Kentucky students and parents who need help paying for college can now get lower interest rates on Advantage Education Loans from the Kentucky Higher Education Student Loan Corporation (KHESLC).
On July 1, interest rates dropped to as low as 5.29 percent. The exact rate will depend on creditworthiness, choice of payment plan and if payment is made by auto debit. The interest rate is fixed for the life of the loan.
The low-cost loans fill the gap between other financial aid a student receives and the total cost of education. Students should apply for all free aid, such as grants and scholarships, then for Federal Stafford Loans before applying for a private loan.
To qualify for a student Advantage Loan, the student must:
·Be enrolled in an approved school.
·Be 18 by the date of application.
·Be a U.S. citizen or a non-citizen with a proof of residency card.
·Have an acceptable credit history or an approved cosigner.
To qualify for a parent Advantage Loan, the borrower must:
·Be the parent or stepparent of an undergraduate or graduate student, as determined by the Free Application for Federal Student Aid (FAFSA).
·Be a U.S. citizen or a non-citizen with a proof of residency card.
·Have an acceptable credit history or an approved cosigner.
The loans are available to students attending eligible colleges and universities. Applications may be submitted online at kheslc.com. For more information, call 888-678-4625.
KHESLC is a public, nonprofit corporation that provides education loans for students and parents. It was established by the Kentucky General Assembly in 1978.