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Aes Student Loan Consolidation- The Best Of Both Worlds

Jan 25, 2008
So many students who have recently graduated are tangled in a web of federal and private student loans. This can be very easy to get bogged down with, and many student aren't aware of how easy it can be to get out. There are programs, like AES student loan consolidation, that offer sensible ways to get out of student debt, regardless of whether the loans were private, federal, or something else entirely.

AES student loan consolidation offers services to a number of people. You can consolidate loans if you are currently paying your loans, are a recent graduate, or are a parent who is facing a PLUS loan.

With AES, only federal loans qualify for the Federal Loan Consolidation program. There are programs for other loans, which will be covered in later paragraphs. On order to qualify for consolidation, the loans must not currently be in default status. Previous federal loan consolidations are eligible for this program if, since consolidating, new federal education loans have been added.

There is one benefit to student debtors whose credit is affected by their loans in that their credit rating does not affect their eligibility for the AES consolidation program. They do not even have to be employed or find a co-signer to qualify to get the loan.

There are arguments both for and against loan consolidation, but there is one very obvious benefit. With one of these consolidation loans, rather than worry about repaying multiple loans with multiple interest rates, you only repay one loan and one rate. All of your loans are condensed into one fixed rate loan lasting a period of a fixed number of years.

The fixed interest rate is locked in for the entire term of the loan. Many student debtors choose these loans because there is a considerably longer time period within which to repay, and the monthly payments are ultimately lower than paying multiple loans or seeking consolidation from some other places.

Federal AES consolidation does not affect your credit rating. It also does not affect your ability to repay your loan early without accruing a penalty or your ability to obtain a deferment or forbearance to postpone payments if necessary.

Interest rates are available for these loans at the current grace rate of 6.62%. The interest rate on federal loan consolidations is calculated by the average of all loans rounded to the nearest one eighth of a percent. The interest rate will vary from one consolidated loan to another, but will never rise above 8.25 percent.

During your loan's grace period, you get 60% off on your loan's interest rate. Loans that are automatically paid via debit payments get an automatic .25% reduction in the rate. Also, there are no upfront fees to be paid by the loaning party.

For private student loans, the criteria for consolidating are that the loan must not be in default, and must be in repayment, deferment, or still within the grace period. To be eligible for private loan consolidation with AES, your private loans must also total at least $7,500. Interest rates vary monthly or quarterly, depending on what program you choose. The incentives on private loan consolidation, unlike those for federal loans, can vary depending on the lender you choose. The question of whether there are any up front fees is dependent on your credit score.

Applying for AES student loan consolidation takes up to eight weeks to complete from start to finish. The period of repayment can be stretched out as much as thirty years.
About the Author
Searching for advice on debt consolidation loans , credit card consolidation or any type of loan consolidation? Consolidation Loans Advice is a goldmine for tips on all aspects of loan consolidation. Be informed.
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