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Payment Solutions

Repayment Options

Repayment Plans

Options to help repay your student loans are listed below.

Each repayment plan has its own advantages, so you should carefully consider the benefits of each. There is no prepayment penalty for any of these repayment options. For more information, click on the plan.

Federal Loan Repayment Plans
  • Standard Repayment: Equal monthly payments over 10 years.
  • Income-Based Repayment: Takes into consideration your income, family size, and federal education loan debt.
  • Income-Sensitive
  • Extended Repayment: A possible option if you owe more than $30,000 in student loans.
  • Graduated Repayment

Get more information about repaying your federal loans here

Advantage Education Loan Repayment Plans (private loans only)

Once a loan is disbursed, the repayment plan selected during the application process cannot be changed.

Extended Repayment — If your aggregate loan balance is greater than $10,000 you may extend to a 15 year loan term with a written request. If you have a co-signer, their written request is also required.

Get more information about repaying your Advantage Education loans here

Get more information about repaying your Advantage Parent loans here

Make a Payment

You have your choice of five payment methods. Click on the type for more information.

  • Electronic Funds Transfer (EFT): Payments are automatically deducted from your checking or savings account. You may get an interest rate reduction with EFT.

  • KHEPAY: Online payment system that allows to you make one-time payments or schedule recurring payments up to 6 months in advance. You may also make special allocations to a single loan or group. Frequently Asked Questions.

  • Pay by phone: An Interactive Voice Response (IVR) bill payment program can be accessed by calling our toll-free number 1-800-693-8220. Please have your checking or savings account and routing numbers ready.

  • U.S. mail: Make your payments by mail.

  • ChargeSmart – Debit Card payment (additional fee): Make a payment with your debit card. You may make a one–time payment or schedule recurring payments.

    In addition to your payment amount, a convenience fee will be charged for each transaction. This convenience fee is charged by ChargeSmart, LLC, a third–party payment processor.
    To make a payment login to you account.

How Payments Are Applied

Payments are applied in the following order, unless in an Income-Based Repayment Plan:

  • Outstanding fees
  • Outstanding accrued interest
  • Principal

Payments cannot be applied to principal unless all fees and accrued interest are paid.

Special Allocations — For any payment type, if you would like to allocate a payment to a specific group or loan please complete and return the following form: Special Payment Allocation Worksheet. This form may be mailed along with your payment to the appropriate address listed on the worksheet. Payments will be applied normally and then adjusted per special instructions in approximately three business days.

Please note: Additional or large payments may advance your due date unless otherwise instructed. Subsidized and unsubsidized consolidation loans made on the same date will be adjusted to have the same due date.

Payment reallocations must be requested within 60 days of the payment posting date.