Aidvantage is part of a bigger company called Maximus Education. They became really important in the world of student loans when another company called Navient stopped helping with federal student loans.
Aidvantage is a federal student loan servicer. Let’s break that down:
- Federal: This means it’s connected to the big helpers in the government.
- Student loan: Money that people borrow to pay for school.
- Servicer: A helper who takes care of the loans and helps people pay them back.
Important Things to Know About Aidvantage:
- They help 8.4 million people with their student loans.
- They take care of $291 billion in student loans (that’s more money than all the toys in the world!).
- They started helping people who used to get help from Navient.
Why Did Aidvantage Replace Navient?
Imagine if you had a toy that wasn’t working well, so your parents got you a new one. That’s kind of what happened with Navient and Aidvantage.
Navient used to help a lot of people with their student loans. But some important grown-ups called the Consumer Financial Protection Bureau (CFPB) thought Navient wasn’t doing a good job. They said Navient wasn’t helping people pay back their loans in the best way.
In 2022, Navient had to do some big things to fix their mistakes:
- They said “You don’t have to pay back $1.7 billion” to 66,000 people.
- They gave $95 million to over 350,000 people who didn’t get the right help.
After all this, Navient decided they didn’t want to help with federal student loans anymore. So, the government asked Aidvantage to be the new helper.
How Does Aidvantage Help with Student Loans?
Aidvantage does many important jobs to help people with their student loans:
- Collects payments: They make sure the money you pay goes to the right place.
- Answers questions: If you’re confused about your loan, you can ask them for help.
- Explains options: They can tell you different ways to pay back your loan.
- Processes applications: If you want to change how you pay your loan, they help with the paperwork.
How to Talk to Aidvantage
If you need to talk to Aidvantage, here’s how you can reach them:
- Phone: Call 1-800-722-1300
- Monday: 8 AM to 11 PM
- Tuesday to Friday: 8 AM to 8 PM
- Saturday: 10 AM to 2 PM
(All times are Eastern Standard Time) - International callers: 317-806-0580
- Mail:
- For questions:
Aidvantage – Federal Student Aid Loan Servicing
P.O. Box 300001
Greenville, TX 75403-3001 - For sending payments:
Aidvantage – Federal Student Aid Loan Servicing
P.O. Box 4450
Portland, OR 97208-4450 - Email: You can send a message through the Help Center in your online account.
Aidvantage and Student Loan Forgiveness
Student loan forgiveness is when you don’t have to pay back some or all of your student loans. It’s like if you borrowed a toy from a friend, and they said you could keep it instead of giving it back.
Aidvantage doesn’t directly handle most student loan forgiveness programs. Instead, they help by:
- Answering simple questions about forgiveness programs.
- Processing your requests for loan forgiveness.
- Moving your loans to the right helper for specific forgiveness programs.
For example:
- If you’re trying to get Public Service Loan Forgiveness (PSLF), Aidvantage will send your loans to another helper called MOHELA.
- If you need a Disability Discharge, your loans will go to a helper named Nelnet.
What People Are Saying About Aidvantage
Let’s look at what people are saying about Aidvantage. These are like report cards from grown-ups who use Aidvantage for their student loans.
Things People Don’t Like About Aidvantage
- Not enough information:
- Some people say Aidvantage doesn’t explain things well.
- Others say they get wrong information when they ask questions.
- Problems with payments:
- Some borrowers say their payments don’t go through correctly.
- Others mention that Aidvantage takes too long to process payments.
- Not-so-good customer service:
- Many people say it’s hard to get help when they need it.
- Some think the people helping them don’t know enough about student loans.
- Website troubles:
- The Aidvantage website can be hard to use.
- Some say they can’t find the information they need online.
- Confusion about forgiveness:
- Borrowers say Aidvantage isn’t helpful with loan forgiveness programs.
- Some people who should get forgiveness say Aidvantage ignores their requests.
Good Things People Say
Even though there are many complaints, some borrowers have had good experiences:
- Easy switch: Some people say changing from Navient to Aidvantage was easy.
- Nice helpers: A few borrowers mention that some Aidvantage employees are kind and try their best to help.
What to Do If You’re Not Happy with Aidvantage
If you don’t like how Aidvantage is helping you, here are some things you can try:
- Ask for a Direct Consolidation Loan:
- This is like putting all your piggy banks into one big piggy bank.
- You might get a new helper, but your loans will still be federal.
- Refinance your student loan:
- This means getting a new loan from a different company to pay off your old loans.
- Be careful! You might lose some good things if you do this.
- See if you can get Public Service Loan Forgiveness (PSLF):
- If you work for the government or a non-profit, you might be able to get your loans forgiven.
