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FAQ
- Private Student Loan Basics
- Private Loans
- Advantage Education Loans
- Is the Advantage Education Loan a secured loan?
- I have received my financial aid award letter, but I still need additional money to cover the school costs. Are there other loans I can apply for?
- Who is eligible for an Advantage Education Loan?
- Should I apply for a student loan if I haven't finished applying for scholarships and grants?
- I plan to go to school half time. Am I eligible for an Advantage Education Loan?
- I'm attending school less than half time. Am I still eligible for an Advantage Education Loan?
- Can I still apply for a loan if I'm studying abroad this semester?
- How do I know if my school is an approved school?
- I already have an Advantage Education Loan. Do I need to apply for a new loan each year?
- Is there a loan that my parent can take out for my education?
- Do I qualify for a tax benefit on my student loan?
- Who owns my Advantage Education Loan?
- How can you offer fixed interest rates that are lower than other lenders?
- Decisions Before Application
- Interest/Fees/Credit Check
- Are the interest rates fixed or variable?
- What is the difference between an interest rate and APR?
- How do you determine the interest rate on my loan?
- Can I find out what my interest rate will be before I begin the application?
- How is the accrued interest calculated on my Advantage Education Loan?
- Are there any fees associated with getting an Advantage Education Loan?
- What credit score do I need in order to get the lowest interest rate on my loan?
- What types of credit inquiries does the Advantage Education Loan program make?
- Can you check if I am approved without pulling my credit?
- Your Application
- When to Apply
- Steps to Application
- What is the private student loan application process?
- What information do I need when filling out the application?
- What additional documents need to be submitted with the application?
- What is an Application and Solicitation Disclosure (ASD)?
- What if my school is not listed on the drop down list of approved schools?
- How do I check the status of my application or my cosigner application?
- Cosigner
- What is a cosigner?
- Why is a cosigner important?
- Do I need a cosigner?
- How is a cosigner added?
- What makes a good cosigner on a loan?
- How many cosigners can be on an Advantage Student Loan?
- What happens after the primary borrower adds me as a cosigner to his or her application and you check my credit?
- Can I withdraw my cosigner application after I submit it?
- What happens to my application if the primary borrower does not select me as a cosigner?
- If I cosign a loan, am I responsible to pay it back if the primary borrower doesn't make payments?
- How do I check the status of my application or my cosigner application?
- Can a cosigner view the borrower's loan account online?
- As a cosigner, can I receive statements?
- Can the cosigner be released from the loan?
- Is the cosigner release application available on Advantage's website?
- Is a cosigner's income, debt and credit history reviewed in the cosigner release process?
- How will the borrower and cosigner be notified of the decision?
- If the cosigner is released from liability, will there be any changes made to the credit bureau report for the borrower or cosigner?
- Processing Your Loan
- Certification
- What is School Certification?
- Does my school have to certify my loan?
- What is a Self-Certification form, and why do I need it?
- How can I increase my loan if the school certified for a lower amount than what I requested?
- Once my loan application is submitted to the school for certification, how long before the funds disburse?
- Processing
- How quickly does the loan processing take once I'm approved for the Advantage Education Loan?
- How do I sign my loan documents?
- I need to send in supporting documents for my Advantage Education Loan. How can I do that?
- How do I check the status of my application or my cosigner application?
- I forgot my User ID/Password. How do I access my application?
- Disbursement
- Certification
- Payments/ Repayment
- Payments
- Who is KHESLC?
- When do my principal and interest payments start?
- Do I have to make payments while I’m attending college?
- I picked Postponed Repayment so I don't have to make payments while in school or during the grace period. Can I make payments anyway?
- What should I know about choosing the Postponed Repayment option — to postpone all payments while in school?
- Can I change my repayment plan?
- Do you offer extended repayment on private student loans?
- Can I change my loan term?
- Will my Advantage Education Loan be sent to a third party to manage payments and service the loan?
- What is the autopay or EFT discount?
- How can I pay less interest?
- Can I pay off the loan early before the payment period ends?
