How to Refinance Your AES Student Loans


Katie Taylor Updated: April 30, 2019

If you have an AES student loan (or loans), you've probably wondered how to get a lower interest rate. The bad news: AES will not your lower your interest rate, even if you call and beg. 

But there's good news, too. You can refinance your AES student loan through a private lender. Doing so can yield you a lower monthly payment or massive savings over the life of your loan. Let's talk about the steps you need to take to refinance your AES student loan. 

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 First, a bit of background on what refinancing is and how to figure out if it's the right choice for you.

What is refinancing?

When you refinance your student loans, you choose a new lender to service your loans. That lender purchases your old loans and creates a new loan agreement with you — with new terms and a new, lower interest rate. 

That lower interest rate can save you some serious cash. In fact, the average borrower who refinances saves over $250 a month and more than $16,000 over the life of the loan. 

See also: The 7 Biggest Misconceptions about Student Loan Refinancing

What are the benefits of refinancing?

Only you can say whether you should refinance, but refinancing does have some big benefits: 

  • The significant cost savings of a lower interest rate
  • The ability to consolidate multiple loans into one so that you're only responsible for making a single payment
  • The option to further reduce your interest rate by signing up for automatic payments, and
  • The flexibility to choose among a variety of repayment terms and find the one that best suits your needs.

See also: Quiz: Should You Refinance Your Student Loans?

Can you refinance federal student loans?

You can refinance federal student loans, but refinancing is only available through private lenders. 

If you're counting on federal benefits — like income-driven repayment programs or the Public Service Loan Forgiveness Program — then you may want to consider federal loan consolidation instead. 

Consolidating all your loans into one through the Direct Consolidation Loan Program will result in a single monthly payment, but it will not reduce your interest rate. You will technically get a different interest rate, but it will simply be the weighted average of your current interest rates rounded up to the nearest 1/8th percent. 

If you don't need the federal loan benefits and you're looking to save some money, then you can absolutely refinance your federal student loans with a private lender. In fact, if you have both federal and private loans, you can save time and money by refinancing them all together. 

See also: If Your Credit Score is Over 700, There's Something Your Student Loan Lender Doesn't Want You to Know 

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Where to find the best deals on student loan refinancing

Shopping around for a lender can feel intimidating, so we've done some of the leg work for you. We researched the best interest rates from the most credible and innovative lenders in the industry. See our picks for the best banks for student loan refinancing. 

Once you've chosen a few to compare, ask these questions:  

1. How much will their interest rate save you?

Most lenders have a refinancing calculator from most lenders online to help you calculate your savings. To save time, use ours, where you can compare rates from several lenders all in one place. 

2. What perks do they offer?

Competition among lenders results in some pretty great benefits for borrowers. You could have the option to:

  • Change your payment term if you need or want to — for instance, to pay your loan off faster or to reduce your monthly payment
  • Release a cosigner once you meet the requirements, and
  • Make interest-only payments on your loans in certain situations .

3. Do they have any discounts?

The purpose of refinancing is to save money, so find out whether they offer any special discounts. For instance, while most lenders will knock 0.25% off your interest rate for automatic payments, Citizens One will reduce your interest rate by another 0.25% if you sign up for a bank account with them. 

4. What's special about them? 

Many lenders are now moving beyond the lending process to make positive impacts in their borrowers' lives, their communities, and around the globe. 

Some examples:

  • LendKey connects you with over 13,000 community banks and credit unions so you can find the best rate while supporting local businesses.

  • SoFi provides access to a community of other career-minded folks and specific programs for entrepreneurs.

  • CommonBond is committed to giving back to the world around them. 

5. How is their customer service?

At some point in every consumer relationship, you have a question. Will you be able to talk to someone on the phone? Read reviews online and consider giving the lender a call to get a sense of their service.  

6. Do they charge fees?

You should be able to refinance for free with any reputable lender. Steer clear of lenders that require an origination fee. 

So how much could you save on your AES student loans by refinancing? Find out if you're Refi Ready

Refinance & Save Today With These Leading Lenders

#1 - Comet Recommended View More Details

Works with 275+ not-for-profit community lenders for higher approval chances

  • APR: 2.49% - 7.50%
  • Minimum credit score: 660
  • Refinance up to $300K
View More Details
Visit LendKey View Loan Disclosure

LendKey operates student loan programs for over 275 not-for-profit and community lenders across the country. By partnering with these lenders, LendKey is able to give consumers direct access to the best rates available from the most borrower friendly institutions. As the servicer of all loans obtained through its platform, you can rest easy knowing your personal information will be safe and that the best customer service team will be ready to answer your questions from application until your final payment.

LendKey Student Loan Refinance review

  • Lightning fast rate check - 2-minute rate check with no impact on your credit score
  • More lenders, more options - see the best offers from over 275 not-for-profit and community lenders for higher approval chances
  • Life of loan relationship - With LendKey, your personal information will never be sent or passed on to third parties. Their customer service team is with you from the moment you land on their website until you've completely repaid your loan.
  • Unmatched benefits- Community lenders put people over profits and offer unique benefits like cosigner release after 12 on-time payments, interest only repayment options to keep monthly payments low, the largest unemployment protection period in the market, and more.

Get a personalized quote from LendKey now.

#2 View More Details

Offers unemployment protection and career/coaching/networking

  • APR: 2.490% - 8.074%
  • Minimum credit score: 650
  • Refinance up to 100% of student debt
View More Details
Visit SoFi View Loan Disclosure

SoFi, which stands for “Social Finance,” was created by a group of Stanford business students who found themselves with a mountain of debt after graduation. They set out to change the student loan industry and help borrowers like themselves to get lower interest rates. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, it has no maximum amount you can finance. However, Nevada residents can’t currently refinance with SoFi. Minimum loan balances are higher in Arizona, Massachusetts and Pennsylvania due to state laws. Additional state restrictions may apply.

