Most college-bound students qualify for financial aid to help pay for their education, such as federal and state grants, scholarships and federal loans. But some students may find that these programs don’t cover all the costs of college, according to the Kentucky Higher Education Assistance Authority (KHEAA). Others may not qualify for state and federal aid because they’re going to school less than half-time.
Because interest rates on private loans depend on the borrower’s credit rating, students may have to pay higher rates than they would on federal student loans. In addition, many lenders require students to have a cosigner, and most require the college to certify that the student needs the loan.
Students and parents should compare the private loans offered by various lenders to find the best possible deal. And, they should definitely check into the Advantage Education Loan, Kentucky’s only nonprofit private student loan. The Advantage Education Loan is offered by KHEAA’s sister agency, the Kentucky Higher Education Student Loan Corporation (KHESLC).
Visit www.advantageeducationloan.com for more information about Advantage Education Loans.
KHEAA is the state agency that administers Kentucky’s student financial aid programs, including the Kentucky Educational Excellence Scholarship (KEES). Many of KHEAA’s student aid programs are funded by Kentucky Lottery revenue.
For more information about Kentucky scholarships and grants, visit www.kheaa.com; write KHEAA, P.O. Box 798, Frankfort, KY 40602; or call 800-928-8926.