Many of my clients with loans from Student Loan Xpress recently received a recently informing them that the loan servicer on their loan has been changed from Xpress Loan Servicing (XLS) to American Education Services (AES). This change does not make any meaningful difference to any of my clients. It does not change the owner of the loans. It does not change the terms of the loans. It does not have any affect on the proposed settlement of the class action lawsuit which we are all waiting to have finally approved by Judge Merryday.
The letter that I am referring to begins, “This is to inform you that Xpress Loan Servicing (XLS) will no longer be servicing the following private student loans” and goes on to say that “The new servicer of these loan(s), American Education Services (AES) will be contacting you within the next 30 days.”
If you received this letter, don’t worry. No action on your part is needed now. If the proposed class action settlement agreement is approved by the court and if and when you begin making payments under that agreement, you will simply send your payment to a different collector.