Confused...

[cmorris]

I have "Direct" student loans (Perkins, subsidized, unsubsidized--all federal) from PNC. I get my notices (I'm in deferment) from AES. When my payments become due, who do I pay?

 

I want to consolidate during my grace period. Who should I do it with? Would I get the bill from AES?

 

Sorry, I am just confused about this. Thanks for any help.

[Cheech]

cmorris -

 

I am sorry but I don't know who PNC and AES are. However, with student loans, it is typical to have a lender, a guarantor, and a servicer. If you are getting deferment notices from AES, then it's my guess that AES is servicing your loan and you'd make payments to them. You can call up PNC or AES to ask just to make sure.

 

Yes, you can consolidate during your grace period. Actually, that is a good time, because right now the rates are the lowest they have ever been. You could lock in a very low rate for life. As for who you should consolidate with, look up top for fla-tan's "Important Announcements" sticky. Some consolidators are listed there. There are many others - my mail box is flooded with solications from tons of them. Some are better than others.

 

HTH

[cmorris]

Thank you for responding!

 

PNC is the bank listed on my CR. AES (American Education Services--I think...) sends out my notices of the status. My mother and brother paid their loans through AES, though I am not sure who the bank is.

 

I just don't want to consolidate and find out I'm sending my money to the wrong place! I know I should receive a bill, but just in case I don't, I want to be 100% sure.

 

Again, thanks so much!

[fla-tan]

I have "Direct" student loans (Perkins, subsidized, unsubsidized--all federal) from PNC. Your Stafford Loans are not "Direct Loans" as PNC is a FFELP lender. When my payments become due, who do I pay?

 

I want to consolidate during my grace period. Who should I do it with? If all of your Stafford Loans are from PNC, serviced by AES, then you will be required to consolidate with AES. There is a clause within the Federal Regulations on Stafford Loans that state, if all of your loans are from a single lender and with a single servicer, then the lender/servicer is not required to release your loans for consolidation. PNC/AES does not release when they are the only lender/servicer. They are not required to recognize Perkins Loans as a seperate lender for consolidation purposes.

 

Sorry, I am just confused about this. Thanks for any help.

 

cmorris

 

I would definately reccomend that you contact AES as soon as you can to begin the consolidation process. You want to be sure that your consolidation is completed prior to coming out of grace to be sure of keeping your grace rate.

 

 

fla-tan

[cmorris]

Thank you so much! I get a lot of papers about my student loans, all from AES. My CR has PNC. But when I get my finanacial aid papers, they state they are "Direct." I guess that was why I am confused.

 

Thanks so much!