AES Student Loans: What You Need to Know (2024)

DIKSIA.COM - If you have taken out a student loan to pay for your education, chances are you have heard of AES. AES stands for American Education Services, a company that services millions of student loans across the United States. AES is not a lender, but a loan servicer, which means it handles the billing, payment, and customer service for your loan. AES services both federal and private student loans, including the Federal Family Education Loan Program (FFELP) loans, which are no longer available to new borrowers.

In this article, we will explain what you need to know about AES student loans, such as how to manage your account, how to make payments, how to apply for loan forgiveness or discharge, and how to avoid scams. We will also provide some tips on how to save money and pay off your student loans faster.

How to Manage Your AES Student Loans Online

One of the easiest ways to manage your AES student loans is to create an online account on the AES website. With an online account, you can:

• View your loan balance, interest rate, payment history, and due date
• Make online payments or set up automatic payments
• Update your contact information and preferences
• Apply for deferment, forbearance, or income-driven repayment plans
• Request a payoff amount or loan verification letter
• Access your tax information and monthly statements
• Contact AES customer service by phone, email, or chat

To create an online account, you will need your account number, Social Security number, date of birth, and email address. You can find your account number on your billing statement or by calling AES at 1-800-233-0557. Once you have created your account, you can log in anytime to access your loan information and make changes to your account.

How to Make Payments on Your AES Student Loans

Making timely payments on your AES student loans is important to avoid late fees, interest accrual, and credit damage. You have several options to make payments on your AES student loans, such as:

• Online: You can make online payments through your AES account using your bank account or debit card. You can also set up automatic payments to have your monthly payment deducted from your bank account on your due date. This can help you avoid missing payments and qualify for an interest rate reduction of 0.25%.
• Phone: You can make phone payments by calling AES at 1-800-233-0557 and following the prompts. You will need your account number and bank account or debit card information. There is no fee for phone payments, but you may have to wait on hold during peak hours.
• Mail: You can mail a check or money order to AES along with your payment coupon. You should write your account number on your check or money order and allow enough time for your payment to reach AES before your due date. The mailing address for AES is:

American Education Services P.O. Box 65093 Baltimore, MD 21264-5093

• Mobile app: You can download the AES mobile app for iOS or Android devices and make payments on the go. You can also view your loan details, update your information, and contact AES customer service through the app.
• Third-party services: You can use third-party services such as Bill Pay or PayNearMe to make payments on your AES student loans. However, you should be aware of the fees, terms, and conditions of these services and make sure they are authorized by AES.

How to Apply for Loan Forgiveness or Discharge on Your AES Student Loans

Depending on your situation, you may be eligible for loan forgiveness or discharge on your AES student loans. Loan forgiveness or discharge means that you are no longer required to repay some or all of your loan balance. Some of the common programs that offer loan forgiveness or discharge are:

Public Service Loan Forgiveness (PSLF)

This program forgives the remaining balance of your federal student loans after you have made 120 qualifying payments while working full-time for a qualifying public service employer. To qualify for PSLF, you must have Direct Loans or consolidate your FFELP loans into a Direct Consolidation Loan. You must also enroll in an income-driven repayment plan and submit an Employment Certification Form every year or whenever you change employers. You can apply for PSLF through the Department of Education's website.

Income-Driven Repayment (IDR) Forgiveness

This program forgives the remaining balance of your federal student loans after you have made payments for 20 or 25 years, depending on your repayment plan. To qualify for IDR forgiveness, you must enroll in one of the four income-driven repayment plans: Income-Based Repayment (IBR), Income-Contingent Repayment (ICR), Pay As You Earn (PAYE), or Revised Pay As You Earn (REPAYE). You can apply for an IDR plan through your AES account or the Department of Education's website.

Teacher Loan Forgiveness

This program forgives up to $17,500 of your federal student loans if you teach full-time for five consecutive years in a low-income school or educational service agency. To qualify for teacher loan forgiveness, you must have Direct Loans or FFELP loans that were disbursed after October 1, 1998. You must also meet certain eligibility requirements, such as having a bachelor's degree and a teaching license. You can apply for teacher loan forgiveness by submitting a Teacher Loan Forgiveness Application to AES after completing your five years of teaching service.

Total and Permanent Disability (TPD) Discharge

This program discharges your federal student loans if you are totally and permanently disabled and unable to work. To qualify for TPD discharge, you must provide proof of your disability from one of the following sources: the Social Security Administration, the Department of Veterans Affairs, or a physician. You can apply for TPD discharge by submitting a TPD Discharge Application to Nelnet, the servicer that handles TPD discharge requests on behalf of the Department of Education.

How to Avoid Scams on Your AES Student Loans

Unfortunately, there are many scammers who prey on student loan borrowers and try to take advantage of their financial situation. Some of the common scams that target AES student loan borrowers are:

Debt relief scams

These are companies that claim to help you reduce or eliminate your student loan debt for a fee. They may promise to lower your interest rate, enroll you in a forgiveness program, or consolidate your loans. However, these companies are not affiliated with AES or the Department of Education and cannot do anything that you cannot do yourself for free.