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Fixed rate college loans now available

Jul. 07, 2013 @ 11:14 PM

HUNTINGTON -- Students and parents who need help paying for college may now apply for Advantage Education Loans from Kentucky Higher Education Student Loan Corp. Interest rates are fixed and are as low as 5.29 percent. The exact rate will depend on creditworthiness, choice of payment plan and if payment is made by automatic debit.

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 Education Loan, the student must:

Be enrolled in an approved school.

Be age of majority based on the state of residence.

Be a U.S. citizen or a noncitizen with a proof of residency card.

Have an acceptable credit history or an approved cosigner.

To qualify for an Advantage Parent 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 noncitizen 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 advantageeducationloan.com or kheslc.com. For more information, call 888-678-4625.

The Kentucky Higher Education Student Loan Corp. is a public, nonprofit corporation that provides education loans for students and parents.

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