If you have a Federal Family Education Loan, theres a good chance its serviced through AES.
You dont typically get to choose your loan servicers.
However, if you ended up with AES and have questions, youre in the right place.
Lets walk through everything there is to know about American Education Services.
What Is AES?
AES, or American Education Services, is a student loan servicer.
Student loan servicers are companies that handle the repayment and administration of student loans for lenders.
They dont typically offer loans themselves.
How Does AES Work?
American Education Services doesnt offer loans itself.
Instead, as a student loan processor, it handles the billing and various other services around student loans.
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The company offers a number of payment options, which well discuss later in the article.
AES Services at a Glance
AES offers most of the basics youll find with student loan servicers.
Lets walk through each of these services in detail and see how AES stacks up.
This is handy because you dont need to worry about remembering to make the payment.
The disadvantage of these online payments is that you should probably remember to actually enter and make the payment.
This gives you another relatively simple option.
In fact, you may prefer this option simply becausethe AES mobile appis surprisingly easy to use.
Finally, the app makes it easy to set up automatic payments.
Call 1-800-233-0557 and provide the requested information.
If you only want to pay on a single loan, youll have to use the online method.
Make the check out to American Education Services and address it to:
American Education Services, P.O.
Box 65093, Baltimore, MD 21264-5093
The check should include your AES account number.
Its also important to verify the bill pay service hasthe correct addressfor AES.
However,whichoptions you have available depends on whether you have private student loans or federal student loans.
Unfortunately, theres not much AES can do about this.
It never hurts to ask.
Student loan borrowers with a federal loan have alotmore options.
The federal Standard Repayment Plan is 10 years of fixed payments.
Income-Based Repayment (IBR)
The IBR program bases your payments around your income and family size.
This is an excellent option for families with lower incomes.
With this plan, youll make payments of 10% of your discretionary income.
Federal student loans under an ICR plan are eligible for forgiveness after 25 years.
Deferment and Forbearance Options
American Education Services student loans are also eligible for deferment or forbearance.
These two options are available for all federal student loans and some private student loans.
Deferment
This is a process where payments are temporarily stopped on your loan account.
Your loan may or may not accrue interest during the deferment period, depending on whether its federally subsidized.
Forbearance
This is similar to deferment, but you are always responsible for the interest that accrues during forbearance.
If you have a private student loan, you may have additional requirements.
Yes, AES is legit.
If youre concerned because you dont recognize the name, you’re free to relax!
AES is technically not a loan at all.
Its aloan servicer, which means it handles repayment and administration of student loans provided by other lenders.
The same is true for private student loans.
The short answer is it depends.
Your AES loan will be either federal or private, depending on where it originated.
Similarly, if your loan came from a private lender, it will be private with AES.
The site will also provide student loan details like the servicer and outstanding balance.
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