- Forbearance/Trouble Making Payments
- Death and Disability
- Payments
Private education loans are also known as school-certified private loans or alternative student loans. The money borrowed through a private education loan can be used for tuition, room and board, books and supplies, a computer, studying abroad and more. The loans must be repaid based on the terms and conditions of the loan note you sign when you take out the loan.
- Private student loan borrowers and their cosigners, if applicable, are responsible for paying back the loan, even if the student borrower doesn't complete coursework, graduate from college or cannot find a job after graduating.
- Private student loan borrowers and their cosigners must notify the lender or servicer if:
- There is a change in name, address, phone number or Social Security number.
- The student drops below half-time enrollment status.
- The student graduates, withdraws or transfers to another school.
- Scheduled loan payments cannot be made as scheduled.
- Loan repayment needs to be delayed or put on hold.
- The student or cosigner becomes an active service member within the military.
- Borrowers and cosigners should open and read all mail related to the loan.
- Be a U.S. citizen or noncitizen with proof of residency card.
- Be enrolled at an eligible school.
- Be the age of majority at the time of application based on student's state of permanent residence.
- Have an acceptable income and credit history or an approved cosigner.
- Tuition
- Room and Board
- Fees
- Books
- Supplies and Equipment
- Computers and electronics for school
- Transportation
- Personal needs at school
Repayment options:
- Immediate Full Repayment — With this option, regular loan payments of both the principal and the interest begin within 60 days after the school receives the final disbursement (loan funds). This option will save you the most money overall if you can afford to make payments while in school.
- Immediate Interest-Only Repayment — You pay only the accrued monthly interest while in school. Principal and interest payments begin six months after graduation or dropping below a half-time status.
- Postponed Repayment — Both the principal and interest payments are postponed while you're in school at least half time. Principal and interest payments begin six months after graduation or if you've dropped below a half-time status. Postponed Repayment is the most costly repayment option because any interest that has accrued while you're in school and in the grace period will be capitalized (added to the loan's principal balance) when repayment begins. Opting to make payments while you're in school isn't required, but doing so will typically lower the total amount of interest paid over the life of the loan.
With any option, interest that is unpaid will accrue and will be capitalized at the time repayment begins. The repayment option you choose can make a big difference in your loan's overall cost — so review your options carefully. It's essential to understand how your rates and payments will be affected by your choices, because once you complete your loan application with those selections, you cannot make any further changes. When you apply, a repayment calculator will be available to check the impact of different repayment options to the loan's overall cost and estimated payment amounts.
NOTE: You may only use this six-month grace period, in full, one time per loan. If you go back to school and take out a new Advantage Education Loan, you will have a grace period on the new loan, depending on the repayment option you choose when applying.
Think about your future career and how much you may make in your chosen field. Your total monthly student loan payment should be no more than 10–15 percent of your starting monthly salary.
The minimum loan amount is $1,000. The minimum monthly payment is $50.
We perform a soft credit pull during the application process to determine if you are eligible. The soft credit check does not affect your credit score.
During the final steps of completing the loan process, we perform a hard credit pull to get your actual rate. This hard credit check will show up on your credit report and may affect your credit score.
During the final steps of completing the loan process, we perform a hard credit pull to get your actual rate. This hard credit check will show up on your credit report and may affect your credit score.
During the final steps of completing the loan process, we perform a hard credit pull to get your actual rate. This hard credit check will show up on your credit report and may affect your credit score.
- Complete the online loan application.
- Submit the required loan documents.
- Your school must certify the loan.
- Review and accept your Approval Disclosure.
- Review your Final Disclosure.
- The loan funds will be sent to your school.
Please be attentive to emails and messages from Advantage Education Loans, as well as from KHESLC, the owner of the loan.
- Your permanent U.S. address. If you've lived at your address less than one year, you'll need to provide your previous address too.
- Your Social Security number.
- College or university name, enrollment status, year in school, major or course of study, degree expected, and grades.
- Loan amount you're requesting, cost of attendance and estimated amount of financial assistance you expect to receive (if applicable).
- Two personal contacts to use as references, other than your cosigner (if applicable).
