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Most college students are eligible 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 college costs, according to KHEAA. Others may not be eligible for state and federal aid because they attend school less than halftime.
Since interest rates on private loans depend on the borrower’s credit rating, students may have to pay higher rates than they would for federal student loans. Additionally, many lenders require students to have a co-signer, and most require the college to certify that the student needs the loan.
Students and parents should compare private loans offered by various lenders to find the best possible deal. And, they should definitely check out the Advantage Education Loan at www.advantageeducationloan.com. These loans are issued by KHESLC, a non-profit provider of private student loans, and disbursed by KHEAA.
KHEAA is a non-profit public agency established in 1966 to improve student access to university. It provides financial aid and financial literacy information at no cost to students and parents.
KHEAA also helps colleges manage their student loan default rates and verify information submitted on the FAFSA. For more information on these services, visit kheaa.com.