PHEAA provides student loan services all over the country through AESsuccess and FedLoan Servicing. Although AES and FedLoan are sister companies, they are different student loan companies whose functionality varies.
AESsuccess manages and handles the PHEAA’s federal and private student loan portfolio through the Federal Family Loan Program (FFEL), which has since been discontinued.
FedLoan Servicing provides federal student loan services, that includes student loans for the direct loan program.
With AESsuccess as an administrator, you can assure your future by just focusing on your goals. Here are some of the specific ways that AES assists the borrowers to manage their student loans.
Processing the Bills and Payments: AESsuccess accepts student loan payments by direct debit, online bank transfer, and checks. Before making additional payments, you must go through the instructions on how to make payments to your AESsuccess account. This tells AES for which student loan the additional funds have to be paid first.
Assistance for sick borrowers: AES can assist the borrowers struggling to keep up with student loan payments. Some options include modifying the expiration date or go with the various options to reduce or stop payments.
AES student loans are student loan accounts that are acquired and handled by this loan service provider. These debts can be private student loans or federal student loans that are made under the FFEL program.
However, the FFEL program ended in 2010, and FFEL loans have not been offered for more than 9 years.
Still, many borrowers continue to repay these types of loans, many of which are administered and managed by AES. AESsuccess also administers private student loans, so some borrowers can get the AES service loans that they have contracted with a private lender.