Imagine you have a special piggy bank for your school money. Now, imagine someone new is helping you count that money and decide how to use it. That’s kind of what’s happening with student loans right now. A new helper called Aidvantage is taking care of many people’s school money. Let’s learn about this new helper and why it’s important for you or someone you know who has student loans.
What is Aidvantage and Why Should You Care?
Meet Your New Money Helper
Aidvantage is like a new friend who’s good at math and wants to help you with your school money. This friend used to have a different name – Navient – but now it has a new name and some new ways of doing things.
The Big Switch: Why Aidvantage is Here
Imagine if your favorite toy store suddenly closed, and a new one opened in its place. That’s kind of what happened with student loans. The old helper, Navient, decided to stop helping, and Aidvantage stepped in to take over.
Why did this happen?
- Navient had some trouble following the rules
- The grown-ups in charge (the government) weren’t happy with how Navient was helping
- Navient thought it would be better to let someone else do the job
Now, Aidvantage is in charge of helping about 5.6 million people with their student loans. That’s a lot of piggy banks to look after!
How Aidvantage Works: Your Student Loan Superhero
Think of Aidvantage as a superhero for student loans. Here’s what this superhero does:
- Keeps track of your school money: They know how much you borrowed and how much you need to pay back.
- Helps you make payments: They show you how to give back the money you borrowed for school.
- Answers your questions: If you’re confused about your school money, they’re there to help.
- Offers special help: If paying back your loan is hard, they can show you easier ways to do it.
Is Aidvantage Your New Helper? Here’s How to Find Out
If you used to talk to Navient about your student loans, you might now be talking to Aidvantage. Here’s how to check:
- Look in your mailbox: You might have gotten a letter telling you about the change.
- Check your email: There might be a message explaining the switch.
- Ask the school money experts: You can call 1-800-433-3243 to ask who your loan helper is now.
- Look online: Log into your student loan account to see if anything has changed.
What to Do if Aidvantage is Your New Loan Superhero
If you find out Aidvantage is now your loan helper, here are some important things to do:
1. Make a New Online Clubhouse
Just like you might make a new account for a video game, you need to make a new account with Aidvantage. This is where you’ll see all your loan information.
How to build your clubhouse:
- Go to the Aidvantage website
- Click on “Create an Account”
- Follow the steps to set up your username and password
- Keep this information safe, like a secret superhero identity
2. Set Up a Money Robot
Setting up automatic payments is like having a robot that gives some money to your loans every month. This is super helpful because:
- You won’t forget to make payments
- You might get a small discount (which means you pay less overall)
3. Tell Aidvantage How to Reach You
Make sure Aidvantage knows how to find you. It’s like making sure your friends have your phone number so they can invite you to play.
What to tell them:
- Your phone number
- Your email address
- Where you live
4. Learn About Different Ways to Pay
Aidvantage can show you lots of ways to pay back your loans. It’s like having different paths to climb a mountain. Some paths are:
- Paths that look at how much money you make
- Paths that start easy and get a little harder as you go
- Paths that give you more time to reach the top
How Aidvantage Can Be Your Loan Buddy
Aidvantage is there to make dealing with your student loans less scary. Here are some ways they can help:
Showing You How to Pay
When it’s time to pay your loans, Aidvantage is who you’ll talk to. You can:
- Pay online through your special account
- Set up a robot to pay automatically
- Send a check in the mail (like a letter, but with money)
Answering Your Big Questions
If you’re confused about your loans, Aidvantage can help. They can answer questions like:
- How much do I owe?
- When do I need to give money back?
- What happens if I give extra money?
Helping When Paying is Hard
Sometimes, paying loans can feel like trying to eat a giant sandwich. If it’s too big, Aidvantage can help you:
- Find a way to take smaller bites (pay less each month)
- Take a break from eating (pause your payments) if you’re really full (struggling)
- Learn about special ways to make the sandwich disappear (loan forgiveness)
Special Magic Tricks Aidvantage Knows
The Public Service Disappearing Act (PSLF)
If you work for the government or a place that helps people, you might be able to make your loans disappear after 10 years of payments. Aidvantage can show you how this magic trick works.
The Shrinking Payment Spell
These are special plans where your monthly payment gets smaller if you don’t make a lot of money. Aidvantage can help you cast this spell and renew it each year.
The Pause Button
If life gets tough, you might be able to press a pause button on your payments. Aidvantage can explain how this works and help you find the pause button if you need it.
How to Talk to Your Aidvantage Buddy
If you need to chat with someone at Aidvantage, here’s how:
Phone: Call 1-800-722-1300
- Monday: 8 a.m. to 11 p.m. ET (that’s Eastern Time, like where the President lives)
- Tuesday to Friday: 8 a.m. to 8 p.m. ET
- Saturday: 10 a.m. to 2 p.m. ET
- Sunday: Closed (they’re resting)
Online: Visit your clubhouse at Aidvantage.com
Mail: Send letters to:
Aidvantage – U.S. Department of Education Loan Servicing
P.O. Box 4450
Portland, OR 97208-4450
What if Aidvantage Isn’t Being a Good Helper?
Sometimes, even superheroes make mistakes. If you think Aidvantage isn’t doing a good job or if you have a problem, you can:
- Talk to Aidvantage first and tell them what’s wrong
- If that doesn’t work, you can tell the Department of Education (they’re like the superhero bosses)
- You can also tell the Consumer Financial Protection Bureau (they’re like the superhero police)
Questions You Might Have About Aidvantage
Is Aidvantage the one giving out school money?
No, Aidvantage is more like a helper. The U.S. Department of Education is the one actually giving out the school money.
Is Aidvantage the same as Navient?
Not exactly. Aidvantage is a new helper that took over Navient’s job. They’re different, but Aidvantage is now doing the work Navient used to do.
Will Aidvantage make my loans disappear?
Some loans that Aidvantage takes care of might disappear (be forgiven), but not just because Aidvantage is helping. It depends on things like where you work or how long you’ve been paying.
Is Aidvantage a real company?
Yes, Aidvantage is a real company chosen by the government to help with student loans. They’re part of a bigger company called Maximus that does lots of work for the government.
Can I pick a different helper for my loans?
Usually, you can’t choose who helps with your loans. The Department of Education decides that. But if you do something special with your loans, like combining them or applying for certain forgiveness programs, you might get a different helper.
What if I’m not happy with Aidvantage?
If you’re not happy with Aidvantage, you can:
- Talk to Aidvantage first and tell them what’s wrong
- Tell the Federal Student Aid Feedback System about your problem
- Tell the Consumer Financial Protection Bureau about your problem
Conclusion: Your Journey with Aidvantage
Understanding student loans can feel like trying to read a really big book, but Aidvantage is there to help make it easier. Remember:
- Aidvantage is your new helper if Navient used to help you
- They can show you how to pay, answer your questions, and teach you about special programs
- If you’re having trouble, it’s okay to ask for help
- Keep your information up to date and check your account often
With Aidvantage as your new loan buddy, you have a partner in taking care of your student loans. By staying curious and asking questions, you can become a student loan superhero yourself. Remember, it’s always okay to ask for help when you need it. Your money future is important, and understanding your student loans is a big part of that.