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AES Student Loan – Loans & Services Offered

September 1, 2011

AES Student Loan

AES Student Loan

If you are not familiar with AES Student Loan, they are a loan servicing company also known as American Education Services, and have been providing student loans since 1964. They are a division of the Pennsylvania Higher Education Asissantance Agency and are one of the largest lenders in the country. AES Student Loan offers studnelt loans, different repayment plans that suite your financial situaion best and other services. First off we will start with a background on their loans offered, which there are 4 different options you can choose from:

  1. Stafford Loans - Loan eligibiliy is not based off your credit score and doesn’t require a cosigner. This option provides subsidized and ubsubsidized student loans and they both offer a 6 month grace period where you do not have to pay loan payments for 6 months after you graduate. These loans have low fixed interest rates and usually require you to pay them back in 10 years, although you can extend the payment period if need be.
  2. Parent PLUS Loans – These loans make it easy for parents of dependable children to take out a loan so that you child can afford college. This option isn’t credit based nor is it income based so it makes acceptance a lot easier. This AES Student Loan option provides parents with flexible repayment guidlines as well as they are not penalized if they choose to pay the loans off early.
  3. Graduate PLUS Loans – These loans are dedicated to all the graduate and professional students who are looking to find loans through AES Student Loan. This option allows you to get tax refunds on your payments as well as lenient repyament guidelines.
  4. Private Loans – AES Student Loan also come in the form of private loans that are there in the event the federal loan options above do not provide you with enough money to afford your tuition. Often times private loans, as you may know, have higher interest rates as well as more times than not are credit based, but they also usually offer larger borrowing terms. AES Student Loan is affiliated with many private student loan lenders that can help you out with financial aid.

AES Student Loan Repayment Terms

AES Student Loan offers 5 different repayment terms for their students, here are the 5 options:

  1. LEVEL – This plan keeps payments the same throughout the entire repayment period.
  2. GRADUATED – Allows one to start paying smaller payments and first and have them gradually increase over time.
  3. INCOME SENSITIVE – This AES Student Loan repayment option is based on your monthly income sum as well as how much student debt you have.
  4. INCOME BASED – With this method, you payment is  calculated at 15 percent of you monthly income. The normal repayment term is 10 years and offers loan forgiveness under certain circumstances.
  5. 25 Year Extended – This AES Student Loan repayment method will extend you loan repyament plan to 25 years for those who have large student loan debt which have to be over 30,000.

Other AES Student Loan Services

  • Student loan consolidation.
  • Online account managment is availble for all borrowers to check payment history, manage their loan details and more.
  • Help when it comes to difficulty in making payments.
  • Up to date information on everything related to school loans.

AES Student Loan – Misc Information

Being that they are based out of Pennsylvania, AES Student Loan offer Pennsylvania residents as well as students who are coming from out of state to attend a school in Pennsylvania the KeystoneBEST Loan Program. This program consists of lower costs for student loans for these Pennslyvania students because the PHEAA pays the one percent federal default fee when it comes to lenders who participate in the KeystoneBEST Loan Program, which this benefit is applicable for students who take out any of the AES Student Loan federal loans above, Stafford, Parent PLUS and Graduate PLUS.

 

 

AES Student Loans – Their 4 Different Options

August 27, 2011

AES Student LoansAES Student Loans

AES student loans are offered through a program called the American Education Services who are a loan provider company who offers many different loans depending on what you are looking for. They were established in 1964 and have evolved from a small corporation into one of the largest loan providers in the US. What they are there for is to offer you the money you need when your grants, scholarships and other financial aid just isn’t cutting it as far as having enough money to cover college tuition. Below will be a detailed review of each of the AES student loans as well as the overall pros and cons, so that you can get familiar with them and decide for yourself if AES student loans are ones that you want to utilize for your college tuition.

AES Student Loans – 4 Different Options

STAFFORD AES STUDENT LOANS

This loan option is offered with many benefits to its applicant like:

  • No cosigner needed in order to be eligble
  • You don’t have to have good credit in order to qualify for this loan, so the chances are high when it comes to acceptance.
  • 6 month grace period where you don’t have to pay monthly loans for a 6 month time period.
  • Along with the grace period, you don’t have to pay anything while you are in school, both monthly payments as well as interest until you are finished with school.
  • They offer the opportunity of subsidation.
  • Best of all, you are not penalized if you pay your loan off early

PARENT PLUS AES STUDENT LOANS

  • This loan covers other aspects of college other than tuition like room and board as well as any other fees that deal with you education.
  • You can borrow up to the amount of what you have left in financial aide needed to have enough to pay your tuition.
  • Lenient repayment options.
  • There are no income requirements to qualify.
  • Payments are often considered tax deductable.

GRADUATE PLUS AES STUDENT LOANS

  • There are no income requirments in order to qualify
  • Your interest payments can be tax deductable.
  • Very flexible repayment options are available, providing a program that will suit what you can afford each month.
  • There are no pre-payment penalties.
  • If you have bad credit, you can still qualify with a credit-ready endorser

ALTERNATIVE AES STUDENT LOANS

These come in various forms of private loans, and are not federal funds so they are very different from the above options. Some details about the Alternative Student Loans are:

  • They have higher interest and fees compared to the three options above.
  • The repayment options are a lot less lenient.
  • Are there as a back up plan if you don’t qualify for the first three loans above.

AES STUDENT LOANS – Pros & Cons

As you can now tell, AES student loans can really cater to many different needs for people who are looking for student loans that will enable you to pay for your tuition. To give you an even better feel for what AES student loans have to offer, here is an all encompassing pros and cons list:

PROS

  • Low interest rates, being that they are being loaned with federal funds.
  • Fixed interest rates, meaning they will never change from the minute you obtain the money until your last payment.
  • They are pretty easy to qualify for.
  • Flexiblity of repayment is another great benefit of AES student loans

CONS

  • Although the interest rates are fixed, this can act as a negative because if the average interest rates fall, you are stuck with paying a higher that average interest payment.
  • Bankruptcy is not an option with the first three options.