The Student Loan People was created by the Kentucky General Assembly. It is an independent corporation that focuses on making, financing, and collecting educational loans.
What they have to offer
The Student Loan People aim to make higher education more accessible to the majority through lower cost educational loan programs and similar services.
In case you already have a student loan with them but you are currently unable to pay for it, you might still be eligible for deferments. In such a case, you can suspend your payment temporarily on subsidized loans and just pay for the interest on unsubsidized loans. Deferments are accessible to many people like borrowers in their school, military or for certain other reasons. There are different types of deferment programs in which you might qualify. Here they are:
- Economic hardship
- In-school
- Education related
- Parental leave or working mother
- Military service & post active duty student
- Summer bridge
- Parent plus borrower
- Public service
- Unemployment
- Temporary total disability
Also, there are two kinds of loans that The Student Loan People offer, the Kentucky Advantage Education loan and the Kentucky Advantage Parent Loan.
The Kentucky Advantage Education Loan and the Kentucky Advantage Parent Loan are your best options if you are in need of extra money in college. Also, Kentucky Advantage Education Loan and the Kentucky Advantage Parent Loan are really great choices since they offer fixed interest rate depending on what repayment method you go for. And if you check, these rates can be one of the lowest in the country.
The Kentucky Advantage Education Loan features:
In case of death and disability while in the repayment phase, both the cosigner and yourself are free from the supposed debt. The least amount for a loan in one thousand dollars and the aggregate amount of loan is seventy five thousand dollars.
The Kentucky Advantage Education Loan qualifications:
To qualify, you must be an eligible student to a Kentucky school. You must be at least eighteen years old having a good credit background or a cosigner.
The Kentucky Advantage Parent Loan features:
In case of student’s death, you as a parent will be free from debt. Like the previous loan program, this parent loan minimum amount is one thousand dollars and its aggregate amount is seventy five thousand dollars.
The Kentucky Advantage Parent Loan qualifications:
In order to be qualified, you must be a parent or a step parent of an eligible student and a resident of Kentucky. Your child must be a resident of Kentucky or enrolled at a Kentucky school. You must be a citizen of the United States or if not, you must have a proof of residency card. You must also have a good credit background or a cosigner.
Both of these loan programs of The Student Loan People offer a ten year repayment term and if your collective loan amount go over ten thousand dollars, you can send a request to make your repayment term be extended up to a fifteen year term. This company is a reputed company and provide good offers to students striving for their goals.