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KHEAA

KHEAA. Simplifying the Process. Who We Are. KHEAA – The Kentucky Higher Education Assistance Authority is the state agency that administers Kentucky’s grants and scholarships and provides third-party services across the nation. We are also the guarantor for KY, AL and NJ.

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KHEAA

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  1. KHEAA Simplifying the Process

  2. Who We Are • KHEAA – The Kentucky Higher Education Assistance Authority is the state agency that administers Kentucky’s grants and scholarships and provides third-party services across the nation. We are also the guarantor for KY, AL and NJ. • KHESLC – The Kentucky Higher Education Student Loan Corporation is our sister agency that administers, originates, disburses, services and collects the private student loan nationally.

  3. What we Offer • Advantage Education Loans (student and parent) • Advantage Refinance Loans • KHEAA Verify • Cohort Default Management Service • Be Loan Smart

  4. Advantage Education Loans • Private loans for students and parents • Fixed interest rates, (3.5% to 6.99%) • No fees – not even late or insufficient fund fees • Death and disability benefits • Loan term is 10 years • Prior-year balance option – within 180 days of the end of the loan period and student is enrolled in subsequent term • Cosigner release after 36 consecutive on-time payments

  5. Advantage Loan (cont.) • Interest rates start at 3.50% with autopay • Autopay discount is 0.25% • Highest interest rate is 6.99% (without autopay) • Three repayment options • Immediate Repayment (principal plus interest) • Immediate Repayment (interest only) • Postponed Repayment

  6. Advantage Refinance Loan • Private consolidation loan for students who have graduated • Fixed interest rates (3.74% to 7.78%) • No fees – not even insufficient fund or late fees • Death and disability benefits • Loan terms of 10, 15 or 20 years

  7. Advantage Refinance (cont.) • Interest rates start at 3.74% with autopay • Autopay discount is 0.25% • Highest interest rate is 7.78% (for 20-year term and no autopay discount) • Minimum loan is $7,500 • Cosigner release – available after 36 consecutive months of on-time regularly scheduled payments

  8. Why Add Advantage to Your Lender List? • Can save students and parents money • Work with ELM and ScholarNet to certify and disburse loans • Advantage Loans are fixed rate, not-for-profit loans • Because we’re a not-for-profit provider, we can keep rates low and the monies made on our loans go to help students and families – not into the pockets of executives or shareholders as bonuses or dividends.

  9. KHEAA Verify • Full-service FAFSA verification • Our staff conducts every phase of the verification • We conduct C-Code resolutions at no additional charge • Includes IVES (Income Verification Express Service) • Bonus: if a family has siblings attending two (or more) schools that use KHEAA Verify, the parents only have to submit their documentation once.

  10. Cohort Default Management Service • Communicate with students at the beginning of the educational process • Promote the successful completion of their program of study • Counsel borrowers on their repayment obligations • Assist with Appeals and Challenges • Resolution rate of 72% for two-year schools, 84% for four-year schools and 75% overall

  11. Be Loan Smart • Debt Letter Service • Compliant with state requirements • Pulls in Financial Aid History file from NSLDS • Incorporates private loan and school specific data • Sends up to four emails a year for low annual fee • Sends two email attempts • Links to a financial literacy website

  12. Contact Us • For more information on any service, please call: • Meredith Geraci 502-329-7100 • Chester Priest 502-696-7266 Or email us at marketing@kheaa.com Thank you

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