FAQ: What Is American Education Services?

Is American Education services legit?

If AES is your loan servicer, you might have gotten something in the mail from them—and not known what it is. But, in fact, AES is a legit loan servicing company. It’s not unusual for people to have thousands of dollars in student debt—and not know who their loan servicer is.

Is AES a federal loan or private?

American Education Services (AES) is a federal loan servicer that processes FFEL loans. While the FFEL program was discontinued, AES still handles borrowers in repayments, and it also services some private student loans for other lenders.

Can AES loans be forgiven?

The last loan forgiveness program for federal student loans with AES is loan forgiveness under the various income-driven repayment plans. The Department of Education offers 4 income-driven repayment options: Revised Pay As You Earn. Pay As You Earn.

What is an AES student?

American Education Services (AES) is a student loan servicer with more than 50 years of experience helping borrowers to manage and pay off their student loans.

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What happens if you never pay your student loans?

Failing to pay your student loan within 90 days classifies the debt as delinquent, which means your credit rating will take a hit. After 270 days, the student loan is in default and may then be transferred to a collection agency to recover.

Is Sallie Mae federal?

Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL. Since then, Sallie Mae no longer services federal loans and provides only private student loans.

Do student loans go away after 7 years?

Student loans don’t go away after 7 years. There is no program for loan forgiveness or loan cancellation after 7 years. However, if it’s been more than 7.5 years since you made a payment on your student loan debt and you default, the debt and the missed payments can be removed from your credit report.

Is AES a Ffelp loan?

American Education Services ( AES ) was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to guarantee and service a variety of Federal Family Education Loan Program ( FFELP ) and private (alternative) student loan products for our lending partners through out the nation.

Are Navient loans Federal?

Navient is one of the largest federal student loan servicers. It also services private student loans from various lenders. Navient was created in 2014 to take over Sallie Mae’s federal student loan servicing arm. Most student loans are federal.

Is AES and PHEAA the same?

PHEAA and AES Who is AES? PHEAA conducts its student loan servicing operations commercially as AES. AES created Account Access to provide a way for borrowers to manage their loans online. PHEAA uses this secure service from AES to support students who participate in some of the aid programs that it administers.

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Is AES a collection agency?

AES is just a loan servicer, and they mainly deal with private student loans. Most often, the lender they are servicing for is the National Collegiate Trust. MRS Associates is also a collection agency that National Collegiate Trust uses often, so I would bet that’s who your original lender is.

What is the difference between FFEL and direct loans?

The main difference between the Direct and FFEL loan programs is the source of funds for borrowers. Funds for Direct Loans come from the federal government; loans made through the FFEL program are provided by private lenders and are insured by guaranty agencies and reinsured by the federal government.

What does Subcns mean?

SUBCNS – Subsidized Consolidation Loan. UNCNS. – Unsubsidized Consolidation Loan. CNSLDN – Consolidation Loan. Monthly Due Date When the payment is due to MOHELA each month.

How do I know if my student loan is federal or private?

For federal student loans, the top of a student loan bill will have the name of your student loan servicer and the name of your federal student loan program. For private student loan bills, you’ ll see the name of your private lender on the bill instead.

Is Alpln a federal loan?

ALPLN Loan Overview An ALPLN loan is a type of private student loan. The terms “private” and “alternative” may be used interchangeably to describe this student credit facility. They tend to carry higher rates of interest than government-issued products like PLUS, Stafford, or Perkins loans.

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