If you’re going to take out loans to pay for college, you should familiarize yourself with American Education Services (or AES for short). As one of the largest providers of student loans in the country, AES services both federal and private loans to millions of students each year.
About American Education Services
American Education Services was initially founded by the Pennsylvania Higher Education Assistance Agency to help service loans through the (now defunct) Family Federal Education Loan Program (FFELP).
AES services a wide variety of newer federal loans, as well as a handful of private loan options to those who don’t qualify for federal aid or who may need a mix of both federal and private aid. AES heavily invests in educating student borrowers on both the loan application process and their repayment options post-graduation via their websites aessuccess.org, You Can Deal with It, and EducationPlanner.org
What American Education Services does
As a student loan servicer, AES functions like all others; they’ll handle the monthly billing of your loan payment and field any repayment or consolidation related questions and concerns you may have about your loans.
What makes AES different is that they work with students to come up with a comprehensive plan to pay for college by servicing both federal and private loans and keeping the billing and information in one easy-to-access location.
Many students need a mix of federal and private loans to cover 100 percent of their college-related costs, and those that do may find it easier to pay just one servicer instead of multiple ones each month.
Making AES student loan payments
American Education Services offers a variety of ways for borrowers to make student loan payments, including traditional options like paying via mail or telephone, and newer ones like paying online or via mobile phone.
Students with loans serviced by AES can go to their website and sign up for an online account for instant access to their loans and a library of resources.
Through the online portal, borrowers can arrange to make a monthly one-time payment, schedule up to eight payments (in advance) every sixty days, or take advantage of the direct debit program. Through the direct debit program, borrowers can automatically debit their payment (auto-pay) from a validated checking account and potentially qualify for an interest rate reduction for doing so!
AES student loan repayment options
Those having trouble making federal student loan payments can take advantage of the AES sister company, FedLoan Servicing to make a plan.
Although many borrowers find that working with AES directly by calling customer service is the best way to discuss deferment, there are a handful of other repayment options available.
Repayment programs available through American Education Services include:
- Graduated payment plans, where borrowers pay smaller, interest-only payments for a set period of time
- Income-sensitive payment plans, where the repayment amount is set based on net monthly income.
Borrowers with federal loans may also qualify for a variety of income-driven repayment and forgiveness programs.
Those with private loans serviced through AES may not have as many options available, but the website suggests calling customer service to discuss any issues in the event of payment difficult. No matter the situation, it is always in your best interest to have an open line of communication with your loan provider; never ignore a bill or a payment!
It is also worth noting here that AES also works with borrowers seeking to consolidate or refinance their loans into a lower interest rate. Although it may be easier to consolidate with your provider directly, borrowers are also encouraged to shop interest rates when considering refinancing as your loan provider may not offer the most competitive rate.
AES Contact Information
Office Hours: 7:30 AM – 9 PM (EST)
Mailing address for general correspondence:
American Education Services
P.O. Box 2461
Harrisburg, PA 17105-2461
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 6.97% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.23% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.
Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate||Visit SoFi|
|2.47% – 6.23%1||Undergrad & Graduate||Visit Earnest|
|2.47% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.95% – 6.37%2||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.72% – 8.32%6||Undergrad & Graduate||Visit Citizens|