Advantage Education Loan | Requirements for Advantage Education Loan

Advantage Education Loan Overview

A non-profit company called Advantage Education Loan was established to provide help for students who were having trouble. Even for former students who did not complete their degree, it provides affordable refinancing options. Only the following states offer the Advantage Education Loan: The following countries are included in this list: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Mississippi, Missouri, Nebraska, New Hampshire, New Mexico, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, West Virginia, Wisconsin, and Wyoming.

Advantage Education Loan

Loans with 10-year maturities are available from Advantage Education for both undergraduate and graduate study. Fixed interest rates on its loans run the gamut from 3.50% APR to 6.99% APR. With the help of Advantage Education, you can release a cosigner from the loan without refinancing. Before you can request co-signer release, you must have made on-time payments for at least 36 months in a row. Borrowers can select between immediate repayment, interest-only installments, and deferred repayment when taking out student loans. In contrast to borrowers who choose interest-only payments, who make interest-only payments until they graduate, immediate repayment means that your full loan payments begin while you are still in school. If delayed repayment is chosen, there won’t be any payments needed while the borrower is enrolled in school, but the loan balance could go up.

Advantage Education Loan Requirements:

Online applications for the Advantage Education Loan can be completed, but you must first meet the requirements before doing so. Several of the aforementioned documents ought to be acceptable given the conditions.  

  • your most current W2 form or that of your cosigner  
  • your most recent pay stub or that of your cosigner  
  • Usernames and passwords for each loan servicer  
  • For each debt you intend to refinance, a payoff statement  
  • a copy of each servicer’s billing statement

There are many possibilities available; it is advisable to weigh them all and select the one that is most suitable for you in light of your financial situation. Private student loans are a terrific way to cover the additional expenses related to earning your degree. You recently graduated from high school and are still unsure of the best college to attend or whether the college you have chosen is affordable. You can quickly address these issues with an Advantage Education Loan, which will guide you along the way. But it is wise to keep your options open.

Eligibility criteria for Advantage Education Loan

The eligibility criteria are the same as those employed by many private lenders, with a few minor modifications, set interest rates, and a debt-to-income ratio.

  • possess a credit score of at least 670
  • possess a debt-to-income ratio (DTI) of no more than 38%
  • being a citizen or lawful resident of the US
  • live in a state that qualifies

Credit score

An important component of the loan application is the credit score. The private programme doesn’t specify an eligibility requirement for credit score. Credit scores, income, and debt-to-income ratio are common loan creditworthiness requirements, and the KHESLC decision-making process is likely to take these into account. Similar loan programmes call for scores between the 600s and 700s.

The minimum monthly income requirement for the private loan programme is $1,500, and the average income of approved borrowers and cosigners is $3,000 or more. Borrowers who qualify must be US citizens or legal permanent residents. If more than seven years have passed, applicants can obtain loans despite prior bankruptcies. DACA borrowers are not qualified for private loans from KHESLC.

How to Apply for an Advantage Education Loan ?

The application procedure is easy to use and can be completed in the following ways:

  • Go to the official website and select “Refinance Loans” and “Apply Now.”
  • Enter your state of residence, bankruptcy status, and desired refinance amount to determine your eligibility.
  • Assess your loan offer after entering your contact, banking, credit, and employment information.
  • Accept this offer, and the money will be transferred to your bank account following a soft credit check.    

Interest Rates, Student Loan Terms, Minimum Borrowing Limits:

These are the specifics:

  • The bare minimum offered is $7500.
  • There is a fixed interest rate.
  • The starting annual percentage rate is 3.74%.
  • A 10-year minimum loan term is available.
  • The longest loan term possible is 20 years.      

Kentucky Higher Education Assistance Authority (KHEAA) Advantage Education Loan | How does an Advantage Education Private Student loan work?

The Kentucky Higher Education Student Loan Corporation owns, services, and collects the Advantage Education Loan, the Advantage Parent Loan, and the Advantage Refinance Loan (KHESLC). Our sister organisation, the Kentucky Higher Education Assistance Authority, is responsible for their creation and disbursement (KHEAA).

Benefit Education A private student loan is a loan from the Kentucky Higher Education Student Loan Corporation with a fixed annual percentage rate (KHESLC). Candidates must be residents of or enrolled in schools within a state that authorises this loan product. Forbearance on the private loan is longer than on standard student loans. Loans can be used to pay for ongoing tuition as well as other required school fees and costs. Private student loans can also be used by borrowers to cover overdue tuition.

Graduate and undergraduate students can apply for private Advantage Education loans. Enrollment full- or part-time at an eligible institution constitutes the necessary student status. Applicants must be enrolled in school at least part-time in order to be eligible. The private loan programme allows for flexibility in terms of attendance requirements.

The terms of interest and repayment are generated during the application process using a hard credit check. Credit scores may be impacted by a hard credit check. With a soft credit check, students are unable to prequalify and view an estimated rate and repayment schedule.

Repayment Options

Options for in-school repayment:

Immediate repayment: While you are still enrolled in school, pay off the loan in full as soon as it is disbursed. Repayment with only interest: Pay interest each month you are enrolled in classes and throughout the grace period. Full in-school postponement: Yes.

Options for repayment after college:

For deferred loans, the grace period is six months.

Option for income-based repayment: Absent. Student loan repayment already in progress prohibits academic deferment.
Deferred military service: Yes. Yes, borrowers are qualified for a 24-month period of economic hardship deferment. No, forbearance. Release of co-signers is possible after 36 on-time payments.
Discharge due to death or disability: Yes.
Loan cancellation if co-signer passes away or becomes incapable: No.

