West Virginia Student Loans
Get Financial Help for Your Education
American Education Services (AES) is one of the leading national student loan agencies providing an array of specially priced federal loans and a couple exclusively tailored to specific state borrowers, such as West Virginia. The realm of student loans can be confusing not only from a financial standpoint, but also from a provider perspective. Between loan guaranty agencies, lenders, servicers and providers, it’s often hard to know whom exactly is financing and managing your loans; and they are federal loans, to boot.
AES partners with Edamerica, a student loan lender, where you can also find an alternative loan. This comes in handy once you’ve maxed out your borrowing potential on your federal loans and are still scratching your head over how to pay for the rest of your tuition.
The Federal Loans
All students are required to apply for federal loans. The most common, of course, are the Stafford Loans. There are Perkins and the PLUS Loans, in parent and graduate student versions. You will not be considered for any type of alternative loan unless you’ve completed this step.
Special Deal on Federal Loans
How can any lender make special offers on the federal loans? Plenty do and here’s how: non-profit student loan lenders and guaranty agencies are typically sanctioned to do business in the state by the government. Your state government really is quite interested in providing the best incentives for you to go to college, which is first and foremost money. When West Virginia students have access to more affordable college loans, more kids are likely to go to college, which only means a stronger future for the state.
In the interest of making money available, the state manages to sell the bonds it’s been saving for education to companies who can pass along the tax-free savings to you, the borrower. Big companies like AES and Edamerica are often positioned to make your savings even more attractive and may reward good repayment practices and automatic payments that save them money in the end.
AES Stafford Loans
AES and Edamerica offer West Virginia students the aesBest Stafford Loans that are wrapped in a low-interest, “zero-fee” package purported to be one of their best deals. You can apply directly online and get a quick turnaround on your application. Once you know how much you qualify to receive in federal loans then you know how much you need to borrow in an alternative loan.
Alternative Loans Satisfy Tuition Balance
When your federal loans have been disbursed to your college you then know how much you still have to find in loan money to make up the difference. Unless you have a rich and generous relative you will likely be shopping for alternative student loans. Okay, your hometown bank can supply you with one, but be prepared for high interest rates and attached fees. But when you shop for one with Edamerica you may be eligible for a very competitive loan.
Applying
The Edamerica XtraCredit Alternative Loan is appropriately named. This product comes free from annoying little loan fees and a lower interest rate than others like it and lets you apply for the amount you have outstanding on your college tuition. However, an alternative loan requires you submit to a credit check when you apply if you are borrowing on your own. Unless you have a record of good credit, which means you must have some credit established, you might just start looking for a co-borrower who has good credit. Many students use a parent or other relative. And statistics show that nearly half of all undergrads need to use a co-borrower.
Repayment
Like many alternative loans, Edamerica requires you to begin monthly payments on your interest as soon as your loan is disbursed, which can allow you time to become accustomed to making a regular monthly payment. You want to make sure you do not default on these. However, if you really have problems paying, Edamerica may allow you to defer payments, another perk of working with a company that specializes in student loans.
AES Loan Consolidation
AES extends the Federal Consolidation Loan to those borrowers who have multiple federal loans they would like to minimize. Many students carry more than one federal loan, which makes repayment pricey. The process of consolidation rolls payments into one, cuts interest rates, extends the loan repayment period and makes for exponentially lower monthly bills. Loan consolidation may save your credit for the future as well as put some savings in your pocket for the end of the month.
