Advantage Education Loan Reviews: Student Loan Refinancing and Private Student Loans

The nonprofit Kentucky Higher Education Student Loan Corp. offers fixed-rate Advantage Education Loans.
Cecilia ClarkSep 9, 2021

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Student loan ratings

Advantage Education Loan
  • Student loan refinancing

  • Private student loan

  • Parent loan

The bottom line: Advantage Education Loans are fixed-rate loans with borrower-friendly features, such as no late fees and a generous amount of forbearance. These loans are from the nonprofit Kentucky Higher Education Student Loan Corp. and are available to borrowers in all 50 U.S. states.

Student loan refinancing review

Advantage Education Loan Student Loan Refinance

Advantage Education Loan Student Loan Refinance

5.0

NerdWallet rating 
Fixed APR

3.99 - 7.78%

Min. Credit Score

Does not disclose

Pros

  • You can refinance without a degree.
  • Forbearance of 24 months is twice as long as most lenders.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • Loans aren’t available in Alaska, Delaware, Idaho, Illinois, Iowa, Maine, Maryland, Michigan, Minnesota, Montana, Nevada, New Jersey, North Dakota, Oregon, Rhode Island, South Dakota, Vermont, Washington or Washington, DC.
  • You cannot postpone repayment if you re-enroll in school.

Best for students who didn’t graduate.

Advantage Refinance Loans are a product of the nonprofit Kentucky Higher Education Student Loan Corp. These loans feature fixed interest rates and borrower-friendly features, including no late fees, rehabilitation for defaulted loans and 24 months of deferment if you face a financial hardship, like losing your job. You can qualify for an Advantage Refinance Loan even if you didn’t earn a degree.

Advantage Refinance Loans, like other five-star loans, aren't perfect. They could improve by offering additional programs such as:

Before deciding on a student loan refinance lender, compare  options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer for borrowers who are struggling to make payments.

If Advantage Refinance Loan denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or need a co-signer.

NerdWallet recommends before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.

How does this loan compare?

Earnest Student Loan Refinance
College Ave Student Loan Refinance
NerdWallet rating 
NerdWallet rating 
Check RateCheck Rate
Fixed APR

2.48 - 5.79%

Fixed APR

2.99 - 6.89%

Variable APR

1.88 - 5.64%

Variable APR

2.94 - 6.79%

Min. Credit Score

650

Min. Credit Score

Upper 600s

Private student loan review

Advantage Education Private Student Loan

Advantage Education Private Student Loan

4.5

NerdWallet rating 
Fixed APR

3.75 - 6.99%

Min. Credit Score

Does not disclose

Pros

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
  • Forbearance of 24 months is twice as long as most lenders.
  • Loans are available if you’re enrolled less than half time.

Cons

  • Loans may not be available depending on where you live or go to school.
  • Fewer repayment terms than other lenders offer.

Best for nontraditional or part-time students.

Undergraduate and graduate students can take out Advantage Education Loans from the Kentucky Higher Education Student Loan Corp.

You can use an Advantage Education Loan if you’re enrolled less than half-time, provided you immediately enter repayment, and for non-degree programs like certification courses. That makes these loans a good option if you’re a nontraditional student or attending school part time.

Advantage Education Loans could improve by offering additional programs such as:

Before taking out an Advantage Education Loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.

» MORE:

to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.

If Advantage Education Loan denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.

If you don’t have access to a co-signer — or still aren’t eligible with one — consider or specialize in .

Parent loan review

Advantage Education Loan Parent Loan

Advantage Education Loan Parent Loan

4.5

NerdWallet rating 
Fixed APR

3.75 - 6.99%

Min. Credit Score

Does not disclose

Pros

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
  • Forbearance of 24 months is twice as long as most lenders.
  • Loans are available for students enrolled less than half time.

Cons

  • Loans may not be available depending on where you live or your child goes to school.
  • Fewer repayment terms than other lenders offer.
  • Estate is still responsible for the loan if the parent borrower dies.

Best for parents who don’t want to co-sign with their child.

Advantage Parent Loans have the same details — including interest rates and repayment options — as the lender’s undergraduate and graduate student loans. But how they handle loan discharges is different:

To protect themselves, parents looking at Advantage Education Loans should consider co-signing an undergraduate loan instead of taking out a parent loan. The Advantage Parent Loan is a better option only if the parent doesn’t want the child’s name on the loan.

Advantage Education Loans could improve by offering additional programs such as:

Before taking out an Advantage Parent Loan or any other parent student loan, your child should submit the Free Application for Federal Student Aid, known as the FAFSA, and max out their federal loan options. And make sure the loan payments won't stop you from reaching other financial goals, like saving for retirement.

» MORE:

Compare to make sure you’re choosing the right option and getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.

If Advantage Education Loan denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider or, if you haven’t already, try applying with a co-signer.

If you don’t have access to a co-signer — or still aren’t eligible with one — consider or specialize in .

NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. That’s why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. NerdWallet does not receive compensation for its reviews. .

Frequently asked questions