A few years ago, another helper called Navient decided they didn’t want to help with student loans anymore. So, the government asked Aidvantage to take over. It’s like when one babysitter leaves and a new one comes to take care of you.
What Does Aidvantage Do?
Aidvantage has some important jobs:
- Keeps track of your payments: They make sure your money goes to the right place when you pay your loan.
- Answers your questions: If you’re confused about your loan, you can ask them for help.
- Helps you find ways to pay: If paying your loan is hard, they can suggest different ways to make it easier.
Is Aidvantage Doing a Good Job?
Just like how sometimes you might not like your babysitter, some people don’t think Aidvantage is doing a great job. They’ve had some problems:
- Some people’s payments got mixed up.
- Some people got wrong information about their loans.
- Some people had trouble talking to Aidvantage when they needed help.
But remember, taking care of lots of people’s loans is a big job, and sometimes mistakes happen.
Can Aidvantage Make Your Loan Go Away?
Aidvantage can’t make your loan disappear like magic, but they can help you learn about ways to make your loan smaller or even go away completely. These are called forgiveness programs.
Public Service Loan Forgiveness (PSLF)
If you work in a job that helps people (like a teacher or a nurse) for 10 years, the government might say you don’t have to pay the rest of your loan. It’s like getting a big “thank you” for helping others!
Income-Driven Repayment (IDR) Forgiveness
This is like a piggy bank that you put money in based on how much you earn. After 20 or 25 years of putting money in, if there’s still some loan left, it goes away!
Teacher Loan Forgiveness
If you’re a teacher and you work in a school where many students don’t have a lot of money, after 5 years, the government might erase up to $17,500 of your loan. It’s a way of saying “thanks” for teaching kids who need extra help.
How to Pay Your Loan with Aidvantage
Aidvantage offers different ways to pay your loan, just like how you might have different chores at home:
- Standard Plan: This is like cleaning your room every day for 10 years.
- Extended Plan: This is like cleaning your room a little bit every day for 25 years.
- Graduated Plan: This is like starting with easy chores and doing harder ones as you grow up.
- Income-Driven Plans: These plans change based on how much money you make, like getting more chores when you’re older and can do more.
What If You Can’t Pay?
If paying your loan is hard, like if you lose your job or get sick, Aidvantage can help. They might let you take a break from paying for a while. This is called deferment or forbearance.
Can You Switch from Aidvantage?
Yes, you can! Just like how you might change schools, you can change who helps with your loan. You could:
- Consolidate: This means putting all your loans together into one big loan.
- Refinance: This means getting a new loan from a different company to pay off your old loan.
But be careful! If you switch, you might lose some special benefits that come with government loans.
How to Talk to Aidvantage
If you need help or have questions, you can talk to Aidvantage:
- Phone: Call 1-800-722-1300
- Website: Visit aidvantage.com
- Mail: Write to them at P.O. Box 9635, Wilkes-Barre, PA 18773-9635
What If You’re Not Happy with Aidvantage?
If Aidvantage isn’t being helpful, you can tell someone about it. It’s like telling a teacher if another student isn’t being nice. You can:
- Talk to the Federal Student Aid Ombudsman Group (they’re like the principal for student loans).
- Tell the Consumer Financial Protection Bureau (they’re like the police for money problems).
Remember!
Having a student loan can feel scary, like having a big chore to do. But Aidvantage is there to help you understand and manage your loan. If you’re ever confused or worried about your loan, don’t be afraid to ask for help!
Conclusion
Aidvantage is like a helper for your student loan. They keep track of your payments, answer your questions, and can help you find ways to make paying easier. Sometimes they make mistakes, but they’re there to help you understand and manage your loan.
Remember, paying back your student loan is a big responsibility, but with the right help and information, you can do it! If you ever feel confused or worried about your loan, don’t be afraid to ask Aidvantage or other grown-ups for help.