Advantage Education Loan

Advantage Education Loan is a private education loan provider which provides different types of education loan like student loans, parent loans, and refinancing loans etc.It provides helps to those student who are fresh out of school looking to go to college and need help to make up their minds

Updated by Annany Sah on 28th January 2020

Refinancing through Advantage Education Loan could make all the difference if you’re just starting your career and can’t afford your private student loan payments, thanks to its graduated repayment option. Its rates are relatively low  the highest fixed rate is at least two points lower than what many private lenders offer.

You’ll have to live in the right state to qualify, however. And higher loan amounts come with harsher credit requirements. Though you have the option of applying with a cosigner to help you qualify.

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Details About Advantage Education Loan

The Advantage Education Loan is a private education loan provider which provides different types of education loan like student loans, parent loans, and refinancing loans etc. The Advantage Student Loans provides loans undergraduate, graduate and professional level students who need additional funds, we provide a way to help pay for college expenses. Our student loans have low fixed rates from 3.50% to 6.74% APR* using autopay.

The Details are as follows:

  1. The Minimum amount provided is $7500

  2. The interest rate is fixed

  3. The annual percentage rate begins from 3.74%

  4. The minimum loan tenure is about 10 years

  5. The maximum loan tenure is 20 years

Eligibility Criteria for Advantage Education Loan

The Eligibility Criteria is the same as many private lenders uses but with a slight changes and with fixed interest rates and debt to income ratio.

  1. Have a credit score of 670 or higher

  2. Have a debt to income ratio (DTI) of 38% or lower

  3. Be a US citizen or permanent resident.

  4. Live in an eligible state

How does Advantage Education Loan work

Advantage Education Loan private student loans are designed to help pay your educational costs after you’ve received federal aid. It’s a part of the Kentucky Higher Education Student Loan Corporation, which aims to help Kentucky residents access higher education, though you might be eligible if you live outside of Kentucky.Students can borrow anywhere from $1,000 up to your school certified cost of attendance, which includes transportation, textbooks, housing and other school-related expenses. 

Repayment Options provided by Advantage Education Loan

Advantage Education Loan offers three different repayment options for while you’re in school.

1.Postponed repayment

Hold off on making any repayments until six months after you’ve dropped below half time or graduated.

2.Immediate repayment with interest only

Only make payments on interest each month while you’re in school and start making full repayments six months after you graduate.

3.Immediate repayment with principal plus interest

Start making full repayments right away. This is your only option if you’re enrolled less     than half time and are a student, but it’s also the least expensive option.

Reason to choose Advantage Education Loan

Few of the reasons are listed below why to choose Advantage Education Loan

  • Competitive rates, especially if you live in Kentucky’s APRs start only slightly higher than what you’d get with federal loans and have the potential to even be lower if you sign up for autopay.

  • No fees Advantage Education Loan doesn’t charge any fees to apply or prepay your loan.

  • Less than half time Federal funds won’t cover the cost of one or two courses, but Advantage Education Loan will.

  • Can cover last semester’s costs you can use an Advantage Education Loan student loan to cover unpaid costs from last semester as long as it ended less than 60 days ago and you’re enrolled for another term.

Reason not to choose Advantage Education Loan

Here are the two reasons not choose Advantage Education Loan

1.Limited by state

Your school and state might be eligible separately, but you still might not qualify for a loan depending on your specific combination of school and state of residence.

2.Only one loan term

Advantage Education Loan only offers a 10-year loan term unaffordably short for large student loans.No cosigner release

If you apply with a cosigner, you’ll have to refinance your loan to take them off the hook for your debt. You won’t be able to simply release a cosigner on an Advantage Education Loan


                                             Worried about your college tuition? Find the best student loan suited for you

Advantage Education Parent Loan

Instead of signing on as a cosigner, your parent or stepparent has the option of taking out a parent loan in their name instead. The same rates, terms and eligibility requirements apply as with its student loans, you just won’t be on the hook for repayments. And unlike other parent loans, they also have the option of making interest-only or deferred repayments until six months after you leave school.They have the option to take on a cosigner who does to help them qualify for more competitive rates.

Advantage Education Loan-Student Loan Refinancing

Refinancing Student Loan is a easy way to get out of a huge loan debt because in refinancing the the exsisting loan is changed with a different loan with low interest rates and monthly payment schemes

Advantage Education Loan Is privately funded Loan Lenders which are the best option for you if you are looking for a student loan but can’t afford it.The Advantage Education Loan is the best option because of its repayment plans and low interest rates. The Advantages Education Loans also provides the facility of hiring a CoSigner.