- Your loans would move to MOHELA, a different helper.
- Tell someone if you’re not happy:
- If Aidvantage isn’t treating you fairly, you can tell the Consumer Financial Protection Bureau (CFPB).
Tips for Working with Aidvantage
Here are some ways to make working with Aidvantage easier:
- Write things down: Keep a note of when you talk to Aidvantage and what they tell you.
- Use the website: Try to find answers online before calling.
- Be patient but keep trying: Sometimes you might need to ask for help more than once.
- Know your rights: Learn about your loans and the rules Aidvantage must follow.
- Keep learning: Always try to learn more about student loans and forgiveness programs.
Understanding Different Ways to Pay Back Your Loans
When you’re working with Aidvantage, it’s good to know about different ways to pay back your loans. Here are some options:
Income-Driven Repayment (IDR) Plans
Imagine if your piggy bank only asked for money based on how much you had. That’s what IDR plans do:
- They look at how much money you make.
- They set your payment based on your income.
- Sometimes, your payment could be as low as $0 if you don’t make much money.
Aidvantage can help you apply for these plans, but remember, you need to tell them about your income every year.
Standard Repayment Plan
This is like paying the same amount every month until your loan is all paid off:
- It usually takes 10 years to pay off your loan this way.
- Your payments might be higher, but you’ll pay less interest over time.
Extended Repayment Plan
This is like stretching out your payments over a longer time:
- You can take up to 25 years to pay off your loan.
- Your monthly payments will be smaller, but you’ll pay more interest over time.
Special Programs for Loan Forgiveness
There are some special ways to get your loans forgiven. Here are two big ones:
Public Service Loan Forgiveness (PSLF)
If you work for the government or a non-profit organization, you might be able to get your loans forgiven after 10 years:
- You need to make 120 payments while working for a qualifying employer.
- After that, the rest of your loan could be forgiven.
- Aidvantage will help you start this process, but your loans will move to MOHELA.
Teacher Loan Forgiveness
If you’re a teacher, you might be able to get some of your loans forgiven:
- You must teach full-time for five complete and consecutive academic years in a low-income school.
- You could get up to $17,500 forgiven, depending on what you teach.
What to Do If You’re Having Trouble Paying
If you’re having a hard time paying your loans, don’t worry! There are things you can do:
- Talk to Aidvantage: Let them know you’re having trouble. They might be able to help you find a better payment plan.
- Ask about deferment or forbearance: These are like taking a short break from paying your loans. But be careful, because your loan might still grow during this time.
- Look into income-driven repayment plans: These can make your payments smaller based on how much money you make.
- Check if you qualify for forgiveness: Some jobs or situations might help you get your loans forgiven.
Staying Safe and Avoiding Scams
Some bad people might try to trick you about your student loans. Here’s how to stay safe:
- Never pay for help with your federal student loans: Aidvantage and the government will help you for free.
- Don’t share your FSA ID: This is like a special password for your loans. Only you should know it.
- Be careful of promises that sound too good: If someone says they can make all your loans go away quickly, it’s probably not true.
- Check official websites: Use StudentAid.gov and Aidvantage.com for real information.
Conclusion: Making the Most of Your Aidvantage Experience
Dealing with student loans can be tricky, like solving a big puzzle. Aidvantage is supposed to help make this puzzle easier, but sometimes they might not do the best job.
Remember:
- It’s okay to ask for help if you don’t understand something.
- Keep trying if you don’t get the right answer the first time.
- Learn about your loans and different ways to pay them back.
- If you think Aidvantage made a mistake, speak up and tell them.
By staying informed and speaking up for yourself, you can make sure your student loans are managed the right way. And who knows? You might even find a way to get some of your loans forgiven, which would be like winning a game against your student debt!
Frequently Asked Questions
Q:1 Can I pick Aidvantage to be my loan helper?
A: No, the government chooses your helper for you.
Q:2 Does Aidvantage make loans go away?
A: Aidvantage doesn’t make loans go away by itself, but they can help you apply for government programs that might make some of your loan go away.
Q:3 What if Aidvantage tells me something that’s not right?
A: Write down what they told you, then call back and talk to someone else. If it keeps happening, you can tell the CFPB about it.
Q:4 Can Aidvantage change how much interest I pay?
A: No, Aidvantage can’t change your interest. Only the government can do that for federal loans.
Q:5 How often should I look at my Aidvantage account?
A: It’s a good idea to look at your account at least once a month to make sure everything looks right.
Remember, taking care of student loans is a big job, but you’re not alone. Some many people and places can help you understand and handle your loans. Stay positive and keep learning about your choices!