The Advantage Education Loans are fixed-rate loans that provide borrowers with borrower-friendly features, such as a significant amount of forbearance and the elimination of late penalties. These loans come from the Kentucky Higher Education Student Loan Corp., a nonprofit organization, and are made accessible to borrowers in all fifty states of the United States.
Student Loan Refinancing
The Kentucky Higher Education Student Loan Corp. is responsible for providing Advantage Refinance Loans. These loans provide set interest rates and borrower-friendly characteristics, such as rehabilitation for defaulted debts, no late fees, and a deferral period of up to 24 months in the event the borrower experiences a financial crisis, such as losing their job. Even if you do not have a degree, you may qualify for an Advantage Refinance Loan.
How Advantage Refinance Loans Could Improve
There are flaws with the Advantage Refinance Loans, just as in the other five-star loans. They may become better if they offered more programs like the following:
- Borrowers who re-enroll in school are eligible for a deferment of their loan payments.
- Automatic loan of student loans on a biweekly basis.
Before Obtaining a Refinance with Advantage Refinance Loan
Compare the several student loan refinancing choices available before settling on a particular lender for the refinanced loan. This will ensure you obtain the most favorable interest rate for which you are eligible. Compare, in addition to the interest rates, the many repayment alternatives that lenders provide and the amount of leeway they give borrowers who are having trouble making payments.
If You Aren't Qualified To Refinance With Advantage, There Are Other Options
If your application for a refinancing with Advantage Refinance Loan needs to be approved, the lender will explain the reasons why. Depending on the circumstances, you could look into alternative lending options or discover that you require a co-signer.
Before you submit your application for refinancing, it is in your best interest to be prequalified with numerous lenders. Without impacting your credit, this will inform you which financial institutions you may be qualified to work with.
Private Student Loan
Students at both the undergraduate and graduate levels can apply for loans under the Advantage Education program the Kentucky Higher Education Student Loan Corp offers.
You are eligible for Advantage Education Loan even if you are enrolled in school for less than half-time hours, provided that you begin payments on the loan right away, and even if you are pursuing a non-degree program such as certification. Because of this, these loans are an excellent choice for nontraditional students and those who attend school part-time.
How Advantage Education Loans Could Improve
Advantage Education Loans might be made better by providing supplementary initiatives like the following:
- Providing more than one period for repayment to choose from.
- If a borrower chooses to enroll in an educational program after their grace period expires, they should be eligible for a payment delay.
Before Applying For an Advantage Education Loan
Use up all your possibilities for federal student aid before looking into private student loan choices like the Advantage Education Loan or any other private student loan. Fill out the Free Application for Federal Student Aid to qualify for federal student aid.
Consider all of your alternatives for a private student loan to ensure you obtain the most favorable interest rate for which you are eligible. Consider, in addition to the rates of interest, the various methods of repayment that lenders provide, as well as the degree of leeway they give borrowers who are having trouble meeting their obligations.
If You Aren't Qualified For an Advantage Education Loan, There Are Other Options
If Advantage Education Loan decides not to approve your request for a student loan, the lender will explain the decision in writing. Depending on the cause, you could look into alternative lending options or apply for the loan with a co-help if you haven't tried it previously.
Consider applying to lenders that don't need co-signers or specialize in providing student loans to borrowers with poor or no credit if you don't have access to a co-signer or aren't qualified with one.
Parent Loan
The lender's student loans and Advantage Parent Loans are identical in every way, including the interest rates charged and the many repayment alternatives available. However, the process of loan cancellations is handled differently by each:
When it comes to fatalities, when a borrower passes away, their student debts, including undergraduate and graduate, are forgiven. Only if the kid who was to benefit from the loan passes away is the parent loan forgiven; if the parent borrower passes away, their estate is held accountable for the loan.
In the event of a handicap that is both complete and permanent. If the borrower is fully and permanently handicapped, they can have their undergraduate and graduate student debts forgiven. Only if the kid receiving the benefits of the loan becomes fully and permanently handicapped is the parent loan forgiven.
How Advantage Parent Loans Could Improve
Advantage Education Loans might be made better by providing supplementary initiatives like the following:
- Providing more than one period for repayment to choose from.
- If the parent borrower passes away or becomes handicapped, the loan will be discharged.
