Although AES has been the subject of some complaints and a lawsuit due to its role as a service, your options are limited if you are dissatisfied with your servicer. AES is a company that was founded to service and guarantee federal family education loans (FFEL) as well as certain alternative private student loans. It is controlled by the Pennsylvania Higher Education Assistance Agency (PHEAA). The role of a student loan servicer during the repayment period is not that of a loan provider; rather, it is that of an intermediary between the borrower and the student loan lender. AES also guarantees the loans, which means the company has agreed to pay back the debt if the borrower does not return it.

AES's loans could be private student loans or federal student loans obtained under the FFEL programme, but they won't be any other kind of loan than FFEL loans. The FFEL programme is the only sort of loan that AES will service. If you took out your loans after June 30, 2010, when the FFEL programme was terminated, AES will not be your servicer and will be responsible for finding a new one.

If you took out federal loans after June 2010, there is a possibility that they are still being handled by PHEAA, the parent company of AES, under the name FedLoan Servicing. You may check your credit report or log in to your federal student aid Account Dashboard to see whether or not AES is listed as your loan servicer. If you are unclear whether or not AES is or was your loan servicer, you can do any of these things.

AES as a Federal Student Loan

PHEAA does provide access to private student loans in the form of PA Forward loans; however, neither federal nor private AES loans are available. The Federal Family Education Loan (FFEL) programme enabled commercial lenders to participate in providing federally insured student loans. Additionally, the programme enabled the government to enforce certain interest rate levels for those loans. Therefore, rather than lending money, AES acts as a guarantor and servicer of FFEL loans made by other lenders.

American Education Services

You may ask AES for assistance with any aspect of making payments on student loans. Access to your account: You can check and edit your billing and interest statements, acquire tax forms, and make changes to your account information for education Services. You have many options when it comes to paying back your student loans. You may adjust your payment choices, set up an automatic payment plan, sign up for an income-driven repayment plan, postpone your payment due date, or pay ahead. When making an application for financial assistance programmes, you have options including deferral and forbearance, lower payments, delaying payments, and consolidation of federal loans.

Loan forgiveness

You may check to determine whether you are eligible for debt discharge, the forgiveness of teacher loans, the Public Service Loan Forgiveness (PSLF) programme, and any other benefits for service members. If you are having trouble making your payments, need to adjust payment plans, or have issues regarding your account, you should contact AES, serving as your loan servicer.

How to Make American Education Services Payments

When making payments to AES, the most convenient option is to use direct debit. When you sign up for direct debit, an automated withdrawal will be made from your checking or savings account on the due date of each month. This will ensure that your payments are made on time, assuming enough money is in the account.

All of them were responded to in a timely manner, and the majority were resolved by providing an explanation; two led to monetary relief from the firm, and two led to non-monetary relief. The biggest issue, according to a number of the accounts, was unhappiness with the company's reaction to customer complaints or a lack of flexible repayment choices.

American Education Services Lawsuit

PHEAA has been accused of mistreating and exploiting borrowers in the PSLF programme, which has resulted in various states bringing legal action against the organisation. The lawsuit was brought forth by the loan servicer.

Refinance Your Loans

If you refinance your student loans with a private lender, you may be eligible for a reduced interest rate, be able to decrease the amount of your monthly payment, and finish paying off your loans sooner. Additionally, it will alter who services your loan. Investopedia has analysed each of the top student debt refinancing firms to provide you with the information you need to choose the one that is ideal for you.