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Repayment Options | Deferment | Forbearance | Loan Forgiveness |
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Payment Solutions

Repayment Options

Repayment Plans

KHESLC makes it easier to repay your student loan with a variety of options, including standard, income-based, income-sensitive and extended repayment plans. Your oldest loans are paid first. You receive annual statements of interest paid, which may help you claim an income tax credit.

Each repayment plan has its own advantages, so you should carefully consider the benefits of each. There is no prepayment penalty for any of these repayment options. For more information, click on the plan.

Federal Loan Repayment Plans
  • Standard Repayment: Equal monthly payments over 10 years.
  • Income-Based Repayment: Takes into consideration your income, family size, and federal education loan debt.
  • Income-Sensitive: Based on your gross income and covering at least monthly interest.
  • PLUS In-School Payment Postponement/Forbearance: Lets you postpone payments while you or your student is in school.
  • Extended Repayment: A possible option if you owe more than $30,000 in student loans.
  • Graduated Repayment

Repaying Your Federal Loans

Advantage Education Loan Repayment Plans (private loans only)

The Advantage Education Loan program has three repayment plans. The repayment plan is selected when applying for the loan.

  • Full principal and interest payments upon final disbursement
  • Interest–only payments for up to 72 months while in school
  • Postpone payments for up to 72 months while in school

Once a loan is disbursed, the repayment plan selected during the application process cannot be changed.

Repaying Your Advantage Education Loan
Repaying Your Advantage Parent Loan

Make a Payment

You have your choice of five payment methods. Click on the type for more information.

  • Electronic Funds Transfer (EFT ): Payments are automatically deducted from your account. You may get an interest rate reduction with EFT.
  • KHEPAY: Online payment system. This is not the same as EFT.
  • Pay by phone: Lets you make payments by phone using an automated voice system.
  • U.S. mail: Receive your statements and make your payments by mail.
  • ChargeSmart – Debit Card payment (additional fee): Don't have your check book? Make a payment with your debit card. You may make a one–time payment or schedule recurring payments.
How Payments Are Applied

Payments are applied in the following order, unless in an Income-Based Repayment Plan:

  • Outstanding fees
  • Outstanding accrued interest
  • Principal

Payments cannot be applied to principal unless all fees and accrued interest are paid.

Special Allocations — For any payment type, if you would like to allocate a payment to a specific group or loan please complete and return the following form: Special Payment Allocation Worksheet. This form may be faxed to 502-329-7077 or mailed along with your payment to the appropriate address listed on the worksheet. Payments will be applied normally and then adjusted per special instructions in approximately three business days.

Please note: Additional or large payments may advance your due date unless otherwise instructed. Subsidized and unsubsidized consolidation loans made on the same date will be adjusted to have the same due date.

Payment reallocations must be requested within 60 days of the payment posting date.

Updated: 9/24/2013

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