Advantage Parent Loans

About Our Loans

Benefits

By selecting the Advantage Parent Loan, you will be getting a low-cost, fixed-interest, no-fee loan. That means you are saving money over the life of your loan!

Advantage Parent Loan rates start at 5.29% APR.* Other great benefits of this loan include:

Fixed rates
NO fees (no application, origination, default, late or insufficient fund fees)
Autopay discount
Death and Disability benefit
Cosigner Release
Can be enrolled less than part time
No satisfactory academic progress requirement
Covers prior balances
Interest rates capped at 8.04%
Loans will not be sold

Loan Details

Immediate Repayment

0.25% Interest rate reduction for using our autopay service
NO FEES*
Can be enrolled less than half time
Principal and interest payments begin as soon as the loan is fully disbursed
Cosigner release available after 12 consecutive months of on-time regularly scheduled principal and interest payments*

Interest Only

0.25% Interest rate reduction for using our autopay service
NO FEES*
Must be enrolled at least half time
Interest payments begin as soon as the loan is fully disbursed
Principal and interest payments begin six months after the student leaves school or drops below half-time status
Cosigner release available after 12 consecutive months of on-time regularly scheduled principal and interest payments*

Deferred Repayment

0.25% Interest rate reduction for using our autopay service
NO FEES*
Must be enrolled at least half time
Principal and interest payments begin six months after the student leaves school or drops below half-time status
Cosigner release available after 12 consecutive months of on-time regularly scheduled principal and interest payments*

Benefits and Features

Death and Disability Benefit - If the parent borrower dies prior to loan payoff, the remaining balance on the parent loan is paid by the cosigner (if applicable). If there is no cosigner on the parent loan, the balance is paid by the parent borrower’s estate. There is no disability benefit on a parent loan. If the benefiting student dies prior to loan payoff, the parent borrower and cosigner (if applicable) are released from the outstanding debt. If the benefiting student becomes totally and permanently disabled prior to loan payoff, the parent borrower and cosigner on the parent loan (if applicable) are still required to make payments.
Minimum loan amount is $1,000
Minimum monthly payment is $50
Loans have a 10-year repayment term
Loans can be used to cover a prior year's balance as long as it is no more than 180 days past the end of the loan period and the student is enrolled in a subsequent term
No prepayment penalties
Loans funded and serviced by a trusted not-for-profit agency

To qualify, the borrower must:

Be a U.S. citizen or noncitizen with proof of residency card
Be the parent or step-parent of an eligible student
Have an acceptable income and credit history or an approved cosigner

Applying with a creditworthy cosigner may help you qualify and/or receive a lower FIXED rate.

Or call 1-800-988-6333 to request an application.

Apply Now

* No application, origination, default, late or NSF fees.

For new Advantage loans, a cosigner release may be available after 12 months of on-time regularly scheduled principal and interest payments, or an equivalent lump sum payment. The cosigner release is dependent upon the loan’s disbursement date, borrowers’ current credit and other factors. The borrower needs to request the cosigner release. A credit review will then be performed to ensure the borrower meets certain credit and eligibility requirements.

Reviews

FAQ

* APRs and quoted savings are representative samples for educational purposes only and may not reflect current or actual loan rate offers or available percentage rates. Your actual APR will depend upon your credit transactions and credit history and will be determined once a credit decision is made. Advantage Parent Loans have no application, origination, default, late or NSF fees.

Advantage Parent Loans are private loans. We recommend applying for all eligible grants and scholarships first. We reserve the right to modify or discontinue loan features or benefits or to discontinue loan programs at any time without notice. Rates vary based on the repayment plan you've selected, your credit history and other factors. Advantage Parent Loans are owned and managed by KHESLC, a state-based, non-profit lender. We do not sell or subcontract our loans.

For new Advantage Parent Loans, a cosigner release may be available after 12 months of on-time regularly scheduled principal and interest payments, or an equivalent lump sum payment. The cosigner release is dependent upon the loan’s disbursement date, borrowers’ current credit and other factors. The borrower needs to request the cosigner release. A credit review will then be performed to ensure the borrower meets certain credit and eligibility requirements.

Interest rate effective date is 05/27/2023.