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Types of Loans   |   Student Loan   |   Parent Loan   |   Benefits
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Need more information on state-based loans?

Call us toll-free at 888-678-4625

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What we Offer

Student Loan

Advantage Eduction Loan
 

The Advantage Education Loans are great options if you need additional money for college. Once you have exhausted your grant, scholarship and federal loan options, it's good to know there is another education loan product for you.

Interest rates start at 4.95% and do not exceed 7.59%. The exact FIXED rate will depend on creditworthiness, choice of payment plan and if you use auto debit.

The feature rates and fees are:

Immediate Repayment – Principal Plus Interest*

  • 4.95% to 7.09% Fixed interest rate
  • 0% to 2% Guarantee fee
  • Student can be enrolled less than half time
  • 0.5% Interest rate reduction for auto debit

Immediate Repayment – Interest Only**

  • 5.59% to 7.09% Fixed interest rate
  • 0% to 2% Guarantee fee
  • Student must be enrolled at least half time
  • 0.5% Interest rate reduction for auto debit

Postponed Repayment***

  • 6.49% to 7.59% Fixed interest rate
  • 3% Guarantee fee
  • Student must be enrolled at least half time
  • 0.5% Interest rate reduction for auto debit

*Repayment begins as soon as the loan is fully disbursed.

**Interest payments begin as soon as the loan is fully disbursed. Full repayment begins six months after the student leaves school or drops below half-time status.

***Repayment begins six months after the student leaves school or drops below half-time status.

Other features include:

  • Death and Disability Benefit (If the student dies or becomes totally and permanently disabled prior to loan payoff, the student and the cosigner are released from the outstanding debt.)
  • Loans made after July 1, 2013 that were placed in Interest–Only or Postponed Repayment receive a six–month grace period.
  • Loans funded and serviced by a trusted non–profit agency
  • The minimum loan amount is $1,000
  • Loans can be used to cover a prior year's balance as long as it is no more than 60 days past the end of the loan period and the student is enrolled in a subsequent term.
To qualify, the student must:
  • Be enrolled at an eligible school
  • Be age of majority at the time of application based on student's state of permanent residence
  • Be a U.S. citizen or non-citizen with proof of residency card
  • Have an acceptable income and credit history or an approved cosigner
  • Have a cosigner if loan amount is greater than $30,000

The Advantage Loans offer a 10‐year repayment term. If your aggregate loan amount exceeds $10,000, you can request the repayment term to be extended to a 15‐year term.

There are no prepayment penalties associated with these loans.

Or call 1–800–988–6333 to request an application.


You can also order a brochure


Kentucky Advantage Loan brochure

 



Updated: 7/15/2014

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