FAQs

  • Do my loans with KHESLC qualify for Public Service Loan Forgiveness?
  • No. Only Direct Loans qualify for Public Service Loan Forgiveness. Your loans with KHESLC are either Federal Family Education Loans or private loans. You can find additional information on the Loan Forgiveness and Discharge page.

  • Does KHESLC make courtesy credit bureau adjustments?
  • No, KHESLC does not remove any delinquency that was accurately reported to the major credit bureaus. If you feel an error has been made, you may file a dispute with the credit bureau or complete and return the credit dispute form.

  • Does KHESLC make student loans?
  • Yes. You can learn more by visiting AdvantageEducationLoan.com.

  • Does KHESLC consolidate student loans?
  • KHESLC offers the Advantage Refinance Loan. The Advantage Refinance Loan is a great way to roll all your student loans into one convenient loan, save on interest charges and get out of debt faster. The Advantage Refinance Loan offers FIXED interest rates based on your credit history, repayment terms and other factors. Your interest rate may be reduced further if you sign up for our Electronic Funds Transfer (EFT) program. You can learn more about the Advantage Refinance Loan by visiting AdvantageEducationLoan.com.

  • When does my loan default?
  • Federal loans default at 270 days past due and Advantage Education loans default at 180 days past due.

  • What are the consequences of default?
  • Federal Loans

    Full balance becomes due immediately, collection fee of up to 24.34% may be added, default is reported to consumer reporting agencies, forbearance and deferment eligibility is lost, federal and state income tax refunds and lottery winnings may be offset, state-issued professional licenses may be revoked, wages may be garnished, and future federal student aid may be denied.

    Advantage Education Loans, Advantage Parent Loans and Advantage Refinance Loans

    Full balance becomes due immediately, a collection fee may be added, default is reported to consumer reporting agencies, forbearance eligibility is lost, state income tax refunds and lottery winnings may be offset, state‐issued professional licenses may be revoked, wages may be garnished, and requests for future Advantage Education Loans will be denied.

  • How can I update the name on my account?
  • We are required to obtain legal documentation in order to process a name change. In order to change your last name, you must provide one of the following items listed below.

    • Marriage certificate
    • Court order
    • Certification of Naturalization
    • Current driver's license
    • State-issued identification card
    • Divorce decree
    • Social Security card

    In order to change your first name, you must provide one of the following:

    • Marriage certificate
    • Court order
    • Certification of Naturalization
  • What are the different levels in IBR?
  • There are three payment levels in IBR:

    • Partial Financial Hardship(PFH) - reduced payment amount for which you must qualify annually based on income and family size.
    • Permanent-Standard - standard payment amount after you no longer qualify for the reduced payment amount.
    • Expedited-Standard - payment amount based on the outstanding principal and remaining loan term if you decide to exit IBR.
  • What income information is needed for IBR?
    • If you are a borrower, who filed as single (or are being treated as single), your most recent tax information.
    • If you are a borrower, who filed taxes jointly with your spouse or have a spousal consolidation, both you and your spouse's most recent tax information.

    All borrowers:

    • If you are unable to access your tax information, you can have it sent to us using Docusign/Equifax (a third party service). Docusign will send you an email that you must respond to in order for your tax information to be sent to us.
    • If your income has significantly changed since you filed your last federal tax return you can provide alternative documentation of income (two recent consecutive pay stubs).
    • You must provide at least one piece of documentation for each source of taxable income.
    • Your documentation should include how often you receive the income, for example every other week or once a month.
    • Supporting documentation must be recent (within 90 days of the date you sign the IBR application).
    • Copies of documentation are acceptable.
    • If documentation is not available or you want to explain your income, attach a signed statement explaining each source of income and giving the name and address of each source of income.
    • Taxable income includes income from employment, dividend income, interest income, tips, and alimony.
    • Documentation of untaxed income is not needed . This includes Supplemental Security Income, child support, or federal or state public assistance.
  • How do I provide you with my spouse's student loan information when applying for IBR?
  • Spouse Student Loan Information:

    If your spouse has federal loans outside of KHESLC, we must have their loan information before we can process your IBR application.

    Have your spouse complete and return the Income Based Repayment Spousal worksheet.