What Aidvantage Can Do For You?
If Aidvantage has become your new student loan service provider, here’s what it can offer you.
- After logging in and accessing the Aidvantage website, you can reach out to them and view your monthly loan statements.
- You have the option to sign up for auto-payment with Aidvantage, which will ensure that your monthly payments are automatically taken from your bank account. Additionally, this can lower your interest rate by 0.25%.
- You can register and ask for an income-driven payment, which was a key factor that led former Navient borrowers to seek forbearance, as Navient did not allow them to apply for it. If you decide to apply, all you need to do is fill out a form with Aidvantage.
- If you meet the criteria, Aidvantage can assist you in handling requests for forbearance and deferment.
- Aidvantage assists you in monitoring your payment history. If you’re looking to make additional payments, Aidvantage can facilitate that process for you. Get in touch with Aidvantage to have them apply any extra payments to your existing balance.
The company that sends you your loan statements is known as your servicer. They can assist you with any needs you have, but it’s important to remember that their interests align with Aidvantage rather than your own. To protect yourself, you should explore your options independently. By conducting your own research, you’ll be able to make informed decisions without jeopardizing your benefits.
Aidvantage Loans & Forgiveness Programs
Aidvantage federal student loans qualify for forgiveness under various programs. While policy shifts may happen with future administrations, the Education Department is currently working on processing existing forgiveness benefits. There are several debt relief programs available.
- Public Service Loan Forgiveness Program
- One-Time Account Adjustment (Enhancing the advancement of forgiveness for countless individuals)
- Borrower Defense to Repayment (for School Misconduct)
- Total and Permanent Disability Discharge
- Teacher Loan Forgiveness
Keep in mind that Aidvantage does not decide whether you qualify for these programs; it merely assists with managing your applications and monitoring your progress. The rules and requirements are established by the U.S. Department of Education.
Aidvantage Repayment Options
Aidvantage provides a variety of federal repayment plans designed to accommodate various financial circumstances. Below is a brief overview of each option to help you identify the one that suits your needs best.
10-Year Standard Plan
The Standard Repayment Plan – It offers consistent monthly payments for ten years. This is an excellent choice if you want to settle your loan quickly instead of extending the timeline. If you have a reliable income and are looking to eliminate your debt sooner, this option is ideal for you.
25-Year Extended Plan
The Extended Repayment Plan – It allows you to extend your payments for as long as 25 years, which reduces your monthly student loan payments. This can be beneficial if you’re looking for more affordable payments but are ineligible for an income-driven repayment (IDR) plan.
Increase Every 2 Years Graduated Plan
The Graduated Repayment Plan – It starts with lower payments that rise every two years. This option is intended for borrowers who anticipate an increase in their income. Although it allows for more manageable initial payments, it ultimately leads to higher total interest expenses over time.
Aidvantage Login And Account Access
If you’re experiencing difficulties logging into your Aidvantage account, here’s a brief guide to assist you in accessing it effortlessly and resolving common problems.
How To Log In
Go to Aidvantage.studentaid.gov to access your account, you will need to create a unique login for Aidvantage, which is different from the Federal Student Aid (FSA) portal. If you haven’t established your account yet, please follow the instructions on the login page to set one up.
Forgot Your Aidvantage Username Or Password?
If you can’t remember your login information, Aidvantage offers ways to reset your username or password right from the login page. Simply click on “Forgot Username” or “Forgot Password” and follow the prompts. Be sure to have access to the email address or phone number you used to create your account, as it will be required for verification.
Troubleshooting Common Login Issues
If your loan account gets locked because of several failed login attempts, Aidvantage usually unlocks it after a brief period. Alternatively, you can reset your password. For technical difficulties, consider clearing your browser cache, using a different browser, or reaching out to Aidvantage’s support team for additional help.
Updating Your Contact Information
After logging in, you can modify your email, phone number, and mailing address in the account settings. Keeping this information up to date ensures that you receive crucial notifications regarding your loans.
How To Find Your Aidvantage Account Number?
Your 10-digit Aidvantage account number can be found in multiple locations.
- At the top of your monthly statements
- Once you’ve logged in, you’ll be taken to your account dashboard.
- In the upper corner of any correspondence from Aidvantage
- In the welcome email you received, it was mentioned that your loans have been transferred to Aidvantage.
Having trouble locating your account number? You can use your Social Security number when reaching out to Aidvantage for assistance.
