Printer Friendly

AES Extends Innovative Relationship with Upromise; Exclusive AES-Upromise Program Allows Holiday Shoppers to Repay Student Loans Faster.

HARRISBURG, Pa., Dec. 8 /PRNewswire/ -- American Education Services (AES) announced today that it is extending its exclusive relationship with Upromise, allowing borrowers to continue repaying their AES-serviced student loans faster via everyday purchases, including their holiday shopping. To date, AES borrowers have saved more than $2 million through Upromise.

The AES-Upromise Program was established three years ago as an innovative new way to help AES borrowers and their families save money on their everyday purchases, while also paying-off their student loans faster. When AES borrowers and their families join Upromise, a portion of that family's qualified spending at any of more than 70,000 Upromise contributing company locations is automatically rebated into that family's Upromise account. Those funds can then be applied automatically toward paying down the student's AES loans.

AES and its remote client servicers are the only student loan organizations that allow their borrowers to repay their loans faster with Upromise rebates.

"It is gratifying, as a service provider, to be able to offer a free program where borrowers save money just by going about their everyday lives," said Dick Willey, AES President and CEO. "We're in the midst of the holiday shopping season and that can mean substantial savings for Upromise members. Even when they're buying, they're saving - the program has already paid off more than $2 million in student loan debt."

With Upromise, AES families essentially save twice: first, with each rebate they receive on their purchases; and, second, on the interest expense they would otherwise have to pay if that portion of their loan were not pre- paid. For example, the $2 million in savings to date is helping participating AES borrowers avoid approximately $376,000 in interest charges.

The program requires a borrower to establish a free account at http://www.upromise.com/aes and enter his or her debit, credit and grocery savings card numbers. Upromise automatically transfers rebates from qualified purchases to the member's student loan account on a periodic basis. A transferal does not replace the borrower's required monthly payment; rather it supplements the payment.

Although the concept is simple, the savings can be substantial. A borrower with a $10,000 student loan can pay off that loan 13 months earlier and save more than $1,000 just by earning $10 a month in Upromise rebates.

Borrowers with AES-serviced student loans can visit http://www.upromise.com/aes to view the complete list of Upromise's contributing companies and establish their free Upromise account. Borrowers with student loan accounts held by other lenders may consider consolidating their loans with AES; they can then establish an Upromise account and begin reducing their account balances. Borrowers can contact an AES representative to discuss loan consolidation at 800-475-7032, accessible 24/7 via AES' eCommunications Center.

About AES

American Education Services (AES) is a national financial aid services organization with $67.2 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/

About Upromise

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 at more than 20,000 grocery and drug stores, 14,000 gas stations, 8,000 restaurants, thousands of retail stores and over 350 online shopping sites. Upromise's partners include Citi(R), Coca-Cola(R), ExxonMobil Corporation, Kimberly-Clark, McDonald's(R), JCPenney.com, LandsEnd.com, Sears.com, and hundreds of others. Upromise also makes it easy for families to invest in tax-advantaged college savings plans and to use contributions to pay off student loans. The 529 college savings plans are offered through Upromise Investments, Inc. (member NASD/SIPC). Upromise is headquartered in Needham, Mass. For additional information, visit http://www.upromise.com/ or call 781.707.8400.

CONTACT: Keith New, +1-717-720-2509, knew@aesSuccess.org, or Nicole Elbertson, +1-717-720-2509, nelberts@aesSuccess.org, both of American Education Services

Web site: http://www.upromise.com/

Web site: http://www.aessuccess.org/ http://www.upromise.com/aes
COPYRIGHT 2005 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 8, 2005
Words:713
Previous Article:Genitope Corporation Files Patents For Personalized, Therapeutic Monoclonal Antibodies To Treat Non-Hodgkin's Lymphoma.
Next Article:Petrosearch Information to Be Available Through S&P.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters