Loan for EducationLoan for Education

The KentuckyThe Kentucky Education Loan (KEL) Program provides financial assistance to Kentucky students who have demonstrated need in order to attend public postsecondary educational institutions. KEL offers two types of plans: Direct PLUS Loans and Coverdell Education Savings Accounts. Eligibility requirements depend on whether you choose a Direct PLUS loanor a or a Coverdell ESA. To qualify for either type of plan, you must complete an application to determine if you meet federal income guidelines. If you do not qualify, then you may still use KEL funds to pay for college expenses at any accredited institution in Kentucky.

Loan for EducationLoan for Education

The Kentucky Education Loans Corporation (KELC) is the state agency that operates under the Department of Public Education  and was created as a result of the General Assembly’s enactment of House Bill 1 in 1988. KELC is authorized by the State Constitution to borrow money, issue bonds, receive gifts, acquire property, invest funds, expend appropriations, issue revenue bonds, levy taxes, and enter into contracts and agreements for educational purposes.

There are three primary methods of funding education loans:

Debt service:: These are issued by the Kentucky Education Finance Authority (KEFA) and funded by a portion of the interest earned on the debt service.

KELC issues theseKELC issues theseand they and they are funded by a combination of capital receipts and bond proceeds.

Revenues:: These are generatedgenerated primarily by loan fees charged to borrowers and collections of delinquent debt. However, some revenues are derived from investment earnings and investments by KEFA.

The KELC Board consists of five members who serve staggered seven-year terms: two appointed by the Governor;; one by the Senate President;; one by the Speaker of the House;; and one by the Minority Leader of the House. An additional member represents students. Members may not serve consecutive terms. A quorum requires at least four boardmembers to be members to be present.

Loan for EducationLoan for Education

Kentucky Education Loan (KEL) Program

This program provides public education assistance to low-income students who attend Kentucky’s community and technical colleges. KEL was established in 1945 as a State Loan Repayment Program where borrowers could receive no less than $100 per month to help pay their tuition at any eligible educational institution. As of 2015, there were two types of loans available:

KEL Grant:: A grant provided directly to each participating institution. Institutions may use the funds however they choose. However. However, most use the money to reduce state institutional grants charged to student families.

An interest-free loan obtained by each student borrower fromfrom his or her own private lender. Upon graduation, repayment begins with full monthly payments while employment income increases. Once the borrower reaches six years of consecutive full-timefull-time employment, payments increase to 10% of discretionary earnings plus 1% of federal adjusted gross income. After the borrower completes ten years of full-timefull-time work, payments drop back down to 10% of discretionary earned income. Borrowers should expect to make payments for 25 years. Income limits apply after 20 years of full-time employment, dependingon the on the loan amount.

The total annual cost forfor KRS is about $60 million.

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Loan for EducationLoan for Education

The KentuckyThe Kentucky Education Loan (KEL) is a program administered by the Kentucky Higher Education Assistance Authority (KHEAA) to assist students in financing higher education expenses. KHEAA administers Kentucky’s public student loan programs under contract with private lenders authorized to participate in these programs. These loans provide access to financial aid for eligible borrowers who may not qualify for federal student assistance. Eligible students include those enrolled at any four-year institution located in Kentucky and attending full time. There are two types of Kentucky education loanseducation loans: Federal Direct Stafford Loans and Federal Perkins Loans.

Federal Direct Stafford Loans—ALoans—A fixed rate loan where where the interest charged is based on the interest rates set by the government plus points.points.

(or discount). Interest begins accruing after graduation and continues to accumulate until the borrower discharges the loan. Borrowers must begin repayment of their loan upon receipt of their first paycheck.

Federal Perkins Loans:: A fixed rate student loan, like the directloan, where loan, where the interest charged starts accruing immediately after graduation and continues to increase until the loan is repaid. Unlike the direct loan, however, no payments are due while the student is still in school. Repayment of principal does continue throughout the course of study.

Loan for EducationLoan for Education

How much money do I need for college? Rank colleges based on financial aid offered. Compare student loan options andand find out which onewhich one’s best for you.

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