How Aidvantage Reports To Credit Bureaus?
Aidvantage provides monthly updates on your federal student loan status to the three major credit bureaus: Equifax, TransUnion, and Experian. Here’s what you need to be aware of.
Regular Reporting
- Your payment status is updated monthly
- Making payments on time contributes to establishing a good credit history.
- The amounts of your loans and the corresponding payments are documented.
- Any postponements or temporary relief are encompassed.
Late Payments
- Missed payments are not considered negative until you are 90 days overdue.
- After 90 days, overdue payments can greatly affect your credit score.
- If you’re having difficulty making payments, get in touch with Aidvantage to discuss options such as income-driven repayment plans, forbearance, and deferment before it becomes an issue.
If you’re experiencing issues with your credit report, you can contest any inaccurate information by reaching out to Aidvantage’s Credit Bureau Management team via mail or email. Be sure to include documentation that backs up your dispute.
Navient has recently faced allegations of exploitative student loan practices, which led to a requirement for them to provide over $1.7 billion in debt relief to approximately 66,000 borrowers. Many borrowers ended up paying more than necessary, prompting numerous complaints against Navient. As part of the settlement, the company had to compensate borrowers with $95 million. Once a major player in the student loan servicing sector, Navient is now no longer in operation. Currently, more than 5.6 million student loans have been transferred to Maximus Education, which oversees the loans under the brand Aidvantage. Navient faced allegations of improperly allocating payments.
Instead of directing borrowers who were struggling into income-driven repayment programs, they guided them towards multiple forbearances and failed to properly assist them during the re-enrollment process for these repayment plans. Income-driven repayment plans enable borrowers facing financial challenges to adjust their monthly payments based on their family income and size, helping to manage accrued interest and preventing it from being added to the principal loan balance. This lack of proper guidance from Navient led to increased confusion among borrowers. They pushed borrowers into forbearances, which are intended for situations like unemployment when income drops, allowing loan payments to be temporarily paused. However, during this period, interest continues to accumulate and is subsequently added to the overall loan amount.
You Have A New Service Loan Supplier
Borrowers previously serviced by Navient will get a welcome email from Aidvantage informing them that the transfer is finalized. However, this transfer will not alter your loan. You will be provided with instructions on how and where to reach out to your new provider for inquiries about your balance and payment methods.
Your Loan And Payment Details Will Remain Unchanged
Payment records will be automatically migrated to Aidvantage. The address for sending payments will remain unchanged, but make sure to replace “Navient” with “Aidvantage” on any checks. It might be a good idea to review those records, as loan payment transactions were halted for more than a year.
You Won’t Be Able To Benefit From Aidvantage
Some of you may believe that it’s possible to adjust your loan details amid the ongoing transfer confusion. However, this isn’t feasible because Aidvantage—or any other provider—doesn’t have the authority to change your loan interest rates. That power rests with Congress.
Account Information Stays The Same
You can access Aidvantage using the same login information you used for Navient. The login procedure for Navient is comparable to that of Aidvantage. Support services will remain unchanged; you can use the same contact number for Aidvantage as you did for Navient. Once you log into Aidvantage, you will be taken to their homepage, where you can find all the important information you need.
Borrowers Will Receive $260 Restitution
Under the terms of the settlement agreement, approximately 66,000 former Navient borrowers will be compensated with $260. To ensure you receive this payment, please update your information studentaid.gov verify and confirm your address details. Borrowers will receive a letter regarding the restitution payment.
Delays Due To Transfer
If you encounter any issues with the Aidvantage website, you can reach out to customer support. However, please be aware that since your account has been placed in forbearance, it may take a while for them to get back to you due to the ongoing transfer and processing of your account.
Aidvantage will not assume responsibility for student loans that are not managed by the Department of Education, unless you have loans serviced by two different providers. This means you will need to reach out to and make payments to both services separately. It’s essential for former Navient customers to understand that the websites and procedures of Navient and Aidvantage are quite alike, which should make the transition fairly easy. Additionally, you should explore your other payment options to avoid feeling overwhelmed by any future changes in the payment processes.
Consider The Following:
Conclusion:
Student loans can raise numerous questions, but the main takeaway is this: Aidvantage is a reputable federal loan servicer that is officially sanctioned to assist you in managing your loans. Understanding your repayment choices, loan forgiveness possibilities, and additional support can empower you to manage your student debt effectively.
