Ky. parents can apply for state-based college loan

LOUISVILLE, Ky. (AP) - Kentucky residents whose children's financial aid doesn't meet college expenses can apply for a state-based loan.

The Kentucky Higher Education Assistance Authority says the loan has a lower interest rate than federal PLUS loans, and a parent can use it to help pay for a student attending graduate or professional school.

If the borrower begins paying the funds back while the student is in school, the interest rate is 7.25 percent with a 2 percent guarantee fee. If payment is postponed until after the student finishes school, the rate is 7.75 percent with a guarantee fee of 3 percent. There's also a 0.5 percent interest rate reduction for automatic debit payments.

To submit an application for the Kentucky Advantage Parent Loan, visit . For more information, call (888) 678-4625.

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