Exit advice prepares student borrowers for repayment

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NEWBERRY COUNTY — Students who have borrowed federal education loans and are graduating should follow exit guidance, according to KHEAA.

The federal government requires counseling so student borrowers understand their obligations and options. During their counseling session, they will learn how to ensure they make their payments on time and whether they qualify for a deferral or forbearance.

Deferrals and Forbearances allow you to temporarily stop making payments, if you qualify. Most federal student loan payments are on hold until at least August 31 due to the pandemic.

The US Department of Education assigns student loans to one of eight loan servicers, who collect payments. Repairers also help students choose the best reimbursement option. Students should stay in contact with their service agent to ensure the refund process goes smoothly.

KHEAA is a non-profit public agency established in 1966 to improve student access to university. It provides financial aid and financial literacy information at no cost to students and parents. KHEAA also helps colleges manage their student loan default rates and verify information submitted on the FAFSA. For more information on these services, visit kheaa.com.

In addition, KHEAA disburses Advantage Education Private Loans on behalf of its sister agency, KHESLC. For more information, visit advantageeducationloan.com.

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