How do I know if my AES loan is federal or private?
For federal student loans, the top of a student loan bill will have the name of your student loan servicer and the name of your federal student loan program. For
- All federal loans will have “Direct” in their names, like “Direct Subsidized Loan,” “Direct PLUS Loan” or “Direct Consolidation Loan,” for example.
- For PLUS Loans, you might see specific titles, like “Parent PLUS Loans.” Older student loan names include Perkins, FFEL, and Stafford.
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.
Request your free credit report. One sign that a loan is private is if you have a co-signer. Federal loans do not have co-signers. There are different types of federal loans (Direct, FFEL, Perkins, Stafford, PLUS, etc.).
Can AES student loans be forgiven? The private student loans AES services are not eligible for loan forgiveness. But the federal student loans it servicers can be forgiven under different programs offered by the Department of Education.
Is American Education Services a federal student loan? AES doesn't actually lend money, so there is no American Education Services student loan. Its parent company, PHEAA, does offer a private student loan called the PA Forward Loan. AES helps borrowers manage their student loan payments.
There are two ways to determine whether a loan is federally or privately held: 1. Check the top of your federal loan promissory notes, applications, and billing statements, as these state the name of the federal loan program at the top of the document.
Forgives the remainder of your Direct Loan balance after you make 120 qualifying payments under an eligible repayment plan (including other eligible periods), while employed full-time for a qualifying public service organization. Death. You, the borrower, die, then your loans may be discharged.
For example, FFELP loans made to students are eligible for forgiveness from any income-driven repayment plan after you consolidate them. However, FFELP loans made to parents are only eligible for forgiveness from one income-driven plan — Income-Contingent Repayment — after you consolidate them.
Process consolidation requests. American Education Services can help you consolidate your FFELP loans into direct loans with the federal government. You'll get a new servicer when you consolidate. Once you consolidate you can qualify for Public Service Loan Forgiveness and additional income-driven repayment plans.
Do private loans show up on StudentAid gov?
Private loans will not appear in your studentaid.gov account.
Log in to StudentAid.gov to track your PSLF progress. For updates on your application status, visit MOHELA's website or contact them at 1-855-265-4038.
Private loans are non-federal loans issued by lenders such as banks, and credit unions.
After at least 20 years of student loan payments under an income-driven repayment plan — IDR forgiveness and 20-year student loan forgiveness. After 25 years if you borrowed loans for graduate school — 25-year federal loan forgiveness.
Private student loans don't go away unless you pay them off, but in most cases, they'll fall off your credit report after seven years. But keep in mind that lenders can still contact you to collect an old debt, even if it's decades old and they can no longer take you to court over it.
AES is actually part of a bigger company, PHEAA (Pennsylvania Higher Education Assistance Agency). This company has been servicing student loans for years, and was one of the largest student loan servicers in the United States.
The credit report may list your service provider for your student loan. You can also contact your school or college's financial aid department for information on who owns your student loan. Finally, you can also check the U.S. Department of Education's Federal Student Aid site.
Log in to your account on studentaid.gov. On your Dashboard click on “View Details.” Scroll down to “Loan Breakdown.” If the name of the loan servicer starts with “Dept. of Ed” or “Default Management Collection System,” then that loan is held (owned) by the federal government.
StudentAid.gov is the U.S. Department of Education's comprehensive database for all federal student aid information. This is one-stop-shopping for all of your federal student loan information.
Direct Subsidized Loans and Direct Unsubsidized Loans are federal student loans offered by the U.S. Department of Education (ED) to help eligible students cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school.
How do I know if my personal loan is unsecured?
The main difference between secured and unsecured loans is collateral: A secured loan requires collateral, while an unsecured loan does not. Unsecured loans are the more common of the two types of personal loans, but interest rates can be higher since they're backed only by your creditworthiness.
American Education Services - Credit Reporting.
Do student loans go away after 7 years? While negative information about your student loans may disappear from your credit reports after seven years, the student loans will remain on your credit reports — and in your life — until you pay them off.
You can use either a checking or savings account. At this time, we do not accept debit or credit cards. When can I view my payment on my student loan account?
FFELP student loans are federally backed loans that were originally funded by private companies. The FFEL Program ended with the 2009-2010 academic year to make way for Direct Loans, and some were purchased by the federal government. There are two types of FFELP loans: commercially owned and federally owned.