Consider applying with a cosigner. A cosigner may help you qualify and/or receive a lower interest rate; however, a cosigner is not required to apply. If you're applying with a cosigner, we'll ask your cosigner to provide some information and documents about their circumstances too.
- Employment and income information for the borrower and/or cosigner (if applicable), including the employer's company name and your gross income. Submit either a W2 or 1040 tax form along with a current pay stub, or two recent pay stubs in lieu of a W2.
- Financial information, including your bank accounts, and monthly mortgage or rent payments.
Consider applying with a cosigner. A cosigner may help you qualify and/or receive a lower interest rate; however, a cosigner is not required to apply. If you're applying with a cosigner, we'll ask your cosigner to provide some information and documents about their circumstances too.
- This form will be provided during the application process.
- The ASD displays current interest rate ranges, loan cost examples, federal student loan alternatives, and other general loan information.
- Completion of an application is not required in order to view an ASD with current interest rates; however, all applicants must acknowledge that they have reviewed this disclosure before continuing the application process.
- Has a substantial credit history
- Does not have any serious negative items on their credit report
- Meets their credit obligations on time
- Is not over burdened with debt
- Has steady employment and/or income sufficient to meet debt obligations
For new Advantage loans, those first disbursed after 7/1/21, a cosigner release may be available after 12 consecutive months of on-time regularly scheduled principal and interest payments, although lump sum payments count as well.
For loans disbursed from 5/31/19 to 6/30/21, a cosigner release may be available after 36 consecutive months of on-time regularly scheduled principal and interest payments, although lump sum payments count as well.
For loans disbursed prior to 5/31/19, borrowers are not eligible for a cosigner release unless they refinance.
For the cosigner, there will be changes to the credit reporting. The historical reporting for the loan will remain in place, however the loan will not show any balance owed by the cosigner since the cosigner will have been released from the loan.
A certification request is sent to your school after your loan is approved. All schools have different processes for certification — some certify daily, weekly, biweekly, etc.
The federal government mandates certain regulations be followed for private education loans in an effort to provide more transparency to borrowers. The Applicant Self-Certification is one of those mandates. About this form:
- This form is provided to students during the application process but it can also be obtained from the school's financial aid web site.
- All private student loan lenders must obtain this form prior to disbursing any private loan funds.
- During the application process, you will be asked for your total cost of attendance and estimated financial assistance in order to complete the form.
- Upload your documents securely anytime, from anywhere, when you log in to www.advantageeducationloan.com using the login and password created during the application process. On the right side, click the option for Upload, then select the case you’re looking to upload documents for. Click the blue UPLOAD button and select your file on your device. You should receive a confirmation message that the upload was completed successfully.
- Special Delivery (FedEx, UPS, etc.) — KHEAA, 100 Airport Rd, Frankfort, KY 40601
- U.S. Postal Service Mail — P.O. Box 4250 Frankfort, KY 40604-4250
- Fax — 502-696-7305
Keep a copy of your documents. Once you send us your documents, it usually takes about 3-5 business days for us to process your documents. We will contact you if we need additional information.
If you chose a repayment option that requires in-school payments, your monthly payments will begin within 60 days after the funds are fully disbursed.
If you apply early and documentation is received promptly, your school will likely receive the funds in plenty of time. If you're unsure of the school's loan deadlines, contact the financial aid office or check the school website for a published timeline.
Immediate Full repayment — Full payments of principal and interest begin within 60 days after the loan is fully disbursed.Immediate Interest-only repayment — Interest-only payments begin within 60 days after the loan is fully disbursed. Full payments of principal and interest begin six months after leaving school or dropping below half time.Postponed repayment — Full payments of principal and interest begin six months after leaving school or dropping below half time.
Immediate Full Repayment — Yes. Full payments of principal and interest.Immediate Interest-Only Repayment — Yes. Interest-only payments.Postponed Repayment — No payments required while in school at least half time.
Postponed Repayment is the most costly repayment option because any unpaid interest that has accrued during the time you are in school and the grace period will be capitalized (added to the loan’s principal balance) when repayment begins.
Opting to make payments while you're in school isn't required, but doing so will typically decrease the total amount of interest paid over the life of the loan.
