Advantage Education Loan Reviews: Student Loan Refinancing and Private Student Loans
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Student loan ratings
Student loan refinancing
Private student loan
Parent loan
5.0
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
5.0
/5 NerdWallet ratingPros
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, D.C.
You cannot postpone repayment if you re-enroll in school.
Best for borrowers who didn’t graduate.
Full Review
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 at a glance
You can refinance without a degree.
Generous forbearance policy for struggling borrowers.
Maximum loan amounts depend on your credit and debt-to-income ratio.
How Advantage Refinance Loans could improve
Advantage Refinance Loans, like other five-star loans, aren't perfect. They could improve by offering additional programs such as:
Deferment for borrowers who re-enroll to school.
Biweekly student loan payments via autopay.
How much can refinancing save?
Advantage Refinance Loan details
Before refinancing with Advantage Refinance Loan
Before deciding on a student loan refinance lender, compare student loan refinance 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 you aren’t eligible to refinance with Advantage
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 prequalifying with multiple refinance lenders before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
How does this loan compare?
 |  |
|---|---|
Min. credit score650 | Min. credit scoreUpper 600s |
Fixed APR3.99-8.74% | Fixed APR3.99-7.99% |
Variable APR1.89-7.99% | Variable APR3.44-7.99% |
Private student loan review
4.5
/5 NerdWallet ratingPros
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.
You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
Best for nontraditional or part-time students.
Full Review
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 private student loans at a glance
Funding is available if you’re enrolled less than half time.
There’s only one repayment term: 10 years.
Maximum loan amounts depend on your credit and debt-to-income ratio.
How Advantage Education Loans could improve
Advantage Education Loans could improve by offering additional programs such as:
Offering more than one repayment term.
Allowing borrowers to defer payments if they return to school after their grace period ends.
Advantage Education Loans private student loan details
Before applying for an Advantage Education Loan
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: NerdWallet’s FAFSA Guide
Compare your private student loan options 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 you aren’t eligible for an Advantage Education Loan
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 lenders that don’t require co-signers or specialize in bad or no credit student loans.
STUDENT LOAN RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loans and our editorial guidelines.
Parent loan review
4.5
/5 NerdWallet ratingPros
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.
You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
Best for parents who don’t want to co-sign with their child.
Full Review
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:
In instances of death. Undergraduate and graduate loans are discharged if the borrower dies. Parent loans are discharged only if the child benefitting from the loan dies; if the parent borrower dies, his or her estate is held responsible for the loan.
In instances of total and permanent disability. Undergraduate and graduate loans are discharged if the borrower becomes totally and permanently disabled. Parent loans are discharged only if the child benefitting from the loans becomes totally and permanently disabled.
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 parent Loans private student loans at a glance
Funding is available if students are enrolled less than half time.
There’s only one repayment term: 10 years.
Maximum loan amounts depend on your credit and debt-to-income ratio.
How Advantage parent Loans could improve
Advantage Education Loans could improve by offering additional programs such as:
Offering more than one repayment term.
Discharging the loan if the parent borrower dies or becomes disabled.
Advantage Parent Loans private student loan details
Before applying for an Advantage Parent Loan
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: NerdWallet’s FAFSA Guide
Compare federal and private parent student loans 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 you aren’t eligible for an Advantage Education Loan
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 parent loan options 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 lenders that don’t require co-signers or specialize in bad or no credit student loans.
Find the Right Student Loan
Frequently asked questions
Advantage Education Loan is part of the Kentucky Higher Education Student Loan Corp. It offers student loans to undergraduate and graduate degrees, as well as student loan refinancing.
You can qualify for an Advantage Education Loan if you live or go to school outside of Kentucky. But private loans and student loan refinancing are not available in all 50 U.S. states.
Advantage Education Loan offers private student loans to undergraduate and graduate students and the Advantage Parent Loan to parent borrowers. There is also an Advantage Refinance Loan to refinance existing loans.
