Advantage Education Loan in Kentucky

When do I need my loan?

You may apply for a Ky Advantage education loan at any time after you have received your acceptance letter. However, if you applied for financial aid prior to applying for the loan, you cannot get a refund after you have attended school. If you did not receive financial aid, or if you previously withdrew from school, please contact Financial Aid Services (FAS) immediately.

What happens if I am unable to pay back the loan?

If you are unable to repay the loan on time, FAS must first seek repayment from the student’s parents or guardians who signed the promissory note. If you are still unable to pay off the balance of the loan, we will begin collection activity on your behalf according to state laws. These actions can include garnishment of wages, seizure of assets, and wage-earner protection programs. You must understand that these actions could negatively affect your credit rating and future employment opportunities, and that they may result in criminal charges and fines being filed against you.

How much does it cost to attend a Kentucky college?

The average tuition rate for full-time students attending public four-year colleges across the Commonwealth is $10,865 per year. The majority of private four-year universities charge between $12,000 and $14,000 per year.

Will I get financial aid to pay for college?

Yes! Many Kentucky colleges offer merit-based scholarships based on academic achievement, community service, leadership, and extracurricular activities. Visit www.kyscholarships.com for information about scholarship opportunities. Remember, even though the amount of money you borrow affects how much you can earn while earning your degree, the higher interest rate means you should work harder than ever to repay the loan.

Does KYS care how I pay for college?

NoWe don’t make decisions about how to pay for college. That’s up to you. As long as you do what you’re told, follow the rules, honor all agreements, and keep your grades high, you’ll be fine. Your financial aid office will tell you what you can expect to earn once you graduate and the types of jobs and salaries that are available to people with your major.

Can I use my KYS loan at other schools?

Yes! Since the loan is issued directly by the federal government, you can transfer the balance to any eligible institution. In addition, you can consolidate your loans with other federal and nonfederal loans. 7. Do I have to take out a loan to go to college?

Not necessarily. There are many options available to students, including grants, scholarships, work study, loans, and savings plans.

Where can I get more information about KYS?

Visit our website at www.kyadvantage.org. Or call us toll free at 1-800-KYS-LOAN (1-800-544-5727). Also, join us on Facebook!

Why the Ky Advantage Education Loan?

No Origination Fees! – We don’t charge any origination fees! Our loan products are funded by our partners who offer NO COLLATERAL (origination) due to their advanced technology and software systems. It doesn’t matter if you have bad credit, no credit, or are self-employed; we fund 100% of each educational loan based upon the value of your home or business property, not your income. And just like traditional banks, we take advantage of tax liens, government sponsored programs, and private investors to gain access to cash flow to fund new loans. These alternative methods of funding allow us to provide competitive rates to students while providing funding for schools even in markets historically considered to be poor lending environments. Please visit the website above to apply online, or give us a call at 1 (800) 847-5597 for additional information about this program.

About KY Advantage Education Loan

Ky Advantage Education Loan provides a quick, simple, hassle-free solution for financing college education costs. The KY Advantage Education Loan will help families save money and get the financial aid they need without sacrificing their credit score. By helping students pay for school, Ky Advantage allows them to focus on achieving their academic goals and graduate debt free. In addition, Ky Advantage gives back to the community through its philanthropic partnership with StayingPut.org. StayingPut.org works with non-profit organizations across North America to keep children safe. Get Started Now!

You can easily use the Ky Advantage Loan to pay for qualifying tuition expenses and receive federal student aid funds. In order to qualify for the loan, applicants must meet these criteria:

•Be a citizen or permanent resident of the United States

• Maintain a current bank account and mailing address

•Be enrolled full time at a participating college or university

•Must sign promissory note directly with lender

•Complete loan application via our website

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