Student loan monthly payments can be automatically deducted from your checking or savings account.

Advantages:

• Guarantees that monthly payments are never late or lost in the mail. Also, the electronic funds withdrawal is available with all KHESLC repayment plans.
• Receive a 0.25% interest rate reduction on federal loans and/or a 0.50% for Kentucky Advantage Education loans. This means you benefit with even lower interest rates for the convenience of having funds withdrawn automatically.

Note: The interest rate reduction will be removed if a payment is returned from your bank for reasons that include, but are not limited to, non-sufficient funds, invalid account information, or a closed account.

Additional payments or large payments will advance your due date and will prevent your EFT payment from being pulled. Please advise us if you do not want to advance your due date.

If at any time your bank account or routing information needs to be changed, you must submit those changes in writing to our office at least five days prior to your EFT payment date.

To set up electronic funds transfer for your account, download the Electronic Funds Transfer request form. Complete, sign and mail your form and a voided check to:

KHESLC
P.O. Box 24328
Louisville, KY 40224-0328

You may also fax the form and a copy of a voided check to:
(502) 329-7077.

Remember: You may select to have funds withdrawn on the 1st, 5th, 10th, 15th, or 20th of the month. The 10th will be used if you do not select a date. If your payment pull date falls on a weekend or holiday, it will process on the next business day.

Don't forget to put your account number on all correspondence. Any questions? Call us toll free at 800.693.8220.

Updated: 01/25/2011