Choosing Advantage Student Loan Refinance becomes crucial after securing a student loan to address diverse educational costs, including tuition fees, admission charges, campus fees, books, digital assets, housing, and travel, among other necessary expenses. It’s important to smoothly utilize the benefits of student loan refinancing for specific reasons.
Table of Contents
In this situation, it’s important to select the perfect private lender for refinancing your student loans. Advantage student loan refinance is one of the most renowned private lenders in the area.
In the field of student loans and refinancing, Advantage Student Loan Refinance has emerged as a leading choice for most students. The company offers a suite of services that aim to help students and alleviate their educational expenses and the financial burdens associated with their student debt.
For a broader view and insights into another good option, check out our information on BECU Student Loan Refinance.
What is Advantage student loan refinance?
Advantage Student Loan Refinance is a private refinance company headquartered in the USA. The company has entered the financial landscape with a clear mission i.e. to offer borrowers a practical approach and reliable aid to manage and refinancing their educational loans.
The private refinance company has successfully built its reputation in the field of education loans due to its crystal clear transparency, no hidden fees, and offering financial empowerment to the customers. With the dedication to aiding students with financial resources to achieve their financial goals and cover major educational expenses.
Advantage has steadily gained recognition in the industry due to its advertisements that claim it offers student loans with lower interest rates than other private lenders. However, the article helps you to know more about the student loan lending company.
Key Features and Advantages of Advantage Student Loan Refinance
1. Tailored Refinancing Solutions:
One of the biggest factors that make the Advantage Student Loan Refinance unique from other private lenders is its provision of personalized refinancing solutions. The company acknowledges the uniqueness of each borrower’s financial situation and considers all their aspects to adopt a tailored approach. All these will ensure that individuals can discover a refinancing plan precisely aligned with their needs and objectives.
2. Competitive Interest Rates:
A standout aspect of Advantage is its proficiency in providing competitive interest rates. The company is committed to offering rates that empower borrowers to manage their student loan debt more efficiently, resulting in significant long-term savings.
3. Streamlined Application Process:
Navigating the student loan refinancing process can be daunting, but Advantage has streamlined its application process for simplicity and efficiency. The user-friendly interface and straightforward procedures make it more accessible for borrowers to comprehend and manage their refinancing journey.
4. Flexible Repayment Options:
Recognizing the need for flexibility, Advantage provides a spectrum of repayment options. Whether a borrower prefers a fixed-rate plan for stability or a variable-rate plan for potential cost savings, the company’s dedication to flexibility empowers borrowers to choose the repayment structure that best suits their financial objectives.
5. Exceptional Customer Support:
Beyond financial aspects, Advantage Student Loan Refinance places a strong emphasis on customer support. The 24×7 customer support and responsive services are offered by the polite employees. The assistance offered to the students will play a vital role in assisting, resolving the major queries, and making sure that customers are experiencing well throughout the whole procedure.
Disadvantages of Advantage Student Loan Refinance
Some disadvantages of the private lender advantage student loan refinance are mentioned below, let’s have a look:
1. Unavailable in all states:
The private lending company is not available in all the states in the USA and has a notable restriction for the students who belong to the states not covered by Advantage Education Loan refinance. To check whether refinancing is offered in your state or not, you can refer to the Advantage Education Loan eligibility form.
Being a recently established private lender, there could be some uncertainty regarding the customer service and other details of the company. The borrowers might experience unknown hidden costs and fees.
Eligibility Requirements of Advantage Student Loan Refinance
There are several needs and requirements that are required to be satisfied by the students to get an educational loan from Advantage company. Below are the outlined eligibility criteria, take a look:
- Citizenship: The applicants or students who are applying for the loan program must be U.S. citizens or permanent residents holding both private and federal loans in good standing.
- Clear status: The applicants of the student loans do not have any repossessions, foreclosures, or garnishments in their history, and make sure bankruptcy hasn’t been on their radar for the past seven years.
- Eligible states: One of the most important eligibility requirements for the student loan is the residential status of the states in Advantage Education Loan’s network. The following states are not included: Alaska, Delaware, Idaho, Illinois, Iowa, Maine, Maryland, Michigan, Minnesota, Montana, Nebraska, New Jersey, North Dakota, Oregon, Rhode Island, South Dakota, Vermont, Washington, and Washington D.C.
While filling out the online application form once you have met all the eligibility requirements the application status displays the green light which means you are ready to take the educational loan from the student loan refinancing program.
Application Process for the Student Loan
While applying, the students need to follow some guidelines. The whole procedure of refinancing and borrowing your student loan through Advantage Education Loan is straightforward. These simple steps can be accomplished in the meantime.
First of all the students need to Initiate the process by evaluating their eligibility requirements with the help of a brief three-question survey. Upon confirmation of eligibility based on your basic information, proceed to the subsequent phase.
There are some things to keep in mind while filling out the application, these include ensuring readiness to disclose vital details, including your permanent address, Social Security number, employer’s name, and gross income, accompanied by pertinent documentation like a pay stub and many more.
