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Paying for College

Advantage Education Loans

If your savings, financial aid and family resources aren't enough to pay for your education, you might want to consider a private educational loan.

KHEAA's sister agency, the Kentucky Higher Education Student Loan Corporation (KHESLC), offers the only state-based loans for students and parents: the Advantage Education Loan (students) and Advantage Parent Loan (parents of students).

Unlike the Federal PLUS Loan, which is available only to parents of undergraduate students, the Advantage Parent Loan can be used by parents to help graduate and professional students. It also carries a lower interest rate than the PLUS Loan.

Federal loans require students to attend college at least half time. For a school on a semester basis, half-time status usually equals 6 hours for an undergraduate student and 4.5 hours for a graduate student. If you're not taking enough hours to qualify for federal loans, a private loan may be your only option.

As a general rule, you should take out federal student loans before turning to private educational loans. However, you may find some instances where a private loan is your best choice.