of the loans through AES, you have to fill out the FAFSA (free Application for Federal Student Aid).

AES Student Loans Benefits

The main benefit of AES student loans is that it makes the complicated process of applying for student financial aid and private student loans more convenient for students and their families.  All affordable types of student loans can be obtained through the online applications of AES. AES assists in the whole borrowing procedure, from loan application to loan guarantee, from choosing loan repayment schedules and repayment modes to actual loan payment.

Secondly, the interest rates are low and vary from 5.6% to 8.5%, depending on a loan option. In addition, there is a six-month grace period offered. Also, there is no penalty for early paying off a loan early.

Additional advantage is the ability to administer the whole user account. It’s valuable option because it’s simple. For instance, when a client logs in, he or she is able to see the overview of an account, she can make payments or read important notification. He could also keep informed about your loan details, view loan rates and check the loan balance.

Ways to pay AES loans and Repayment Options

There are different ways of paying off your AES student loan available, and the following three are the most common: direct debit, internet payments and check payments.

Direct Debit

Direct debit is the most convenient way to make your student loan payments. Automatic electronic transactions imply your payment is always on time, so you don’t have to worry each month would you make your payments on time.

Internet Payments

You can authorize a one-time electronic loan payment to your account. You can do this by using your account numbers and your banking institution’s routing number.
You should note that this is a one-time payment; using it does not authorize an electronic payment every month.

Check Payments

You can choose to mail your check or money order to AES’ payment servicing center. Be sure that you include your AES account number on your check.

There are also five different repayment plan offered for federal student loans borrowers.

Federal Loan Repayment Options

Repayment plans for federal student loan borrowers include: Level Plan, Graduated Repayment Plan, Income-Sensitive, Income-Based (IBR) and 25-Year Extended loan repayment.

  • Level Repayment Plan – This plan allows you to make smaller monthly payments and the monthly repayment amount remains the same throughout repayment period.
  • Graduated Repayment Plan – the monthly payment is usually interest-only for a certain time and it varies during the repayment period.
  • Income-sensitive Repayment Plan – The monthly installment is based on borrower’s monthly gross income and student loan debt.
  • IBR Plan – The monthly repayment is based on borrower’s monthly income and its family size. IBR helps borrowers who may be experiencing financial hardship to deal with their monthly payments.

Teacher Loan Forgiveness and Discharge

ABS student loans provide partly or full loan forgiveness options for teachers who have been working for at least five consecutive academic years on full-time basis in low-income schools.

There is also a loan discharge option available. You may qualify for discharge if your school is: closed; have signed your name without your authorization; failed to pay a tuition refund or untruly certified your ability to benefit from education.

Student Loans without Cosigner

AES student loans offer a no cosigner student loan option. Student Loans without Cosigner alternative is available for students who have an established credit record and a good credit history.

It is unusual for students to be eligible for private student loans without a cosigner, since most students lack a good credit score or have no credit history, but there are few ways for students to find a private student no cosigner loan options, so in case you have established your credit record and have a good credit score, you can try to get a no cosigner student loan.

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