The standard loan term is set up for 120 months (10 years). You can request an extended repayment term of 180 months (15 years) if your outstanding Advantage Education Loan balance is more than $10,000. The extended repayment option is only offered on loans disbursed before May 1, 2017.
To earn a 0.25% interest rate reduction, choose autopay! Using autopay can lead to significant savings over the life of the loan.
When your payments are automatically deducted from your checking or savings account each month with our EFT/autopay, your interest rate on the Advantage Education Loan may be reduced by 0.25%.
Example: A loan having a 3.80% interest rate would be reduced to 3.55% while using our EFT/autopay service.
Since there are no service fees for using autopay, sign up as soon as your loans are in repayment and start saving time and money! For more information and an EFT application, visit the ARC Servicing website and click on General Information > Forms > Repayment Forms > Electronic Funds Transfer (EFT) or click this direct link.
If your forbearance allows you to stop making payments, you can make full or partial interest payments at your discretion, in order to lessen the amount of interest that will be capitalized.
If you have any trouble making your payments, please contact us immediately to explore your options. Contact an ARC Servicing Representative at 800-693-8220 or 888-599-7768.
If the Advantage Education Loan student borrower dies or becomes totally and permanently disabled prior to loan payoff, the borrower and cosigner (if applicable) are released from the outstanding debt.
Your family or representative can get the loan forgiven by sending proper documentation to ARC Servicing.
Additional Information
Do you have additional questions?
Do you currently have an Advantage Education Loan, Advantage Parent Loan or Advantage Refinance Loan and have servicing questions?
I forgot my User ID/Password. How do I access my application?
Private Student Loan Basics
Private Loans
What is a private education loan?
Private education loans are also known as school-certified private loans or alternative student loans. The money borrowed through a private education loan can be used for tuition, room and board, books and supplies, a computer, studying abroad and more. The loans must be repaid based on the terms and conditions of the loan note you sign when you take out the loan.
What is the main difference between private and federal education loans?
What are my responsibilities as a private student loan borrower?
- Private student loan borrowers and their cosigners, if applicable, are responsible for paying back the loan, even if the student borrower doesn't complete coursework, graduate from college or cannot find a job after graduating.
- Private student loan borrowers and their cosigners must notify the lender or servicer if:
- There is a change in name, address, phone number or Social Security number.
- The student drops below half-time enrollment status.
- The student graduates, withdraws or transfers to another school.
- Scheduled loan payments cannot be made as scheduled.
- Loan repayment needs to be delayed or put on hold.
- The student or cosigner becomes an active service member within the military.
- Borrowers and cosigners should open and read all mail related to the loan.
What types of private loans do you offer?
Advantage Education Loans
Is the Advantage Education Loan a secured loan?
I have received my financial aid award letter, but I still need additional money to cover the school costs. Are there other loans I can apply for?
Who is eligible for an Advantage Education Loan?
- Be a U.S. citizen or noncitizen with proof of residency card.
- Be enrolled at an eligible school.
- Be the age of majority at the time of application based on student's state of permanent residence.
- Have an acceptable income and credit history or an approved cosigner.
Should I apply for a student loan if I haven't finished applying for scholarships and grants?
I plan to go to school half time. Am I eligible for an Advantage Education Loan?
I'm attending school less than half time. Am I still eligible for an Advantage Education Loan?
Can I still apply for a loan if I'm studying abroad this semester?
How do I know if my school is an approved school?
I already have an Advantage Education Loan. Do I need to apply for a new loan each year?
Is there a loan that my parent can take out for my education?
Do I qualify for a tax benefit on my student loan?
Who owns my Advantage Education Loan?
How can you offer fixed interest rates that are lower than other lenders?
Decisions Before Application
Funds Can Be Used for
What can an Advantage Education Loan be used for?
- Tuition
- Room and Board
- Fees
- Books
- Supplies and Equipment
- Computers and electronics for school
- Transportation
- Personal needs at school
Can my loan cover past due college account balances?
Can I use Advantage Education Loan funds for living expenses?
Can I borrow a loan to help pay for books and personal expenses while at school?
Picking Your Repayment Option
What repayment options are available?