References
- https://www.coursera.org/articles/finance-major
- https://www.creditstrong.com/raise-your-credit-score-100-points/
- https://www.unitedcapitalsource.com/blog/remove-erase-bad-credit/
- https://www.nerdwallet.com/article/finance/goodwill-letter
- https://www.bankrate.com/loans/student-loans/are-student-loans-federal/
- https://www.consumerfinance.gov/consumer-tools/educator-tools/youth-financial-education/teach/activities/
- https://www.sofi.com/learn/content/time-to-repair-credit/
- https://www.nerdwallet.com/article/loans/student-loans/american-education-services-customer-service-what-it-can-do-and-how-to-contact
- https://www.gesseducation.com/gess-talks/articles/why-is-financial-literacy-so-important-and-why-should-we-be-teaching-learning-about-this-at-school
- https://learn.org/articles/easiest_business_degree.html
- https://www.rocketlawyer.com/family-and-personal/personal-finance/debt-and-bankruptcy/legal-guide/how-long-does-it-take-to-repair-a-credit-score
- https://clarencestowers.com/the-real-reason-why-personal-finance-is-not-taught-in-school/
- https://www.igradfinancialwellness.com/blog/how-financial-literacy-boosts-retention-and-graduation-rates
- https://www.nerdwallet.com/article/loans/student-loans/what-are-ffel-loans
- https://money.com/get-items-removed-from-credit-report/
- https://homework.study.com/explanation/which-is-more-important-knowledge-or-money.html
- https://www.investopedia.com/terms/credit-repair.asp
- https://freedomsprout.com/childrens-financial-education/
- https://www.commonsense.org/education/reviews/everfi-financial-literacy-for-high-school
- https://www.wonga.co.za/blog/why-financial-literacy-is-important
- https://www.investopedia.com/best-credit-repair-companies-4843898
- https://www.oldertenants.org.au/definition-financial-disadvantage
- https://www.findlaw.com/consumer/credit-banking-finance/how-do-credit-repair-companies-get-paid.html
- https://www.creditstrong.com/how-to-raise-credit-score-by-200-points/
- https://thesoutherneronline.com/93907/comment/schools-must-teach-financial-literacy-for-future-success/
- https://everfi.com/k-12/financial-education/
- https://www.aessuccess.org/manage/your_account/credit_reporting.shtml
- https://www.capitalone.com/learn-grow/money-management/does-paying-off-collections-improve-credit-score/
- https://study.com/academy/lesson/three-cs-of-credit-character-capital-capacity.html
- https://thecollegeinvestor.com/20290/problems-aes-loan-servicing/
- https://www.cbsnews.com/news/effective-ways-to-fix-your-credit-fast/
- https://www.linkedin.com/pulse/why-you-should-start-credit-repair-business-michael-b-
- https://www.bankrate.com/finance/credit-cards/ways-to-teach-kids-financial-literacy-early/
- https://www.investopedia.com/do-credit-repair-companies-really-work-5076928
- https://www.aessuccess.org/manage/tools_and_resources/FAQ/online_payments_faq.shtml
- https://www.coursesidekick.com/finance/2363980
- https://corporatefinanceinstitute.com/resources/management/financial-literacy/
- https://www.linkedin.com/pulse/importance-teaching-financial-literacy-schools-luke-hohmann
- https://jausa.ja.org/news/blog/empowering-middle-schoolers-junior-achievement-and-the-solution-to-financial-literacy
- https://typeset.io/questions/what-are-the-negative-effects-of-financial-literacy-5pinyqxddy
- https://study.com/academy/lesson/financial-literacy-definition-benefits-importance.html
- https://studentaid.gov/help-center/answers/article/status-of-pslf-application
- https://moneytalkwitht.com/blog/teach-financial-literacy-in-schools/
- https://studentloanborrowerassistance.org/for-borrowers/basics-of-student-loans/understanding-your-student-loan-situation/who-holds-your-loans/
- https://www.cnbc.com/2024/02/17/taking-a-personal-finance-class-has-a-lifetime-benefit-of-100000.html
- https://www.experian.com/blogs/ask-experian/how-to-clean-up-your-credit/
- https://www.linkedin.com/pulse/role-financial-literacy-reducing-poverty-qe2fc
- https://northshoreadvisory.com/knowledge-center/personal-credit/credit-repair/how-to-pick-best-credit-repair-company/
- https://www.bankrate.com/loans/student-loans/never-pay-student-loans/
- https://www.experian.com/blogs/ask-experian/what-is-a-609-dispute-letter/
- https://www.gcu.edu/blog/business-management/why-study-finance
- https://themeakemgroup.com/teaching-your-kids-about-taxes/
- https://www.cnbc.com/select/how-do-credit-repair-services-work/
- https://www.nerdwallet.com/article/finance/credit-repair
- https://michaelsdaughter.org/financial-illiteracy-and-the-correlation-to-mass-incarceration/
- https://www.investopedia.com/american-education-services-review-5069630
- https://www.taxcrisisinstitute.com/why-dont-schools-teach-taxes/
- https://www.experian.com/blogs/ask-experian/credit-education/improving-credit/how-to-rebuild-credit/
- https://kidpreneurs.org/financial-literacy-for-kids-2/