SoFi Student Loan Refinancing Review

  • Low interest rates - For well-qualified borrowers, SoFi offers some of the lowest rates we have found.
  • Strong customer service - It has more than 350 customer service reps available to help applicants through process.
  • Career coaching and networking - Perks include career services representatives who can help you find a job or negotiate a higher salary. SoFi also hosts networking events, happy hours and educational lectures on topics like buying a home in major cities around the country.
  • Unemployment protection - Borrowers who lose their jobs through no fault of their own may apply for Unemployment Protection. If approved, SoFi will suspend their monthly SoFi loan payments and provide job placement assistance during the forbearance period. These benefits are offered in three month increments, and are capped at 12 months, in aggregate, over the life of the loan. Note that interest will still accrue while loans are in forbearance.

Find out what interest rate SoFi can offer you here.

#3 View More Details

For every loan they fund, they contribute to the education of a child in need

  • APR: 2.48% - 6.25%
  • Minimum credit score: 660
  • Refinance up to $500K
View More Details
Visit CommonBond View Loan Disclosure

CommonBond was founded in 2011 by three MBA graduates from the University of Pennsylvania’s Wharton School who wanted to help their peers escape from high-interest student loan debt. Its original focus was on grad students, but it has since expanded to cover undergrads as well.

Of all the companies we reviewed, CommonBond has some of the best customer service. The company prides itself on being easy to reach by email, phone, or live chat. It offers networking events, expert panels, insider newsletters, and even has a program help borrowers who lose their jobs to find new ones. CommonBond also makes you feel good about choosing to refinance with them by donating money to an education nonprofit for each loan they write.

CommonBond Student Loan Refinance review

  • Unemployment protections - If you lose your job or decide to go back to school, you can delay your payments for up to 24 months.
  • Social promise - For every loan they fund, they also contribute to the education of a child in need.
  • Hybrid loan option - Offerings include a 10-year hybrid loan with fixed interest for the first five years, and variable interest for the final five.
  • Referral bonus - For every friend you refer who refinances their loans with CommonBond, you’ll earn a $200 cash bonus.
  • Qualification - Borrowers must have graduated at least 2 years prior if they want to apply without a co-signer. And borrowers in 6 states – Idaho, Louisiana, Mississippi, Nevada, South Dakota, and Vermont – cannot currently refinance through CommonBond.

Get a personalized review of your refinancing options with CommonBond today.

#4 View More Details

Earnest empowers people with the financial captial they need to live better lives.

  • APR: 2.49% - 7.89%
  • Minimum credit score: 650
  • Refinance up to $500K
View More Details
Visit Earnest View Loan Disclosure

Using technology, data, and design to build affordable products, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company understands every applicant's unique financial story to offer the lowest possible rates and radically flexible loan options for living life.

  • Commitment-free 2 minute rate check
  • Client Happiness can be reached via in app messaging, email, and phone 
  • No fees for origination, prepayment, or loan disbursement
  • Flexible terms let you pick your exact monthly payment or switch between fixed and variable rates
  • Skip a payment and make it up later
  • Online dashboard is designed to make it easy to apply for and manage your loan

Click here to apply with Earnest and to see how much you can save.

#5 View More Details

Operates in all 50 states; 2nd largest student loan refinancing lender

  • APR: 2.50% - 7.02%
  • Minimum credit score: 660
  • No refinancing amount maximum
View More Details
Visit Laurel Road View Loan Disclosure

Laurel Road is a national online lender with customers in all 50 states, the District of Columbia, and Puerto Rico. Many of our non-bank competitors are not able to lend in all 50 states.Laurel Road has grown to be the second largest player in the student loan refinancing space in large part because of our reputation as the go-to low rate provider.

Laurel Road Student Loan Refinance Review

  • National reach - Online lender that is available in all 50 US states, the District of Columbia and Puerto Rico.
  • No fees & the lowest rates in the space - Laurel Road is the most transparent about the rates they provide customers, and offer the lowest rates where it counts. Our customers will save more than $20,000 over the life of their loans on average. 
  • Customer service reputation - Laurel Road's customer service representatives are no rookies. With 19 years of experience on average, Laurel Road’s Customer Service team delivers an experience that is best in the industry. They work to build meaningful, life-long relationships with our valued customers to improve their overall financial wellness.
  • The stability & security of a bank - They are a division of Darien Rowayton Bank, a stable and secure FDIC-insured bank, regulated by the FDIC and the Connecticut Department of Banking.

Get your personalized, pre-approved rates in less than 5 minutes.

#6 View More Details

Special offers for medical resident and fellow refinance products

  • APR: 3.10% - 7.84%
  • Minimum credit score: 670 w/cosigner
  • Refinance up to $350K
View More Details
Visit Splash View Loan Disclosure

Splash Financial is a leader in student loan refinancing with new rates as low as 3.25% fixed APR which can save you tens of thousands of dollars over the life of your loans. No application or origination fees and no prepayment penalties. Splash Financial is in all 50 states and is intensely focused on customer service. Splash Financial is also one of the few companies that offers a great medical resident and fellow refinance product. You can check your rate with Splash in just minutes.

  • Low interest rates – especially for graduate students
  • No application or origination fees. No prepayment penalties.
  • Co-signer release program - you can apply for a cosigner release form your loan after 12 months of on-time payments
  • Specialty product for doctors in training with low monthly payment

Click here to see more of Splash's offerings and to see how you can save money.

I reduced my student loan payment by $152 per month, by refinancing thru Nitro

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