Repayment options:
- Immediate Full Repayment — With this option, regular loan payments of both the principal and the interest begin within 60 days after the school receives the final disbursement (loan funds). This option will save you the most money overall if you can afford to make payments while in school.
- Immediate Interest-Only Repayment — You pay only the accrued monthly interest while in school. Principal and interest payments begin six months after graduation or dropping below a half-time status.
- Postponed Repayment — Both the principal and interest payments are postponed while you're in school at least half time. Principal and interest payments begin six months after graduation or if you've dropped below a half-time status. Postponed Repayment is the most costly repayment option because any interest that has accrued while you're in school and in the grace period will be capitalized (added to the loan's principal balance) when repayment begins. Opting to make payments while you're in school isn't required, but doing so will typically lower the total amount of interest paid over the life of the loan.
With any option, interest that is unpaid will accrue and will be capitalized at the time repayment begins. The repayment option you choose can make a big difference in your loan's overall cost — so review your options carefully. It's essential to understand how your rates and payments will be affected by your choices, because once you complete your loan application with those selections, you cannot make any further changes. When you apply, a repayment calculator will be available to check the impact of different repayment options to the loan's overall cost and estimated payment amounts.
What is a grace period?
NOTE: You may only use this six-month grace period, in full, one time per loan. If you go back to school and take out a new Advantage Education Loan, you will have a grace period on the new loan, depending on the repayment option you choose when applying.
How Much to Borrow
How do I figure out how much I'll need for college?
How much can I borrow?
Think about your future career and how much you may make in your chosen field. Your total monthly student loan payment should be no more than 10–15 percent of your starting monthly salary.
The minimum loan amount is $1,000. The minimum monthly payment is $50.
If I have other student loans, do they influence the amount I can borrow?
- When there is no cosigner, we take the student's aggregate student loan debt into consideration.
- When there is a cosigner on a loan, we take the student and cosigner's aggregate student loan debt into consideration.
Interest/Fees/Credit Check
Are the interest rates fixed or variable?
What is the difference between an interest rate and APR?
How do you determine the interest rate on my loan?
Can I find out what my interest rate will be before I begin the application?
We perform a soft credit pull during the application process to determine if you are eligible. The soft credit check does not affect your credit score.
During the final steps of completing the loan process, we perform a hard credit pull to get your actual rate. This hard credit check will show up on your credit report and may affect your credit score.
How is the accrued interest calculated on my Advantage Education Loan?
Are there any fees associated with getting an Advantage Education Loan?
What credit score do I need in order to get the lowest interest rate on my loan?
What types of credit inquiries does the Advantage Education Loan program make?
During the final steps of completing the loan process, we perform a hard credit pull to get your actual rate. This hard credit check will show up on your credit report and may affect your credit score.
Can you check if I am approved without pulling my credit?
During the final steps of completing the loan process, we perform a hard credit pull to get your actual rate. This hard credit check will show up on your credit report and may affect your credit score.
Your Application
When to Apply
Do I need to file the Free Application for Federal Student Aid (FAFSA) to apply for a federal student loan?
Do I need to file the Free Application for Federal Student Aid (FAFSA) to apply for a private student loan?
When should I apply for financial aid?
Steps to Application
What is the private student loan application process?
- Complete the online loan application.
- Submit the required loan documents.
- Your school must certify the loan.
- Review and accept your Approval Disclosure.
- Review your Final Disclosure.
- The loan funds will be sent to your school.
Please be attentive to emails and messages from Advantage Education Loans, as well as from KHESLC, the owner of the loan.
What information do I need when filling out the application?
- Your permanent U.S. address. If you've lived at your address less than one year, you'll need to provide your previous address too.
- Your Social Security number.
- College or university name, enrollment status, year in school, major or course of study, degree expected, and grades.
- Loan amount you're requesting, cost of attendance and estimated amount of financial assistance you expect to receive (if applicable).
- Two personal contacts to use as references, other than your cosigner (if applicable).
Consider applying with a cosigner. A cosigner may help you qualify and/or receive a lower interest rate; however, a cosigner is not required to apply. If you're applying with a cosigner, we'll ask your cosigner to provide some information and documents about their circumstances too.