Once you have completed all the steps according to the guidance. Submit all the provided information and smoothly conclude the application process. Your application is submitted for the education loan that will cover all your mandatory educational expenses.
For students who are looking for a loan for undergraduate courses Loan amounts of a minimum of $1,000 and a maximum of $250,000 is available. On the other hand for the graduation courses, a loan of a minimum of $1,000 and a maximum of $350,000 is available.
There are several repayment options offered to the students who borrow the loan from Advance private lending company. These are:
- If you’re a student wanting to delay your loan payments, you usually can’t do that once you’ve started repaying. But there’s a special case: if you’re in the military, you might be able to defer your payments even if you’re already paying them.
- Also, for the hardships the eligibility for forbearance can be extended for up to 24 consecutive months. The time is enough to recover from any hardships.
- In case of natural disasters that cause financial loss to the students who borrow loans, there is access to natural disaster forbearance which can be claimed when needed. However, the students need to display their financial loss to the company.
- For Graduated repayment, the reduced payments are offered for the time of around two years, but the same will be increased by 10% after every two years.
- In case of any emergency and problems, the borrowers can access the temporary lower payments permit which allows the interest-only payments for six months. The same can be renewed for up to 12 months.
- The Co-signer release becomes achievable after the completion of 12 months.
- In the event of a natural death, borrowers also have the option of death or disability resulting from an accident.
- Loan discharge is not applicable in the event the cosigner passes away or becomes disabled, in this case, the student needs to pay back the loan once becomes eligible to pay the same.
Interest Rates and Terms
Students who want to pursue their higher education and looking for student loans can discover their eligibility and determine their rate with a gentle credit check. The facility is offered by the Advantage student loan refinance.
The student has the option to choose from 10, 15, or 20-year loan terms as per their convenience. The lower the term of repayment, the minimum will be the interest rate. On the other hand, if the loan is borrowed for a term of 20 years then the rate of interest will be more. Overall, the student needs to pay a lot more.
When it comes to the amount of financial funds that a student can receive under the Advantage student loan program, the amount ranges from a minimum of $7,500 to a maximum based on your creditworthiness and debt-to-income ratio.
One of the best parts of the Advantage is that it is easy to transfer a parent loan to your child and appreciate the absence of application, origination, or prepayment fees. Also, there is no need to worry about late fees, there is no such provision for late fees. However, we recommend you compare
Advantage Refinance Loan’s interest rates with other lenders as well before applying. As your rate depends on your credit history. Apply on their website to find out your personalized rate.
1. Is Advantage Education Loan a non-profit lender?
Non-profit organizations are those entities that used to work for the welfare of society without generating any profit. The Advantage Education Loans are facilitated through the Kentucky Higher Education Assistance Authority (KHEAA), a non-profit state government entity.
The private lender only charges the interest to bear the expenses that are spent on their employees and pay back the amount with interest to the sponsors. The student loan program is not driven by personal profit.
2. Is the Advantage Refinance Loan qualified for federal benefits?
The answer is no because the Advantage Education Loans are administered by a state-based agency named the Kentucky Higher Education Assistance Authority (KHEAA).
To be eligible for federal benefits the lenders need to meet the eligibility requirements as set up by the federal protections or repayment plans. The Advantage refinance loan does not follow these eligibilities which is why is not qualified for the federal benefits.
2. Are the college loans offered by Advantage lenders?
The educational loan lending company offers a reliable and sustainable source of educational funding and financial assistance to the needy ones. which includes both student loans and parent student loans that will best all the major educational expenses faced by the students like the tuition fees, and all other college expenses.
The funds borrowed can be used to pay off all the mandatory educational expenses. These costs encompass items such as books, food, travel, housing, internet, smart devices like laptops or tablets, uniforms, and various other necessities.
4. Does Advantage Education Loan provide any bonuses or incentives?
Yes, there are a lot of benefits and discount offers that are given to students who want to refinance their education loans. There is an attractive incentive under which the refinance borrowers may be eligible for a bonus in the form of a gift card, with amounts potentially reaching up to $1,000.
This bonus is accessible by applying through Credible using the provided link. To know more about the bonus you need to apply as other incentives vary on your credit score and other qualifications.
Advantage Student Loan Refinance is one of the most reputable and customer-friendly options for students. In the competitive student loan refinancing landscape, the company offers reliable services. Its commitment to personalized solutions, competitive interest rates, streamlined processes, flexibility, and exceptional customer support has garnered positive attention from borrowers seeking financial empowerment.
Managing student loans can be a complex endeavor, but Advantage Student Loan Refinance strives to simplify and enhance the experience. Like any financial decision, it is advisable for potential borrowers to carefully evaluate their unique requirements and conduct thorough research before selecting a refinancing service.
Advantage Student Loan Refinance, known for its strengths and customer-focused approach, stands out as a notable option for individuals seeking to regain control over their student loan obligations and pursue increased financial success.