Imagine you have a piggy bank where you keep all your pocket money. Now, think of your student loans as a really big piggy bank, and Aidvantage as the friendly helper who makes sure you put money in it correctly. In this article, we’ll explore everything you need to know about Aidvantage, your new student loan helper!
Aidvantage is like a special friend for your student loans. They’re a company that helps take care of the money you borrowed to go to school. In grown-up terms, Aidvantage is a federal loan servicing unit of Maximus Education. They started helping students like you in December 2021.
Why Do We Have Aidvantage Now?
Remember when you used to have a different helper for your piggy bank? That helper was called Navient. But Navient decided they didn’t want to help with student loan piggy banks anymore. So, the government chose Aidvantage to be the new helper!
How Aidvantage Became Your New Helper
- The Big Switch: In December 2021, Aidvantage started taking care of loans that used to be managed by Navient.
- What Changed: The loans that moved were Direct Loans and government-owned Federal Family Education Loan Program (FFELP) Loans.
- Why the Change: Navient decided to stop being a loan helper, so someone new had to step in.
What You Need to Know About Aidvantage
1. Aidvantage’s Family: Maximus Education
Aidvantage is part of a bigger family called Maximus Education. Think of Maximus as the parent and Aidvantage as the child who’s learning to help with student loans.
2. Look Out for Letters!
Aidvantage will send you special letters. These letters are like invitations to your new piggy bank helper. They’ll tell you:
- How to check your piggy bank online
- Who to call if you have questions about your money
3. Your Piggy Bank Stays the Same
Even though you have a new helper, your piggy bank (your loan) doesn’t change. This means:
- Your account number stays the same
- The rules about your loan don’t change
- The phone number you call for help is still the same
- Your special codes to check your account online (user ID and password) don’t change
4. Learning About Your Piggy Bank
Aidvantage wants to help you understand your piggy bank better. They have a website with lots of information. Some people think it’s easy to use, while others find it a bit tricky.
What Some People Say:
“The Aidvantage website is like a big maze. Sometimes it’s hard to find what I’m looking for!”
5. Your Piggy Bank’s Special Rules
Remember, Aidvantage is just a helper. They can’t change the special rules of your piggy bank. For example:
- They can’t make your loan cost less money (change the interest rate)
- They can’t change how long you have to fill your piggy bank (loan term)
6. Not All Piggy Banks Moved
Some piggy banks (loans) stayed with the old helper, Navient. These are:
- FFELP loans not owned by the government
- Private loans that Navient takes care of
This means you might have two helpers for different piggy banks!
7. Sending Money to Your Piggy Bank
If you like to send checks to fill your piggy bank, you can still do that! Just remember to write “Aidvantage” on the check instead of “Navient”.
How Aidvantage Can Help You
Aidvantage is like a superhero for your student loans. Here’s how they can help:
1. Payments
Aidvantage is where you send your piggy bank money now. You can do this online or by mail.
Mailing Address:
Aidvantage – U.S. Department of Education Loan Servicing
P.O. Box 4450
Portland, OR 97208-4450
2. Answering Questions
If you’re confused about your piggy bank, Aidvantage is there to help! They can tell you:
- How much money is in your piggy bank
- How many times you need to put money in before it’s full
3. Help When You Can’t Fill Your Piggy Bank
Sometimes, filling your piggy bank might be hard. Aidvantage can help you find ways to make it easier, like:
- Changing how much money you put in based on how much you earn
- Giving you more time to fill your piggy bank
- Starting with smaller amounts and slowly putting in more
4. Pausing Your Piggy Bank Filling
If something big happens in your life, like going back to school or losing your job, Aidvantage can help you pause filling your piggy bank for a while. This is called forbearance or deferment.
5. Making Your Piggy Bank Disappear
If you work for certain jobs, like helping people or working for the government, Aidvantage can help you see if your piggy bank can disappear faster. This is called loan forgiveness.
How to Talk to Aidvantage
If you need to ask Aidvantage a question, here’s how:
- Online: Go to Aidvantage.com and make an account
- Phone: Call 1-800-722-1300
When You Can Call:
- Monday: 8 a.m. to 11 p.m. ET
- Tuesday to Friday: 8 a.m. to 8 p.m. ET
- Saturday: 10 a.m. to 2 p.m. ET
- Sunday: Closed (Aidvantage takes a nap!)
Frequently Asked Questions
Is Aidvantage the one who gave me money for school?
No, Aidvantage is just the helper. The U.S. Department of Education is the one who gave you the money.
Is Aidvantage the same as Navient?
No, Aidvantage is a new helper that took over from Navient.
Will Aidvantage make my piggy bank disappear?
Aidvantage doesn’t decide this. They can help you if the government makes some piggy banks disappear (loan forgiveness).
Is Aidvantage a real company?
Yes! They’re a real company the government chose to help with student loans.
Can I choose a different helper for my piggy bank?
Usually, you can’t choose your helper. The government decides who helps with your piggy bank.
What if I’m not happy with Aidvantage?
If you’re not happy, you can tell the government. There’s a special place to do this called the Federal Student Aid Feedback Center.
Conclusion
Aidvantage is your new friend in the world of student loans. They’re here to help you understand your loans, make payments, and find the best ways to manage your education debt. Remember, even though managing student loans can seem scary, Aidvantage is there to make it easier for you. Don’t be afraid to contact them if you have questions or need help. Your financial future is important, and with the right help and understanding, you can successfully navigate your student loan journey!