What additional documents need to be submitted with the application?
- Employment and income information for the borrower and/or cosigner (if applicable), including the employer's company name and your gross income. Submit either a W2 or 1040 tax form along with a current pay stub, or two recent pay stubs in lieu of a W2.
- Financial information, including your bank accounts, and monthly mortgage or rent payments.
Consider applying with a cosigner. A cosigner may help you qualify and/or receive a lower interest rate; however, a cosigner is not required to apply. If you're applying with a cosigner, we'll ask your cosigner to provide some information and documents about their circumstances too.
What is an Application and Solicitation Disclosure (ASD)?
- This form will be provided during the application process.
- The ASD displays current interest rate ranges, loan cost examples, federal student loan alternatives, and other general loan information.
- Completion of an application is not required in order to view an ASD with current interest rates; however, all applicants must acknowledge that they have reviewed this disclosure before continuing the application process.
What if my school is not listed on the drop down list of approved schools?
How do I check the status of my application or my cosigner application?
Cosigner
What is a cosigner?
Why is a cosigner important?
Do I need a cosigner?
How is a cosigner added?
What makes a good cosigner on a loan?
- Has a substantial credit history
- Does not have any serious negative items on their credit report
- Meets their credit obligations on time
- Is not over burdened with debt
- Has steady employment and/or income sufficient to meet debt obligations
How many cosigners can be on an Advantage Student Loan?
What happens after the primary borrower adds me as a cosigner to his or her application and you check my credit?
Can I withdraw my cosigner application after I submit it?
What happens to my application if the primary borrower does not select me as a cosigner?
If I cosign a loan, am I responsible to pay it back if the primary borrower doesn't make payments?
How do I check the status of my application or my cosigner application?
Can a cosigner view the borrower's loan account online?
As a cosigner, can I receive statements?
Can the cosigner be released from the loan?
For new Advantage loans, those first disbursed after 7/1/21, a cosigner release may be available after 12 consecutive months of on-time regularly scheduled principal and interest payments, although lump sum payments count as well.
For loans disbursed from 5/31/19 to 6/30/21, a cosigner release may be available after 36 consecutive months of on-time regularly scheduled principal and interest payments, although lump sum payments count as well.
For loans disbursed prior to 5/31/19, borrowers are not eligible for a cosigner release unless they refinance.
Is the cosigner release application available on Advantage's website?
Is a cosigner's income, debt and credit history reviewed in the cosigner release process?
How will the borrower and cosigner be notified of the decision?
If the cosigner is released from liability, will there be any changes made to the credit bureau report for the borrower or cosigner?
For the cosigner, there will be changes to the credit reporting. The historical reporting for the loan will remain in place, however the loan will not show any balance owed by the cosigner since the cosigner will have been released from the loan.
Processing Your Loan
Certification
What is School Certification?
A certification request is sent to your school after your loan is approved. All schools have different processes for certification — some certify daily, weekly, biweekly, etc.
Does my school have to certify my loan?
What is a Self-Certification form, and why do I need it?
The federal government mandates certain regulations be followed for private education loans in an effort to provide more transparency to borrowers. The Applicant Self-Certification is one of those mandates. About this form:
- This form is provided to students during the application process but it can also be obtained from the school's financial aid web site.
- All private student loan lenders must obtain this form prior to disbursing any private loan funds.
- During the application process, you will be asked for your total cost of attendance and estimated financial assistance in order to complete the form.
How can I increase my loan if the school certified for a lower amount than what I requested?
Once my loan application is submitted to the school for certification, how long before the funds disburse?
Processing
How quickly does the loan processing take once I'm approved for the Advantage Education Loan?
How do I sign my loan documents?
I need to send in supporting documents for my Advantage Education Loan. How can I do that?
- Upload your documents securely anytime, from anywhere, when you log in to www.advantageeducationloan.com using the login and password created during the application process. On the right side, click the option for Upload, then select the case you’re looking to upload documents for. Click the blue UPLOAD button and select your file on your device. You should receive a confirmation message that the upload was completed successfully.
