Advantage Education Loan Reviews

Advantage Education Loan provides the best repayment plans, loan terms and no rigid conditions attached for borrowing limits. Know more about its advantages.

Updated by Annany Sah on 6th October 2020

Advantage Education Loan is a private student loan developed to help pay 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. 

You’ll have to live in the right state to be eligible. And higher loan amounts come with more rigid credit requirements. Though you have the option of applying with a cosigner to help you qualify to receive student loans. They provide Student loan refinancing options, Private student loans, and Parent loans to parents who intend to help their kids with their educational expenses.

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 student loan repayment option. Its student loans interest rates are lower compared to other private lenders. 

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Reviews of 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, they provide a way to help pay for college expenses. Their student loans have low fixed rates from 3.50% to 6.74% APR* on using autopay. They provide 3 repayment terms and you can choose which options suit you better. You can refinance federal loans including the PLUS loans taken by parents. The minimum money you can borrow from the Advantage education loan is $18,000. And just after 36 months of regular payments, if you wish for cosigner release you can apply for the same. Similarly, cosigner release is provided for death and permanent disability.

Interest rates, student loan terms, minimum borrowing limits

The Details are as follows

  • The Minimum amount provided is $7500

  • The interest rate is fixed

  • The annual percentage rate begins from 3.74%

  • The minimum loan tenure is about 10 years

  • The maximum loan tenure is 20 years

Eligibility criteria for Advantage Education Loan

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

  • Have a credit score of 670 or higher

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

  • Be a US citizen or permanent resident

  • Live in an eligible state

Why choose Advantage Education Loan

A 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 application or prepayment fees applicable

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

  • To 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

  • No prepayment, application, or any penalties fees are charged for refinancing with them fees Like very few other lenders they do not charge late fees

  • You can borrow as much loan amount as needed as there is no restriction like high salary and excellent credit eligibility to satisfy

Why you should not choose Advantage Education Loan

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

  • Not available in every state - States in the southern region have not been provided Advantage Education Loans

  • Limited site - Does not provide details about the state loans are offered and also maximum interest rates 

  • 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

Before deciding to refinance your loans, make thorough studies to find the best suitable options for your situation. 

Repayment options of Advantage Education Loan

Advantage Education Loan offers three different types of repayment options while you’re in school. Having a good credit school or finding a job immediately after graduation is not everybody's cup of tea. Therefore Advantage Education Loan provides grace periods and different types of repayment options so that you can make choices more flexible for your financial standings. During economic hardship or military deployment, Advantage Education Loan also offers forbearance when your repayments will be suspended. While forbearance might help you out of a pinch, it can increase your debt in the long run. As the Advantage Education Loan capitalizes your interest rates once you start your full repayments. Below is a list of repayment options provided for you to make flexible choices. 

1 - Postponed repayment

Hold off on making any repayments until six months after you’ve dropped below half time or graduated. This is very helpful for students to find time to get themselves a job and have a source of income to support their living. After a grace period of 6 months which is usually provided only by the federal government, you get to start making your repayments towards Advantage Education Loan. Not many private student loan lenders offer this additional time. Therefore this is a major advantage of these loans to find time to establish financial stability. You can contact Advantage Education Loan to check if they provide any grace period during a national crisis or pandemic. 

2 - Immediate repayment with interest-only

Only make interest payments each month while you’re in school and start making full repayments six months after you graduate. As interest accrues for private student loans, leaving them not repaid can drastically increase the burden of repayments. Therefore, Advantage Education Loan offers a  repayment plan where you can start making small payments by paying your interests while you are still studying in school. And start making payments towards principal value after your graduation. This will reduce the interest rates accruing on your total loan amount. You can make payments on interest as they are smaller by having a part-time job. 

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. You must understand that if you can afford the time to work part-time and start making payments towards your loan, the longevity of your loans life will reduce and you can pay off your debt faster and live mortgage-free. To make this possible Advantage Education Loan has developed immediate repayment plans for students to start the repayments immediately after their loans are disbursed. 

4 - Graduated repayment

Your repayments start low and increase by 10% every two years. This option is good for the borrowers who started their career and expect their income to grow gradually. It’s less expensive in the short term and can help avoid default if you have a low-income job. Although this plan is long and quite expensive compared to the standard repayment plan. This option is provided by the other private lenders, so if you feel confident about the career growth and the income rise, this can be the right option for you. 

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

Advantage Education Parent Loan and refinancing

Instead of signing on as a cosigner, your parent /guardian has the option of taking out a parent loan in their name instead. Cosigning helps you not just get loans and also have them at lower interest rates. The same rates, terms, and eligibility requirements apply as with its student loans, you just won’t be on the hook for repayments. Unlike other parent loans, they also have the option of making interest-only and deferred repayments for six months after you leave school. If you have a cosigner, the cosigner with a good credit score can help you get a lower interest rate. They also provide cosigner release after a consecutive number of payments, therefore refinancing any loan with Advantage Education Loan is favorable. 

Advantage Education Loan Refinancing

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

Advantage Education Loan is a privately funded loan lender which is 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.

Advantage Education Loan is a 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. Consolidation is possible for parents and personal student loan debt. Refinancing is possible for both federal and private loans. 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 interests. While most private lenders offer both fixed and variable rates, Advantage Education Loan only offers fixed rates. Fixed rates are a safer option. Fixed rates are the same during your repayment which makes it easy to budget for your loan repayments. If you are eligible, you’ll get a rate from 3.50%.

They calculate your interest rates based on the documents you submit for creditworthiness and the longevity on your loans. The lowest rates tend to go to borrowers who choose shorter terms and have excellent credit.

Learn more about Best student loan refinancing lenders

What to expect while signing up with Advantage Education Loan

The form of Advantage Education Loan can 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

There are several 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. Private student loans are a great option to tackle the extra costs incurred towards getting your degree. 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 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 to keep your options open.

Contact Details

Student Loan Program Contact number  Email address
Student Inquiries 800.928.8926 Zip Answer
Debt Recovery 800.928.4241 [email protected]
Default Aversion 800.928.5327 [email protected]
Advantage Education Loan Originations 800.988.6333 [email protected]