- https://www.mass.gov/info-details/how-to-see-if-your-federal-student-loans-are-direct-loans
- https://www.igradfinancialwellness.com/blog/now-is-the-time-to-teach-college-students-financial-literacy
- https://www.atfcu.org/about/telco-blog/why-is-financial-literacy-important-for-students
- https://financialliteracy.champlain.edu/research-advocacy/2017-national-report-card-on-high-school-financial-literacy/2017-case-summary/
- https://www.bankrate.com/loans/student-loans/aes-student-loans/
- https://money.usnews.com/credit-cards/articles/how-long-does-it-take-to-build-credit
- https://www.consumerfinance.gov/consumer-tools/educator-tools/youth-financial-education/learn/financial-knowledge-decision-making-skills/
- https://www.unfcu.org/financial-wellness/50-30-20-rule/
- https://cliftoncorbin.com/advantages-and-disadvantages-of-financial-literacy/
- https://www.nerdwallet.com/article/finance/650-credit-score-good-or-bad
- https://smartasset.com/investing/the-difference-between-accounting-and-finance
- https://www.bankrate.com/personal-finance/credit/are-credit-repair-companies-scam/
- https://www.aessuccess.org/manage/loan_forgiveness_discharge/index.shtml
- https://robertfsmith.org/news/importance-of-financial-literacy/
- https://anytimeestimate.com/credit/illegal-credit-repair-tactic/
- https://www.shiksha.com/online-courses/articles/financial-institutions-types-roles-and-advantages/
- https://www.bankrate.com/personal-finance/credit/how-long-does-it-take-to-get-a-credit-score-up/
- https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized
- https://www.northcentralcollege.edu/news/2022/09/12/finance-degree-hard
- https://corporatefinanceinstitute.com/resources/accounting/three-financial-statements/
- https://studentaid.gov/help-center/answers/article/is-my-loan-federal-or-private
- https://www.financialeducatorscouncil.org/benefits-of-financial-education-in-schools/
- https://www.texasbaycu.org/about-us/news-beware-credit-repair-companies
- https://readysetrepay.org/behind/find.html
- https://www.bankrate.com/personal-finance/credit/when-does-old-debt-fall-off-credit-report/
- https://www.tateesq.com/learn/when-do-student-loans-go-away
- https://www.investopedia.com/can-you-pay-to-remove-a-bad-credit-report-4769891
- https://www.nerdwallet.com/article/loans/personal-loans/secured-vs-unsecured-loans
- https://www.nerdwallet.com/article/finance/learn-about-your-money-in-small-manageable-steps
- https://www.cnbc.com/2023/06/02/when-and-how-to-start-teaching-kids-about-money-according-to-experts.html
- https://www.nytimes.com/2023/12/01/your-money/financial-literacy-high-school-students.html
- https://www.ptla.org/how-do-i-know-what-kind-loan-i-have
- https://www.investopedia.com/how-much-does-it-cost-to-repair-my-credit-5077091
- https://www.credible.com/refinance-student-loans/statute-limitations-private-student-loans
- https://dbinvesting.com/financial-literacy/
- https://www.cnn.com/cnn-underscored/money/ffelp-student-loan-forgiveness
- https://www.lendingtree.com/credit-repair/how-to-remove-collections-from-credit-report/
- https://www.vocabulary.com/dictionary/disadvantage
- https://www.bankrate.com/banking/how-lack-of-financial-literacy-could-cost-thousands/
- https://upsolve.org/learn/609-letter/
- https://www.easypaydirect.com/merchant-accounts/credit-repair-merchant-accounts/
- https://www.uopeople.edu/blog/is-a-finance-degree-worth-it-everything-you-need-to-know/
- https://www.investopedia.com/articles/personal-finance/081216/who-actually-owns-student-loan-debt.asp
- https://www.balancepro.org/resources/articles/why-you-should-never-hire-a-credit-repair-company/
- https://www.experian.com/blogs/ask-experian/can-you-pay-to-have-your-credit-fixed/
- https://www.credit.com/blog/what-is-609/
- https://bankwithchoice.com/wealth-blog/three-key-components-of-financial-literacy/
- https://www.capitalone.com/learn-grow/money-management/financial-literacy/
- https://www.lexingtonlaw.com/education/how-to-fix-credit
- https://www.investopedia.com/terms/f/financial-literacy.asp
- https://parade.com/279023/hrblock/how-many-teens-do-their-own-taxes/
- https://www.nationaldebtrelief.com/blog/financial-wellness/financial-education/financial-education-not-part-of-curriculum/
- https://www.fullerton.edu/financialaid/general/privateloan.php
- https://www.tateesq.com/learn/aes-student-loan-forgiveness
- https://goodgoodpiggy.medium.com/10-quotations-for-teaching-kids-money-management-with-good-good-piggy-bda296cc67f1
- https://www.athene.com/smart-strategies/6-ways-to-improve-your-financial-literacy.html
- https://www.cde.ca.gov/nr/ne/yr23/yr23rel22.asp
- https://www.marketwatch.com/guides/banking/financial-literacy-statistics/
- https://www.creditkarma.com/advice/i/credit-repair-companies
- https://www.creditdonkey.com/most-aggressive-credit-repair-companies.html
