The Kentucky Advantage Parent Loan is a great option for additional money for college. Once the student has exhausted grant, scholarship and federal loan options, it's good to know there is another education loan product available for parents.
Kentucky Advantage Parent Loan offers a FIXED interest rate based on the repayment plan you choose! You will also find the fees associated with this loan are among the lowest in the nation.
The feature rates and fees of Kentucky Advantage Parent Loan are:
Immediate Full Repayment
- 7.25% Fixed interest rate
- 2% Guarantee fee
- 0.50% Interest rate reduction for auto debit
Interest-Only Repayment
- 7.25% Fixed interest rate
- 2% Guarantee fee
- Student must be enrolled at least half-time
- 0.50% Interest rate reduction for auto debit
Postponed Repayment
- 7.75% Fixed interest rate
- 3% Guarantee fee
- Student must be enrolled at least half-time
- 0.50% Interest rate reduction for auto debit
Other features of the Kentucky Advantage Parent Loan include:
- Available for undergraduate and graduate students
- Death Benefit (If the student dies, you will be released from the outstanding debt.)
- Loans funded and serviced by a non-profit Kentucky agency
- The minimum loan amount is $1,000
- The aggregate loan amount is $75,000
To qualify for the Kentucky Advantage Parent Loan:
- You must be a parent or stepparent of an eligible student
- You must be a resident of Kentucky
- The student must be a Kentucky resident OR enrolled at an eligible Kentucky school
- You must be a U.S. citizen or non-citizen with proof of residency card
- You must have an acceptable credit history or an approved co-signer
The Kentucky Advantage Parent Loan offers 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 this loan.
Or call 1-800-988-6333 to apply for the Kentucky Advantage Parent Loan.
Updated: 5/06/2011
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