About Our Loans

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

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.