As a college graduate, managing your student loans can seem like a daunting task. But with American Education Services (AES), it doesn’t have to be. In this ultimate guide to managing your student loans with AES, we’ll cover everything you need to know to get started.
What is AES?
AES is a loan servicer that manages federal and private student loans. As a borrower, you may be assigned to AES as your loan servicer after you take out a loan, or you can choose to consolidate your loans with AES.
Managing Your AES Account
To manage your AES account, you’ll first need to create an online account on their website. Once you’ve done that, you’ll be able to review your account details, request a deferment or forbearance, and make payments.
Repayment Plans
One of the most important things to consider when managing your student loans is your repayment plan. AES offers several different repayment plans, including:
– Standard Repayment Plan: This plan sets a fixed payment amount for your loans over 10 years.
– Graduated Repayment Plan: With this plan, your payments start out lower and gradually increase over time.
– Extended Repayment Plan: This plan extends your repayment term to up to 25 years, which can help lower your monthly payments.
– Income-Driven Repayment Plans: These plans base your monthly payments on your income and family size.
Deferment and Forbearance
If you’re struggling to make your payments, you may be eligible for a deferment or forbearance. A deferment allows you to temporarily postpone your payments without accruing additional interest, while a forbearance allows you to temporarily reduce or postpone your payments, but interest will continue to accrue.
Consolidation
Consolidating your loans with AES can make managing your payments easier by combining all of your loans into one monthly payment. However, it’s important to note that consolidation may not always be the best option for everyone.
Bottom Line
Managing your student loans with AES doesn’t have to be complicated. By creating an account, choosing the right repayment plan, and exploring deferment and forbearance options, you can find a plan that works for you. If you have any questions or concerns about managing your loans, don’t hesitate to reach out to AES for assistance.
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