How to apply for Advantage Education Loan
Learn how to apply for fixed-rate Advantage Education Loans, which offer borrower-friendly features such as no late fines or additional costs.
Exploring Options for Student Loan Debt Relief
If you’re looking for financial relief from your student loans, Advantage Education Loans may offer the solution you need. These loans, provided by the nonprofit Kentucky Higher Education Student Loan Corp, come with benefits such as fixed interest rates, no late fees, and multiple forbearance options.
Let’s take a closer look at the different types of Advantage Education Loans:
The Advantage Refinance Loan
The Advantage Refinance Loan offers fixed interest rates and borrower-friendly features like debt rehabilitation after default and a 24-month deferment period in case of financial crises. You may even be eligible for this loan without a degree.
Education Loans for undergraduate and graduate students
Advantage Education Loans can be used for non-degree programs such as certification courses, making them an excellent choice for nontraditional or part-time students who want to continue their education.
Parent Loans
Advantage Parent Loans have similar terms to the lender’s student loans, including interest rates and repayment options. However, the process for debt discharges differs when it comes to death or disability:
- Loans for undergraduate and graduate students are forgiven in the event of the borrower’s death, while for parent loans, the debt remains the responsibility of the borrower’s estate.
- If the borrower becomes permanently incapacitated, loans for undergraduate and graduate students are forgiven, but parent loans require the child receiving the loans to become totally and permanently disabled for forgiveness.
If you’re interested in applying for an Advantage Education Loan, keep reading to learn more.
Who is eligible for an Advantage Education Loan?
Applicants must be residents of or enrolled in schools within a state that authorizes this loan product. They can be enrolled in full- or part-time programs at eligible institutions. Credit scores are not a qualifying requirement for these loans, although other factors like income and debt-to-income ratio may be taken into account during the loan decision process. Individuals with credit scores in the 600s to 700s typically have successful loan applications.
How to apply for an Advantage Education Loan?
To apply for an Advantage Education Loan, visit the Advantage website and follow their application process. You’ll need to answer questions and provide documents like your social security number and credit score for the lender to assess your financial condition. After pre-qualifying, a full credit check is conducted when you officially apply for the loan. Once approved, it may take some time to receive the funds, particularly for student loans, as the lender needs to verify enrollment status and eligibility.
Advantage Education Loan vs ISL Education Lending
When comparing Advantage Education Loan with ISL Education Lending, it’s important to note that both options are offered by non-profit organizations and are considered among the best student loan lenders. To determine the best fit for your financial profile, visit both lenders’ websites and use their pre-qualification tools to evaluate their offers.
Benefits of Advantage Education Loan
- 24-month forbearance
- No additional fees
- Soft credit check during pre-qualification
- High-quality customer service
Benefits of ISL Education Lending
- Pre-qualification without a hard credit check
- No degree required for refinancing
- Opportunity to refinance while attending school or a medical residency
How to apply for ISL Education Lending?
If you want to learn more about ISL Education Lending and how to apply, check out our comprehensive article for further information.
