The Best Of Both Worlds With AES Student Loan Consolidation
AES student loan consolidation
offers consolidation services both for federal loans and student
loans for recently graduated students, debtors already paying their
loans, and parents who took out PLUS loans.
Of course, with an AES loan consolidation program,
only federal student loans can be part its Federal Loan Consolidation
program. In order to qualify for consolidation, a debtor must not
be in default of such loans. A previous a federal loan consolidation
can be incorporated into a federal AES student loan consolidation
if you acquired additional loans (federal and educational) since
your last consolidation.
Student debtors whose credit ratings were affected
by their loans can find some relief in AES student loan consolidation:
credit ratings do not affect their eligibility for loan consolidation.
They do not need to be employed, or even have someone co-sign their
loan to qualify for loan consolidation.
There are many arguments for and against federal
consolidation, but the most obvious of the benefits is that a student
loan debtor need not worry about paying for multiple loans (with
varying interest rates) in a month. A federal AES student loan consolidation
organizes your debts into a single loan - you only have to pay the
monthly installment for a fixed number of years.
The interest rate on the loan is also fixed and
locked in for the duration of its term. Student federal loan debtors
ultimately opt for a federal AES loan consolidation because there
is a longer period for repayment, and they ultimately pay a lower
Also, federal AES loan consolidation does not
affect a debtor's credit rating. It also does not affect their ability
to pay off their loans early without penalty, or their ability to
postpone their payments through deferment or forbearance.
Interest rates for federal AES student loan consolidation
are available at the current grace rate of 6.62%. The interest rate
on a federal loan consolidation is the weighted average of all loans
rounded to the nearest 1/8 percent. The interest rate will thus
vary from one consolidated loan to another, but interest rates will
never exceed 8.25%.
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 loan consolidations, loans
must be either be in repayment, in deferment, in forbearance or
grace period. To be eligible for a private AES loan consolidation,
the private loans must total at least $7,500. Interest rates can
vary monthly or quarterly - depending on the program chosen. Unlike
in federal AES loan consolidation, the incentives on a private student
loan consolidation vary depending on your lender. And, based on
his or her credit score, a loaning party need not pay any fees.
AES student loan consolidation, whether private
or public, takes about six to eight weeks to complete. The payment
period can last up to 30 years.