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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

Parent Loan

Kentucky Advantage Parent Loan

For Kentucky residents

Advantage Parent Loan

For residents outside Kentucky

 

The Advantage Parent Loans are great options for parents of undergraduate and graduate students who need additional money for college. Once the student has exhausted their grant, scholarship and federal loan options, it's good to know there's another education loan product for you.

Your rate could be as low as 5.29%. The exact FIXED rate will depend on creditworthiness, choice of payment plan and if you use auto debit. You will also find the fees associated with these loans to be among the lowest in the nation.

The feature rates and fees are:

Immediate Repayment – Principal Plus Interest*

  • 5.79% to 7.09% Fixed interest rate
  • 2% Guarantee fee
  • Student can be enrolled less than half time
  • 0.5% Interest rate reduction for auto debit

Immediate Repayment – Interest Only**

  • 5.79% to 7.09% Fixed interest rate
  • 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:
  • Available for undergraduate and graduate students
  • Death Benefit (If the benefitting student dies prior to loan payoff, the parent and cosigner (if applicable) 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
To qualify, the parent must:
  • Be the parent or stepparent of an eligible student
  • 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

 



Updated: 9/24/2013

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