How Refinancing of Advantage Education Loan Work?

Advantage Education Loan is the loan program for state-based nonprofit lender Kentucky Higher Education Student Loan Corporation. It’s a direct lender that also handles repayments, meaning that your information stays with one company. You can refinance both federal and private student loans with Advantage Education Loan, and parents can also consolidate parent loans and personal student debt.Borrowers must have at least $7,500 in student debt to qualify. While there’s technically no limit to how much you can borrow, you’ll face tougher credit and DTI requirements with larger amounts. Debts over $300,000 are subject to approval.

Payment required for Refinancing 

Since Advantage Education Loan doesn’t charge any fees for applying, repaying early or making late repayments, your main cost is interest. Most private lenders offer fixed and variable rates, but Advantage Education Loan only offers fixed rates.Fixed rates are a safer option. They stay the same while you repay your loan, making it easy to budget for your loan repayments. If you qualify, you’ll get a rate from 3.74%. 

Advantage Education Loan considers factors like how long you need to pay off your loan and your general creditworthiness to determine your rate. The lowest rates tend to go to borrowers who choose shorter terms and have excellent credit.

Repayment Option Provided By Advantage Education

These are the 2 points for repayment option provided by Advantage Education Loan

Graduated repayment

Your repayments start low and increase by 10% every two years. This option works best for borrowers just starting a career, and can expect their pay to increase over time. It’s less expensive in the short term and can help you avoid defaulting if you have a low-income job. However, this repayment option often has longer loan terms, making it more expensive than the standard repayment plan.


On top of its repayment plans, Advantage Education Loan also offers forbearance for economic hardship or during military deployment, when you won’t have to make any repayments.While forbearance might help you out of a pinch, it can actually increase your debt in the long run. That’s because once you start making full repayments again, Advantage Education Loan capitalizes your interest.

Reason For Choosing Advantage Education Loan for Refinancing

Reasons for choosing Advantage Education Loan are listed below

1.Graduated repayment option 

If you’re struggling to pay off private loans with a low-income job, the graduated repayment plan could help you avoid default.

2.Parent loan refinancing 

 If you’re paying off both you and your child’s student loans, consolidate all of your education debt with Advantage Education Loan.

3.No maximum loan amount 

There’s no limit to how much you can refinance with Advantage Education Loan as long as you have a high salary and excellent credit.

4.Cosigner release 

You can take your cosigner off your loan after making 36 months of on-time repayments and meeting certain credit and eligibility requirements.

5.No fees 

There’s no application fee or penalty for paying back your loan early if you refinance with Advantage Education Loan. It doesn’t even charge late fees, which is unusual.

Some Reasons why not to choose Advantage Education Loan

Few of the points on why not to choose Advantage Education Loans

1.Not available in every state

While Advantage Education Loan is working to provide refinancing in all US states, it’s currently limited to the South.

2.Limited site

There are only two pages on Advantage Education Loan’s refinancing, and doesn’t mention maximum interest rates or which states it extends its loans.

3.Limited eligibility information

Eligibility is on a case-by-case basis. It’s difficult to tell if you’ll qualify without applying, which involves a hard credit check that can temporarily hurt your credit score.

What to expect while signing up with Advantage Education Loan

The form of Advantage Education Loan can be totally be filled through online applications but before you do that you should meet the eligibility Criteria of the same

Few of the mentioned documents should be eligible according to the requirements

  • You or your cosigner’s most recent W2 form.

  • You or your cosigner’s most recent pay stub.

  • Login credentials for each loan servicer.

  • A payoff statement for each loan you want to refinance.

  • A copy of a billing statement from each servicer


Private student loans are a great option to tackle the extra costs incurred towards getting your degree. There are a number of options out there it is advised to evaluate all available options and choose the one that is best suited for you based on your financial condition. So you are fresh out of school and still confused about which college is the best one or the college which you have decided to go for is really expensive all those problems you can easily solve with Advantage Education Loan which will help you in every step of the way but it wise for you to keep your options open.

Contact Details

Loan Program

Student Inquiries 800.928.8926 Zip Answer
Debt Recovery 800.928.4241
Default Aversion 800.928.5327
Advantage Education Loan Originations 800.988.6333


Student Aid Program

State Student Aid
Kentucky Education Savings Plan Trust
Kentucky's Affordable Prepaid Tuition 888.919.KAPT (5278)