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.
Likewise, is AES considered a federal loan?
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.
Besides, are AES loans direct loans?
American Education Services, aka AES, is a loan servicer to millions of borrowers. … The FFEL program ended in 2010, however, and all federal loans are now issued by the Department of Education’s Direct Loan Program.
Is AES legitimate?
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.
Are AES and FedLoan the same?
While AES and FedLoan are sister companies, they are different student loan servicers that operate separately. AES manages PHEAA’s portfolio of private student loans and federal student loans through the now-discontinued FFEL Program.
Will AES remove late payments?
AES responded agreeing to remove the late payments from ALL 3 Credit Reporting Agencies.
Can I refinance my AES student loans?
You can refinance your AES student loan through a private lender. Doing so can yield you a lower monthly payment or massive savings over the life of your loan.
Will federal student loans be forgiven?
Student loan forgiveness is now tax-free, thanks to a provision included in the $1.9 trillion federal coronavirus stimulus package that became law in March. Formerly, any student loan debt canceled by the government was considered taxable and levied at the borrower’s normal income tax rate.
How do you get student loans forgiven?
PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. Learn more about the PSLF Program to see whether you might qualify.
Is Sallie Mae a federal loan?
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.
Are Navient loans Federal?
Navient is one of the largest federal student loan servicers. It also services private student loans from various lenders. … Most student loans are federal. But if you’re still unsure about whether your student loan is federal or private, the best way to find out is by logging in to studentaid.gov with your FSA ID.
What is the difference between direct loans and FFEL?
What’s the difference between the two federal loan programs (FFEL and Direct)? William D. Ford Direct loans are made directly from the Department of Education to students, without the involvement of a private lender. … There are still many FFEL loans in the system, but as of July 2010, no new FFEL loans are being made.
How do I know if I have direct loans?
Generally, if you took out a federal student loan or consolidated your loans on or after July 1, 2010, you have a federal Direct Loan. There are four types of Direct Loans: Direct Subsidized Loans. Direct Unsubsidized Loans.
Will FFEL loans be forgiven?
Federal student loans made under the Federal Family Education Loan Program are eligible for loan forgiveness. And this includes FFEL consolidation loans. FFEL Program Loans are eligible for: Repayment plan forgiveness.