- Special Delivery (FedEx, UPS, etc.) — KHEAA, 100 Airport Rd, Frankfort, KY 40601
- U.S. Postal Service Mail — P.O. Box 4250 Frankfort, KY 40604-4250
- Fax — 502-696-7305
Keep a copy of your documents. Once you send us your documents, it usually takes about 3-5 business days for us to process your documents. We will contact you if we need additional information.
How do I check the status of my application or my cosigner application?
I forgot my User ID/Password. How do I access my application?
Disbursement
How does disbursement work?
If you chose a repayment option that requires in-school payments, your monthly payments will begin within 60 days after the funds are fully disbursed.
How do I get my funds sooner than the scheduled disbursement date?
Do private student loan funds come to me or go directly to the school?
How quickly can my school get the loan funds?
If you apply early and documentation is received promptly, your school will likely receive the funds in plenty of time. If you're unsure of the school's loan deadlines, contact the financial aid office or check the school website for a published timeline.
Payments/ Repayment
Payments
Who is KHESLC?
When do my principal and interest payments start?
Immediate Full repayment — Full payments of principal and interest begin within 60 days after the loan is fully disbursed.Immediate Interest-only repayment — Interest-only payments begin within 60 days after the loan is fully disbursed. Full payments of principal and interest begin six months after leaving school or dropping below half time.Postponed repayment — Full payments of principal and interest begin six months after leaving school or dropping below half time.
Do I have to make payments while I’m attending college?
Immediate Full Repayment — Yes. Full payments of principal and interest.Immediate Interest-Only Repayment — Yes. Interest-only payments.Postponed Repayment — No payments required while in school at least half time.
I picked Postponed Repayment so I don't have to make payments while in school or during the grace period. Can I make payments anyway?
What should I know about choosing the Postponed Repayment option — to postpone all payments while in school?
Postponed Repayment is the most costly repayment option because any unpaid interest that has accrued during the time you are in school and the grace period will be capitalized (added to the loan’s principal balance) when repayment begins.
Opting to make payments while you're in school isn't required, but doing so will typically decrease the total amount of interest paid over the life of the loan.
Can I change my repayment plan?
Do you offer extended repayment on private student loans?
Can I change my loan term?
The standard loan term is set up for 120 months (10 years). You can request an extended repayment term of 180 months (15 years) if your outstanding Advantage Education Loan balance is more than $10,000. The extended repayment option is only offered on loans disbursed before May 1, 2017.
Will my Advantage Education Loan be sent to a third party to manage payments and service the loan?
What is the autopay or EFT discount?
To earn a 0.25% interest rate reduction, choose autopay! Using autopay can lead to significant savings over the life of the loan.
When your payments are automatically deducted from your checking or savings account each month with our EFT/autopay, your interest rate on the Advantage Education Loan may be reduced by 0.25%.
Example: A loan having a 3.80% interest rate would be reduced to 3.55% while using our EFT/autopay service.
Since there are no service fees for using autopay, sign up as soon as your loans are in repayment and start saving time and money! For more information and an EFT application, visit the ARC Servicing website and click on General Information > Forms > Repayment Forms > Electronic Funds Transfer (EFT) or click this direct link.
How can I pay less interest?
Can I pay off the loan early before the payment period ends?
Forbearance/Trouble Making Payments
What is forbearance?
If your forbearance allows you to stop making payments, you can make full or partial interest payments at your discretion, in order to lessen the amount of interest that will be capitalized.
Does the Advantage Education Loan offer forbearance options if I have trouble making payments?
If you have any trouble making your payments, please contact us immediately to explore your options. Contact an ARC Servicing Representative at 800-693-8220 or 888-599-7768.
Can my Advantage Education Loan be deferred if I go back to school again?
Death and Disability
Is my Advantage Education Loan forgiven should I die or become totally and permanently disabled?
If the Advantage Education Loan student borrower dies or becomes totally and permanently disabled prior to loan payoff, the borrower and cosigner (if applicable) are released from the outstanding debt.
Your family or representative can get the loan forgiven by sending proper documentation to ARC Servicing.