KHESLC Parent Student Loan Review
Advantage Parent Loans
Charging below-average costs and offering remarkable repayment policies, Kentucky Higher Education Student Loan Corporation (KHESLC) has one of the best parent loans. That being said, expect some shortcomings when it comes to customer service and don’t expect to have the option of a variable-rate loan.
How does this loan compare?
KHESLC provides one of the most desirable parent loans out there, especially when it comes to repayment. They offer a full deferment in-school repayment option, allowing you to start repaying the loan after the student graduates. Other lenders require payments to begin while the student is still in school. After the student graduates, you can select a graduated repayment plan or level payment plan. If you run into financial trouble, they offer a partial forbearance option, allowing you to lower your monthly payments without letting your loan balance grow out of control.
When it comes to overall costs, their rates are below average and they don’t charge any fees. However, if you’re looking to take advantage of swings in the interest rate market, note that KHESLC only offers fixed-rate loans.
The biggest drawback to KHESLC, however, is their customer service. If you have a question, ask it on a weekday during normal business hours, because they don’t have weekend or evening call centers open. If you’re curious about your rate before applying, they’ll perform a hard credit inquiry before giving it to you (something many other lenders do not do).
Kentucky Higher Education Student Loan Corporation (KHESLC) - Private Student Loan Details
- Credit Check: Hard
- Repayment Terms: 10 years, 15 years
- Minimum Borrowing Limit: $1,000
- Yearly Borrowing Limit: 100% of Cost of Attendance
- Aggregate Borrowing Limit: Not specified by lender
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: None
- Minimum Credit Score: Not specified by lender
- Minimum Annual Income: Not specified by lender
- Citizenship Restriction: Citizens or Residents
- Minimum Enrollment Restriction: Half-Time
- List of States where Loan is Not Available: None
- Approved Schools Include: All
- Immediate Principal and Interest Repayment: Yes
- Fixed Monthly Repayment: None
- Interest-Only Repayment: Yes
- Full Deferment: Yes
- Length of Grace Period: 6 months
- Maximum Deferment Period: Does not offer
- Maximum Forbearance Period: Not specified by lender
- Cosigner Release Option: Yes, after 36 months on-time payments
- Death Discharge: Yes
- Disability Discharge: Yes
- US-Based Call Center: Not specified by lender
- Hours of Operation (in addition to weekdays): No Evenings or Weekends
- Application Timeline: Not specified by lender
- Scholarship Search Tool: None
- Sponsors a Scholarship: Not specified by lender
- Job and Career Assistance: Yes
- Financial Literacy Training: Not specified by lender