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Navigating student loans can feel overwhelming, especially when you switch loan servicers. If your loans have recently been transferred to Aidvantage Student Loans, or you’re hearing about it for the first time, this guide will help. We’ll explain what Aidvantage does, how to manage your loans, and explore your repayment options. As one of the largest student loan servicers in the U.S., Aidvantage manages both federal and private student loans. They help millions of borrowers stay on top of payments and consider loan forgiveness options.

What is Aidvantage student loan?

Aidvantage is a student loan servicing company that manages both federal and private student loans. Loan servicers, like Aidvantage, handle the administrative tasks related to student loans after they are disbursed. This includes processing payments, sending billing statements, offering repayment plans, and providing customer service to borrowers.

Aidvantage took over a large number of federal student loans from Navient in 2021, making it a key player in managing loans for borrowers who originally had their loans with Navient. This transition does not change the terms of your loan but simply transfers the servicing to a new company.

Types of Loans Serviced by Aidvantage

Aidvantage provides support for a range of student loans, such as:

• Federal Direct Loans: These loans are provided by the U.S. Department of Education and encompass Direct Subsidized and Unsubsidized Loans, PLUS Loans, and Direct Consolidation Loans.
• FFELP Loans: The Federal Family Education Loan Program (FFELP) loans are older loans that are no longer being issued but are still managed by Aidvantage for some borrowers.
• Private Student Loans: Additionally, Aidvantage oversees certain private student loans, which typically have different terms than federal

How to Set Up Your Aidvantage Account

If your student loans are now managed by Aidvantage, setting up an online account is crucial for managing your loans. Here’s a quick guide to getting started:

• Visit the Aidvantage Website: Go to the official Aidvantage website and click on “Log In” to access the student loan portal.
• Create an Account: If you don’t have an existing login from your previous loan servicer, you’ll need to register a new account. You’ll be asked to provide your Social Security number, date of birth, and loan details.
• Verify Your Loans: Once logged in, you can view your loan balance, payment due dates, and past payments. It’s essential to verify that all information transferred correctly from your previous loan servicer.
• Set Up Payments: Aidvantage offers various payment options, such as setting up automatic payments, making one-time payments, or sending payments by mail.

Repayment Plans Offered by Aidvantage

Grasping Aidvantage’s repayment options is crucial for effectively handling your student loans. Aidvantage provides a variety of repayment plans from the U.S. Department of Education, offering borrowers a range of flexible choices:

• Standard Repayment Plan: You make fixed payments over 10 years. This plan usually has the highest monthly payments but the lowest overall interest.
• Income-Driven Repayment Plans (IDR): Payments adjust based on your income and family size. The four IDR plans are IBR, PAYE, REPAYE, and ICR.
• Graduated Repayment Plan: Payments start low and increase over time. This plan helps recent graduates expecting their income to grow.
• Extended Repayment Plan: You extend payments over 25 years. This lowers your monthly payments but increases the total interest.

If your financial circumstances change, you have the option to switch plans. For those looking for lower monthly payments, income-driven plans might be the most suitable choice.

Loan Forgiveness Programs Through Aidvantage

If you’re aiming for a career in public service or are currently on an income-driven repayment plan, you might be eligible for loan forgiveness. Aidvantage is here to help you navigate your journey toward these forgiveness options:

• Public Service Loan Forgiveness (PSLF): This program is designed for those in qualifying public service roles, such as government or non-profit jobs. After making 120 qualifying payments under an income-driven repayment plan, you could have the remaining balance on your Direct Loans forgiven.
• Teacher Loan Forgiveness: If you’re a teacher working in low-income schools for five consecutive years, you may qualify for forgiveness of up to $17,500, depending on the subject you teach.

Both programs require diligent tracking of qualifying payments, and Aidvantage can support you in submitting the necessary paperwork and managing the entire process.

Managing Financial Hardship with Aidvantage

If you’re experiencing financial difficulties, Aidvantage has solutions to help you steer clear of delinquency and default. You can consider applying for:

• Deferment: This option temporarily halts your payments for specific qualifying circumstances such as going back to school, serving in the military, or facing unemployment. With subsidized loans, the government pays the interest during deferment, so your balance won’t increase.
• Forbearance: This allows you to pause your payments for up to 12 months during tough times. Keep in mind that interest will still accumulate on all loans during this period, so it’s best to use forbearance only when absolutely necessary.

If you’re having trouble making your payments, reach out to Aidvantage’s customer service to find the best solution for your needs.

Customer Support and Resources

Aidvantage offers numerous resources and support options for borrowers. You can utilize various online tools, including loan calculators and repayment plan estimators, to effectively manage your debt. If you require help, Aidvantage provides customer service through phone(800-722-1300), email, and an online help center.

Moreover, their website features an extensive FAQ section addressing common questions related to repayment, loan forgiveness, and account management. Aidvantage also recommends that borrowers establish automatic payments to prevent late fees and missed payments, which can contribute to enhancing your credit score over time.

Advantages and Disadvantages of Aidvantage Student Loans.

Aidvantage, like any loan servicer, has its own set of pros and cons. Here’s a brief overview of both sides:

Advantages:

• Variety of Payment Choices: Aidvantage offers borrowers a range of repayment plans and methods tailored to their financial needs.
• Eligibility for Loan Forgiveness: They handle loans for those who qualify for federal forgiveness programs.
• Accessible Customer Support: Borrowers can easily reach out for assistance through various channels.

Disadvantages:

• Interest Accumulation During Forbearance: Unlike deferment, interest continues to build on all loans during forbearance, which could lead to a higher loan balance.
• Limited Control Over Loan Terms: As a servicer, Aidvantage doesn’t have authority over the loan terms, which are determined by the lender or federal government.

Conclusion

Grasping the ins and outs of Aidvantage Student Loans is essential for effectively handling your student debt. Whether you’re new to Aidvantage or looking into their repayment and forgiveness options, having accurate information will help you keep up with payments and reduce financial worries. Aidvantage offers various repayment plans, deferment choices, and access to forgiveness programs, ensuring borrowers receive support throughout their repayment journey.

If you have any inquiries or need additional help, feel free to contact Aidvantage’s customer service team. While managing student loans can be tough, with the right resources and assistance, you can navigate them with confidence.