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AES/Student Loan Xpress Suspends Interest Accrual and Payments on SSH Student Loans

Many of our SSH clients with loans from Student Loan Xpress that are serviced by AES have received letters from AES regarding the suspension of interest accrual and payments on their SSH Student Loans. The letters are dated or or about May 27, 2008 and state in pertinent part, “Dear Customer: As you may know, Silver State Helicopters filed for bankruptcy and ceased operations on February 4, 2008. We continue to assess the situation created by the closure of the school. Although you may have received a prior letter from us regarding your account, this is to advise that, as a courtesy to you, we have elected to treat your account as being “in grace” status and to suspend interest accrual, from the date the school filed for bankruptcy. Accordingly, until you receive further written notice from us, your loan will remain in grace status, interest will not accrue, and you will not be required to make any payments. We are not waiving any of our rights under the terms of your loan, including our rights to restart accrual of interest or to begin the repayment period, however, we will provide you with written notice of any decision to restart the accrual of interest or to being the repayment period. No action on your part is required at this time and we will update your loan status with the loan servicer, Amercian Education Services. ” This letter is a good thing for all of our AES/Student Loan Xpress clients, and a good example for KeyBank and Citibank to follow. It may ultimately prove to be the first step towards a mutually agreeable settlement with the lenders.

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MICHAEL JAY BERGER

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