Advantage Education Loans (2024)

FAQs

Is Advantage student loan legit? ›

Yes. Advantage Education loans are owned and provided by the Kentucky Higher Education Student Loan Corporation (KHESLC), which is a state-based, non-profit lender. The lender offers a low fixed rate and doesn't charge origination or late fees.

These loans are credit based, so most students will probably require a creditworthy cosigner, such as a parent or legal guardian, to be approved. Also check out the Advantage Parent Loan. An eligible borrower must: Be a U.S. citizen or noncitizen with proof of residency card.

If you default on your student loan, that status will be reported to national credit reporting agencies. This reporting may damage your credit rating and future borrowing ability. Also, the government can collect on your loans by taking funds from your wages, tax refunds, and other government payments.

During this six month period, you'll continue with the original payment option (Immediate Full Repayment, Immediate Interest-Only Repayment or Postponed Repayment). Once the grace period is over, you will be in full repayment status. NOTE: You may only use this six-month grace period, in full, one time per loan.

The Education Department said Aidvantage failed to mail out timely statements to 697,734 of the borrowers whose loans it services, which will result in the department withholding $2 million from its contract.

This lawsuit sought to hold Maximus, one of the U.S. Department of Education's largest student loan contractors—a firm operating as “Aidvantage” and the “Default Management and Collection System” (Default Resolution Group)—accountable for illegally collecting against borrowers who sought debt relief after being ...

Aidvantage is a federal loan servicer approved by Federal Student Aid (FSA), a division of the Department of Education. This official status enables it to manage Direct loans and Federal Family Education Loan Program (FFELP) Loans on behalf of the FSA. Aidvantage does not service or lend private student loans.

Being denied student loans is common for would-be borrowers, and several factors could lead to loan denial. Your credit history, credit score, insufficient application information, or other issues could cause you to be rejected for a loan.

Advantage Education Loans offers fixed rates are between 5.70% and 9.99%. Note that the lowest rates include a 0.25% interest rate reduction for enrollment in automatic payments. Additional information about Advantage refinance rates: Checking your rate with Advantage may affect your credit score.

About 5% of student debt was at least 90 days delinquent or in default in the fourth quarter of 2021.

How to never pay student loans back? ›

There's no simple way to get rid of student loans without paying. But for federal student loans, there are forgiveness programs available after you make payments and meet other qualifications.

No, you can't go to jail for not paying your student loans. So if that was a fear you had, take a deep breath—no one is coming to arrest you if you miss a payment. But like we mentioned, you can be sued over defaulted student loans. This would be a civil case—not a criminal one.

Phone. Call us at 800-722-1300. TDD/TTY users call 711. Call Eastern Time, Monday 8 a.m. – 9 p.m., Tuesday and Wednesday 8 a.m. – 8 p.m., and Thursday and Friday 8 a.m. – 6 p.m.

Seeking forgiveness under Public Service Loan Forgiveness (PSLF)? The PSLF Program forgives the remaining balance on your Direct Loans after you've satisfied the equivalent of 120 qualifying monthly payments (10 years) under an IDR plan while working full-time for an eligible employer.

Overall, a PSLF consolidation could be worth it if any of the following situations apply to you: You're still in your grace period or early on in repayment. If you haven't made payments yet or have just started, you can consolidate your loans without losing a bunch of qualifying payments for PSLF.

Aidvantage is a legitimate company; it's a division of Maximus and is one of the nine approved federal student loan servicers. However, there is some controversy surrounding the company. The Student Borrower Protection Center (SBPC), a nonprofit advocacy organization, released a report about Aidvantage in 2022.

If you're looking for Aidvantage student loan forgiveness options, you must qualify and meet the eligibility requirements for one of the following federal programs. The loan servicer doesn't offer any unique forgiveness options for its borrowers but can walk you through the forgiveness options.

Advantage Refinance Loans

These educational loans are for parents of undergraduate, graduate and professional level students who need additional funds for college. Once you're out of school, consider refinancing or consolidating your education loans to get a lower interest rate and one convenient loan. Get Started!

Advantage Education Loans are owned and managed by KHESLC, a state-based, non-profit lender. We do not sell or subcontract our loans.