How to Refinance Your AES Student Loans

Katie Taylor Updated: February 3, 2020

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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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 may be able to lower their payments by $250 a month, or save 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.
  • 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 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.
  • 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 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 - Nitro Recommended View More Details

Special offers for medical resident and fellow refinance products

  • Fixed rates: 2.59% - 8.49% APR
  • Variable rates: 2.49% - 11.72% APR
  • Minimum credit: 650
View More Details
Visit Splash View Loan Disclosure

Splash Financial is a leader in student loan refinancing with some of the lowest fixed in the industry 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.

#2 View More Details

ElFi offers top-rated customer service, some of the lowest rates available, and flexible terms to fit your goals.

  • Fixed rates: 4.29% - 7.29% APR
  • Variable rates: 2.48% - 7.98% APR
  • Minimum credit: 680
View More Details
Visit ElFi View Loan Disclosure
Student Loan Refinancing Made Simple.
Discover our low rates and fast, no-fee application process for refinancing your student loans or financing your college education.
The ELFI Difference:
  • Some of the Lowest Rates Available – We believe in rewarding financially responsible borrowers by providing some of the lowest refinancing rates available.
  • Expertise That’s Second to None – Our ELFI management team has over 30 years of expertise in student loans and student loan refinancing.
  • Fast and Easy Process – Secure your personalized student loan or refinancing options in just a few short minutes.
  • Personal Loan Advisors – Our award-winning customer service team will guide you every step of the way.
  • Service Coast to Coast - ELFI private student loans and student loan refinancing are available across the entire U.S. and Puerto Rico.

Click here to refinance now with ELFI.

#3 View More Details

SoFi is the leading student loan refinancing provider. 

  • Fixed rates: 3.99% - 8.24% APR
  • Variable rates: 2.49% - 7.99% APR
  • Minimum credit: 650
View More Details
Visit SoFi View Loan Disclosure

$30 billion+ in refinanced student loans. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, there's no maximum on the amount you can finance. Some state restrictions may apply.

  • Serious savings: Save thousands of dollars thanks to flexible terms and low fixed or variable rates.
  • No hidden fees, no catch: No application or origination fees. No pre-payment penalties.
  • Fast, easy, and all online: Simple online application and access to live customer support 7 days a week.
  • Access to member benefits: SoFi members get career coaching, financial advice, and more—all at no cost.
  • 98% of surveyed members would recommend SoFi to a friend

Save thousands on your student loans and pay off your loans sooner. Find your rate.

#4 View More Details

Works with 300+ community lenders for higher approval chances

  • Fixed rates: 2.49% - 7.75% APR
  • Variable rates: 1.90% - 5.25% APR
  • Minimum credit: 660
View More Details
Visit LendKey View Loan Disclosure

Connecting student borrowers to a network of over 300 community lenders with low interest rates. 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 300+ 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.

#5 View More Details

Best for borrowers who want to customize their repayment schedule to pay off debt fast.

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.

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

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