Borrowers who attended school before 2010 may be eligible for federal student loan relief programs, but the deadline is looming to qualify for public service loan forgiveness (PSLF), according to the Kentucky Higher Education Assistance Authority (KHEAA).
“Borrowers who received Federal Family Education Loan (FFEL) Program loans and qualify to receive PSLF should consider consolidating into a Direct Loan by April 30 to maximize their potential loan forgiveness,” said Executive Director Jo Carole Ellis.
The FFEL Program included Subsidized and Unsubsidized Federal Stafford Loans, Federal Plus Loans and Federal Consolidation Loans.
To find out if you have a FFEL Program loan, log into your StudentAid.gov. You can also determine if you are eligible for PSLF and see if your employer is already in the employer database using the “Help” tool at studentaid.gov/pslf. The April 30 deadline is only for FFEL borrowers to have their loan payments count towards loan forgiveness; they will be ineligible if they consolidate after that date.
KHEAA is the state agency that administers KEES, need-based grants and other programs to help students pay their higher education expenses. Kentucky Lottery funds pay for many of those programs. For more information about Kentucky scholarships and grants, visit kheaa.com; write KHEAA at PO Box 798, Frankfort, KY 40602; or call 800-928-8926.
In addition, KHEAA administers the KY Saves 529 program, which allows families to save for college. For more information, visit www.kysaves.com.
KHEAA also disburses Advantage Education Loans for its sister agency, the Kentucky Higher Education Student Loan Corporation. For more information, visit www.advantageeducationloan.com.
Kentucky Higher Education Assistance Authority