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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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How To Get Private Student Loans Without Cosigner

Many studies have shown that individuals with a college degree earn much more money over their lifetimes than individuals with only a high school degree. Because of this fact, many people who want to earn more money go to college to get a degree. While attending college can provide you with a valuable education, it is definitely not free for most people. Although a few people qualify for scholarships and grants, the majority of people have to pay for their educational needs.

Student Loans

Since you are most likely going to have to pay for at least part of your college education, you may need to borrow money at some point. When you Peterborough money to pay for college, student loans can provide you with the cash that you need. There are two different types of student loans that you could pursue. One type is the federal student loan. These loans are issued by lenders that are backed by the federal government. The government sets the interest rates on these loans and even subsidizes some of them based on financial need. These loans are not based on your credit and pretty much anyone can get them even if they don’t have any income.

The second type of loan is the private student loan. Private student loans are loans that are issued by individual lenders and are not backed by the government. These loans are also not subsidized by the government and they are a little more difficult to get.

Qualifying for Private Student Loans

Most people seek out federal education loans first because they are easier to qualify for and they have lower interest rates. After you use a federal student loan to pay for the majority of your college, you may need to borrow additional money in the form of private student loans.

When you need to qualify for these private student loans, the lender will need to evaluate your credit. Many people in this situation use a responsible cosigner, such as a parent, to sign the loan application. This can increase the odds of getting approved for a loan, but it is not always necessary.

If you want to qualify for a privet student loans with no cosigner, you will have to prove that your credit profile is sufficient and creditworthy to justify getting the money you need. In addition, you will also need to prove that you have enough and strong income coming in on a regular basis if you want to get approved with no cosigner on the loan or a co-borrower.

Qualifying for a loan with no cosigner is not always easy when you are trying to go to college. For example, if you are a full-time student, you may not be able to earn very much money in addition to studying and attending class. If you want to qualify for the loan, however, you will need to be able to prove that you have enough income or assets to qualify. If your credit score is not yet high enough, you may also need to take the necessary steps to bump up your credit score a bit. This may delay your ability to qualify for a private education loan.

Interest Rates

When you are in the market for this type of loan, you should consider shopping around a bit before you just settle on the first loan that comes along. Otherwise, you can be sure that you’re getting the best interest rate that is available in the market. When you’re picking federal loans, you can be sure that you’re getting the best interest rate, because they are basically all the same. Once you venture into the private market, the rates can vary a lot more.

Other Options

If you are having a hard time qualifying for a private student loan, you may need to consider some alternatives. Using a home-equity loan, a personal loan or a loan from a family member might provide you with the money you need.

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