American Education Services Offers Student Loan Repayment Relief to Hurricane Victims and Mobilized Responders

Sep 16, 2005, 01:00 ET from American Education Services

    HARRISBURG, Pa., Sept. 16 /PRNewswire/ -- American Education Services
 (AES) announced today that it is suspending student loan debt payments for
 borrowers residing in those areas affected by Hurricane Katrina to help
 alleviate their financial burden.
     With sympathy for the tremendous losses facing these individuals and
 families, AES is identifying customer accounts and automatically applying the
 three-month Disaster Forbearance to these Federal Family Education Loan
 Program (FFELP) loans starting on the date of Hurricane Katrina.
     "Our hearts go out to the people and families affected by the devastation
 of Hurricane Katrina," said Dick Willey, AES President and CEO.  "As
 individuals there are many ways in which we can help, but as a student aid
 agency we felt that the obvious first step was to lift some of the burden of
 student loan debt off of their shoulders.  These people have lost too much
 already and there's no need to place the added threat of default on top of
 that, if they should fall behind on a payment while dealing with this
 disaster."
     Borrowers with private loans should contact AES directly at 1-800-233-0557
 for guidelines and eligibility requirements.
     Borrowers called to Active Duty due to Hurricane Katrina are eligible for
 a three-month Administrative Military Mobilization Forbearance.  The request
 may be made by the borrower himself or by a reliable third party to
 1-800-233-0557.
     Earlier this week, AES announced the Hurricane Katrina Emergency Grant
 Assistance Fund for students and families affected by Hurricane Katrina.  This
 $2 million fund will provide free grant assistance to students through
 postsecondary schools in Pennsylvania, West Virginia or Delaware.
     The schools will award these funds to displaced students who lived in or
 attended a postsecondary school within the federally designated disaster area
 and have transferred to a school in Pennsylvania, West Virginia or Delaware.
 AES is the federally designated student loan guarantor in those states.
     Grant awards are available to residents of any state; however, the student
 or family must have experienced financial loss due to Hurricane Katrina.
     The Fund will provide grant awards of up to $2,500 per student and will be
 funded by AES business earnings, not tax dollars.
     AES employees from throughout the Agency have also joined together to help
 by gathering donations of food, water, clothing, toiletries, bedding and other
 much-needed items.  AES supplied 15 pallets of donations which, combined with
 donations collected from the borough of Mechanicsburg, filled two tractor
 trailers of goods.  These were deployed to a food bank in a small shrimping
 community located outside of Mobile, Alabama.  Monetary donations have
 exceeded $19,000 with more than $14,000 going directly to the Red Cross and
 the remainder used to purchase additional items going to the community in
 Alabama.
 
     About AES
     American Education Services (AES) is a national financial aid services
 organization with $57.5 billion in assets under management, serving millions
 of students and thousands of schools through our guaranty, servicing, grant
 and financial aid processing systems.  The funds generated from our extensive
 operations are used to improve education opportunities and lower the cost of
 assistance for students and their families while streamlining the entire
 process for the higher education community.
     For more information, please visit our Website at
 http://www.aesSuccess.org.
 
 

SOURCE American Education Services
    HARRISBURG, Pa., Sept. 16 /PRNewswire/ -- American Education Services
 (AES) announced today that it is suspending student loan debt payments for
 borrowers residing in those areas affected by Hurricane Katrina to help
 alleviate their financial burden.
     With sympathy for the tremendous losses facing these individuals and
 families, AES is identifying customer accounts and automatically applying the
 three-month Disaster Forbearance to these Federal Family Education Loan
 Program (FFELP) loans starting on the date of Hurricane Katrina.
     "Our hearts go out to the people and families affected by the devastation
 of Hurricane Katrina," said Dick Willey, AES President and CEO.  "As
 individuals there are many ways in which we can help, but as a student aid
 agency we felt that the obvious first step was to lift some of the burden of
 student loan debt off of their shoulders.  These people have lost too much
 already and there's no need to place the added threat of default on top of
 that, if they should fall behind on a payment while dealing with this
 disaster."
     Borrowers with private loans should contact AES directly at 1-800-233-0557
 for guidelines and eligibility requirements.
     Borrowers called to Active Duty due to Hurricane Katrina are eligible for
 a three-month Administrative Military Mobilization Forbearance.  The request
 may be made by the borrower himself or by a reliable third party to
 1-800-233-0557.
     Earlier this week, AES announced the Hurricane Katrina Emergency Grant
 Assistance Fund for students and families affected by Hurricane Katrina.  This
 $2 million fund will provide free grant assistance to students through
 postsecondary schools in Pennsylvania, West Virginia or Delaware.
     The schools will award these funds to displaced students who lived in or
 attended a postsecondary school within the federally designated disaster area
 and have transferred to a school in Pennsylvania, West Virginia or Delaware.
 AES is the federally designated student loan guarantor in those states.
     Grant awards are available to residents of any state; however, the student
 or family must have experienced financial loss due to Hurricane Katrina.
     The Fund will provide grant awards of up to $2,500 per student and will be
 funded by AES business earnings, not tax dollars.
     AES employees from throughout the Agency have also joined together to help
 by gathering donations of food, water, clothing, toiletries, bedding and other
 much-needed items.  AES supplied 15 pallets of donations which, combined with
 donations collected from the borough of Mechanicsburg, filled two tractor
 trailers of goods.  These were deployed to a food bank in a small shrimping
 community located outside of Mobile, Alabama.  Monetary donations have
 exceeded $19,000 with more than $14,000 going directly to the Red Cross and
 the remainder used to purchase additional items going to the community in
 Alabama.
 
     About AES
     American Education Services (AES) is a national financial aid services
 organization with $57.5 billion in assets under management, serving millions
 of students and thousands of schools through our guaranty, servicing, grant
 and financial aid processing systems.  The funds generated from our extensive
 operations are used to improve education opportunities and lower the cost of
 assistance for students and their families while streamlining the entire
 process for the higher education community.
     For more information, please visit our Website at
 http://www.aesSuccess.org.
 
 SOURCE  American Education Services