Advantage Education Loan Refinance:

The process for refinancing student loans with Advantage Education Loans is comparable to that of other student loan companies. Borrowers can fill out an initial application online, providing information on their income, credit history, and the total amount of federal, private, or combined student loan debt they already owe.

Fortunately, borrowers of student loans have the option to choose which loans to include in the refinancing procedure and which to maintain in another location. Then, based largely on credit history, score, and income, Advantage Education Loans examines the application to assess whether the borrower is a strong candidate for refinancing. Borrowers who might not be eligible on their own can increase their chances of approval by adding a cosigner to their application. After the lender approves the refinance, the interest rate on the borrower’s new refinance loan might be as low as 3.74%. Contrary to other lenders who offer both fixed and variable interest rates, Advantage Education Loans only offer fixed interest rates. For setting up automatic payments from a checking or savings account, borrowers can get an interest rate decrease of up to 0.25%, which is more than most other student loan lenders offer.

For student loan refinancing, Advantage Education Loans offers four repayment options: 10, 15, or 20 years. The lender also provides a graduated repayment plan, which starts with a lower initial payment and then increases payments by 10% every two years.

There are no application, funding, or loan origination fees for borrowers, and there are no prepayment fees if a loan balance is repaid before the term of the loan expires. The minimum refinance loan amount required by Advantage Education Loans is $7,500, and the minimum monthly payment is $50.

Advantage Education Loan Reviews:

Private lenders like The Advantage Education Loan offer a variety of educational loans, including refinancing loans, parent loans, and student loans. Undergraduate, graduate, and professional students who require additional funding can apply for loans from The Advantage Student Loans, which also offers a means to help with tuition costs. When using autopay, their student loans have low fixed rates ranging from 3.50% to 6.74% APR*. You can select the solution that best suits you from three payback terms that they offer. Federal loans, including parent PLUS loans, are refinancing able. The Advantage education loan has a minimum borrowing amount of $18,000. And if you want your cosigner released after 36 months of on-time payments, you can apply for it. Cosigner release is also offered in cases of demise and permanent disability.

Advantage Education Loan Phone Number:

If more information is required, we’ll get in touch with you. To check on the status of your loan, contact Advantage Loans at 800-988-6333 or [email protected].

If You Are Not Qualified For An Advantage Education Loan | Denied

If your application for a student loan is rejected by Advantage Education Loan, the lender will explain why. You might want to look into alternative lenders or, if you haven’t already, try applying with a co-signer, depending on the cause.

Consider lenders that don’t require co-signers or specialise in student loans for people with bad or no credit if you don’t have access to a co-signer or are still ineligible without one.

Pros And Cons


Reasons to use the Advantage Education Loan:

Below are a few justifications for selecting Advantage Education Loan.

  • Competitive rates, especially if you reside in Kentucky, start just a little bit more than what you would receive from federal loans and may even be lower if you enrol in autopay.
  • There are no prepayment or application fees.
  • The cost of one or two courses is typically not covered by federal money in less than half of the cases, but Advantage Education Loan will
  • You can use a student loan from the Advantage Education Loan to pay for last semester’s expenses.
  • if you are enrolled in another term and your previous term concluded within the past 60 days, to pay any overdue fees.
  • No application, prepayment, or other penalties costs are assessed while refinancing with them. They don’t impose late fees, like very few other lenders.
  • There are no restrictions, such as requirements for a large income or excellent credit, so you can borrow as much money as you need to.


Reasons why Advantage Education Loan is a bad choice

  • Several arguments against choosing Advantage Education Loans
  • Not available in all states – Information has not been provided for the southern states Loans for Education, Advantage
  • Limited site – omits information on maximum interest rates and available state financing.
  • Limited eligibility details; eligibility is determined on an individual basis. Without applying, it’s difficult to know if you’ll be accepted, and doing so necessitates a hard background check that can temporarily lower your credit score.

Consumer Support:

  • Kentucky Higher Education Student Loan Corp. is the loan servicer.
  • There is an internal customer service team.
  • Yes, there is a process for raising concerns.
  • A dedicated banker, advisor, or representative is assigned to each borrower: No.
  • Within a day, on average, you will receive approval.


Is Advantage Education Loan a non-profit financial institution?

Yes, the Kentucky Higher Education Assistance Authority (KHEAA), a state-based nonprofit government agency, disburses Advantage Education Loans.

Do you also offer student loans through Advantage Education Loan?

Yes, Advantage provides parent loans and student loans that can each pay for up to 100% of a student’s tuition costs.

Are there any federal benefits available for the Advantage Refinance Loan?

No, Advantage Education Loans is ineligible for any federal protections or repayment plans because it is a state-based organisation.

Are there any incentives or bonuses offered by Advantage Education Loan?

Yes, refinance borrowers who apply with Credible using our special link may be eligible for a gift card bonus of up to $1,000.

What is an advantage student loan?

The Kentucky Higher Education Student Loan Corp. includes Advantage Education Loan. It provides student loan refinancing as well as loans for undergraduate and graduate degrees.

Are Advantage Education Loans available outside of Kentucky?

If you reside outside of Kentucky or attend a school there, you may be eligible for an Advantage Education Loan. But not all 50 U.S. states offer private loans or student loan refinancing.

What types of loans is Advantage Education Loan able to provide?

Undergraduate and graduate students can apply for private student loans from Advantage Education Loan, and parents can apply for the Advantage Parent Loan. To refinance current loans, there is also an Advantage Refinance Loan.

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