American Education Services Launches New Student Loan Rebate Program

Unique program provides savings to borrowers in repayment

Jun 19, 2007, 01:00 ET from American Education Services

    HARRISBURG, Pa., June 19 /PRNewswire-USNewswire/ -- American Education
 Services (AES) has launched a unique student loan rebate program that
 benefits student loan borrowers as they repay their AES-serviced student
 loans. is a unique network of programs and merchants
 offering more rebate choices than the typical single rebate program. AES
 has teamed with some of the best rewards programs around, including
 Upromise, the largest college savings rewards program, Grad Gold and
 Jellyfish, to help student loan borrowers earn rebates while shopping.
 These rebates are then applied to the borrower's AES-serviced student loan
 balance, allowing them to repay their loan faster.
     "No other major rebate program brings all the big players into one
 convenient location," said Dick Willey, AES President and CEO.
 " brings multiple business partners together,
 specializing in different areas of shopping, making it possible for members
 to benefit without changing their shopping habits to maximize their student
 loan rebate potential. Participants can repay their student loans faster --
 saving money -- without costing them anything extra."
     Borrowers with AES-serviced student loans can create their free account
     In 2002, AES teamed up with Upromise -- allowing its members to apply
 their Upromise rewards to borrower's AES-serviced loan balances. "We wanted
 to build upon the success of this program and provide even more
 opportunities for our borrowers to earn money back to help pay for their
 education," explained Willey. " is the perfect
 solution -- something for everyone."
     Little Grad, Inc. has partnered with AES to create a new brand, Grad
 Gold, allowing members to earn rebates at more than 1,700 online merchants
 at the Grad Gold online mall. offers an innovative rewards program where members
 initiate the purchase of an item that they're looking for and merchants bid
 for the purchase. The purchase savings can be applied to the borrower's
 student loan balance.
     AES expects to add more partners and merchants to the program,
 providing increased access to rebate programs and rebate choices, all from
 one convenient website.
     American Education Services
     American Education Services (AES) is among the nation's leading
 providers of student financial aid services. Each year, AES serves millions
 of students and thousands of schools through its loan guaranty, servicing,
 and financial aid processing systems. As a nonprofit enterprise with $94
 billion in assets under management (1/31/07), AES channels its earnings
 into a wide array of public service programs and initiatives that help ease
 the financial burden of higher education.
     Focused on guaranteeing the next generation of leaders, thinkers and
 doers, AES is a pioneer of pro-student products and services, such as its
 Zero Guaranty Fee Policy and low-cost student loans. From early awareness,
 to managing the financial aid process and sound student debt management,
 AES is a trusted source of information and advice for students, parents,
 school counselors and financial aid offices across the country. AES is also
 the home of the award-winning college-planning website, as well the debt management resource For more information, please visit us at
     About Upromise, Inc.
     Launched in April 2001, today Upromise is the country's largest private
 source of college aid. Membership is free and allows families to
 automatically save money for college while making everyday purchases of
 products and services at more than 23,000 grocery and drug stores, 14,000
 gas stations, 8,000 restaurants, as well as thousands of retail stores, and
 more than 550 online shopping sites. Upromise's partners include Citi(R),
 ExxonMobil Corporation, Kimberly-Clark, McDonald's(R),,,, and hundreds of others. Upromise also makes it
 easy for families to start their own college savings strategy through tax-
 advantaged 529 college savings plans, or by using Upromise contributions to
 help pay off student loans. These securities are offered through Upromise
 Investments, Inc. (member NASD/SIPC). Upromise is a wholly owned subsidiary
 of SLM Corporation (NYSE:   SLM), commonly known as Sallie Mae, the nation's
 leading provider of saving-and-paying-for-college programs. Upromise was
 founded in 2000, is headquartered in Newton, Mass., and has more than 350
 employees. For additional information about Upromise, visit
     About Jellyfish
     Jellyfish is a shopping search engine powered by a patent-pending form
 of online advertising that creates inherent price savings for online
 shoppers and risk free sales for advertisers. The first and only comparison
 shopping engine to share its advertising revenue directly with consumers,
 Jellyfish has generated millions of dollars of sales for its merchant
 partners and $100,000's of dollars in savings for its customers since its
 beta launch in June, 2006. The company was founded by seasoned
 entrepreneurs, Brian Wiegand (CEO) and Mark McGuire (President), and is
 based in Madison, Wisconsin.
     About Grad Gold
     Grad Gold, a Little Grad company, is a free and easy service that helps
 students and graduates turn their online shopping into savings that can be
 used to help pay off their student debt. Members are able to earn savings
 through either shopping through the Grad Gold site at or by downloading and installing the Grad Gold
 Savings Manager. Grad Gold offers savings with over 1600 leading merchants
 -- including top retailers such as Nordstrom, Overstock, Target, Hotwire
 and others. Privately held, Little Grad's executive team boasts extensive
 experience in the fields of online retailing and consumer technology. For
 merchants interested in joining the Grad Gold affiliate program, or for
 more information, please send email to or visit us on the
 Web at The company's headquarters are located in
 San Francisco, California.

SOURCE American Education Services