State nonprofit agency cuts interest rates on private student loans

NC GAZETTE / RADIO WBRT
Education News

Thursday, December 9, 2021 – Kentucky students and families who need extra help with their college expenses can now save even more with the state’s only private non-profit student loans.

The Kentucky Higher Education Student Loan Corporation (KHESLC) has lowered the interest rates on its Advantage Education Loans.

As a public not-for-profit organization, KHESLC keeps its fees as low as possible to help students and their families pay for their college education. To help borrowers who are repaying their loans, the company has also reduced the months eligible for the co-signer discharge benefit from 36 to 12 months.

Interest rates on student and parent loans now range from 3.09% to 6.48%. These rates drop to 2.84% and 6.23% if borrowers use automatic payment.

People who co-sign loans for borrowers can now be released from their obligations if the borrower makes 12 consecutive months of on-time payments.

People who repay multiple student loans will also see lower interest rates on KHESLC refinance loans. The rates of these loans now range from 3.19% to 6.49%. Again, borrowers who use automatic payment will see their interest rates drop by 0.25%.

The Kentucky General Assembly established KHESLC in 1978 as an independent public body responsible for providing low-cost student loans to students and parents. It is a sister agency of the Kentucky Higher Education Assistance Authority, the state agency that administers the Kentucky Excellence in Education Scholarship (KEES) and other student aid programs in the State.

To learn more about Advantage Education Loans, visit AdvantageEducationLoan.com.

-30-

User-friendly printing, PDF and email

About Judith J. George

Check Also

How to refinance your student loans through a credit union

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is …