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Who is Over the Loan Forgiveness Program at KHESLC?

Dena Standley | October 27, 2023

Edited by Hannah Locklear

Summary: KHESLC manages student loan forgiveness programs in Kentucky. Borrowers struggling to repay their loans can benefit significantly from loan forgiveness, making it a valuable resource. The KHESLC Board of Directors and an Executive Leadership team oversees the loan forgiveness program.

Kentucky Higher Education Student Loan Corporation (KHESLC) manages student loans for Kentucky residents, including loan forgiveness programs. A board of directors oversees KHESLC's loan forgiveness program and its overall operations and programs. A borrower's eligibility for loan forgiveness may vary based on the type of loan and their circumstances.

As higher education costs rise, student loan debt in the United States rises.

Consequently, loan forgiveness programs have become an increasingly popular option for people struggling to repay their loans. One organization that offers such a program is the Kentucky Higher Education Student Loan Corporation (KHESLC).

If you are a Kentucky student loan borrower, you may be familiar with Kentucky Higher Education Student Loan Corporation (KHESLC). The KHESLC is a non-profit organization that manages and services student loans for Kentucky residents. Working with KHESLC offers many benefits, including loan forgiveness. However, you may wonder who oversees and manages this program.

In this article, we explore who oversees KHESLC's loan forgiveness program and how consumers can benefit from it. Moreover, we’ll provide valuable insight into KHESLC's loan forgiveness program and how you can settle a student loan debt with the help of SoloSettle.

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Who is responsible for KHESLC's loan forgiveness program?

Among KHESLC's leadership teams are a Board of Directors and an Executive Leadership team that oversees the loan forgiveness program. KHESLC's Board of Directors sets the overall strategy and direction of the organization, while its executive leadership handles its day-to-day operations and programs.

The Kentucky Higher Education Student Loan Corporation is an independent de jure municipal corporation and political subdivision of the Commonwealth of Kentucky, according to Kentucky Revised Statutes 164A.050(1), which is authorized to make, purchase, and sell service-insured student loans, according to Kentucky Revised Statutes 1640A-80(1)-(4), (18).

A fifteen-member board governs KHESLC and is established by Kentucky statute. These include:

  • Ten members appointed by the governor
  • State treasurer
  • Postsecondary Education Council president
  • Finance and Administration Cabinet Secretary
  • Education commissioner of the state
  • An independent Kentucky college and university president– Kentucky Revised Statutes 164A.050(1), (3).

KHESLC loan forgiveness program eligibility

Loan forgiveness programs offered by KHESLC are designed to assist borrowers experiencing financial hardship. This program is available to Kentucky student loan borrowers who have made at least 48 on-time monthly payments and meet other criteria. As part of the program, up to $17,500 of your remaining loan balance is forgiven.

Through KHESLC, loan forgiveness is available for the following types of loans:

  • Federal Family Education Loans (FFEL)
  • Federal Perkins Loans
  • Kentucky Higher Education Student Loans (KHESLC)

Kentucky Higher Education Student Loan Corporation (KHESLC) gives several loan forgiveness programs for qualified borrowers. You may qualify for a particular forgiveness program depending on your circumstances and the loan type.

Examples of loans that may be eligible for forgiveness through KHESLC include the following:

  1. Teacher Loan Forgiveness: Teachers who work in low-income schools or educational service agencies are eligible for forgiveness of Federal Family Education Loan Program (FFELP) and Direct Loan Program loans.
  2. Total and Permanent Disability Discharge: Borrowers who are totally and permanently disabled and unable to work may qualify for forgiveness under this program.
  3. Public Service Loan Forgiveness: The Direct Loan Program is designed to forgive eligible loans if the borrower works full-time in a qualifying public service job and makes 120 qualifying payments.
  4. Closed School Discharge: Borrowers are eligible for forgiveness if their school closes while enrolled or within 120 days of withdrawal.

Forgiveness programs qualification criteria

A loan forgiveness application and any required documentation, such as proof of employment or disability, must be submitted to KHESLC for consideration. Here are the qualifications:

  • Be a US citizen or a non-citizen who meets the eligibility requirements.
  • The loan must be eligible for forgiveness under the particular program.
  • You must have made a certain number of loan payments.
  • Your loan payments must be current, and you must not be in default.

It's important to review the information carefully and contact KHESLC directly with any questions regarding specific details and eligibility requirements for each program. Applicants should carefully review the program's eligibility requirements before applying since not all loans qualify for forgiveness.

Respond to a student debt lawsuit

Paying off student debt can be challenging, and if enough time passes without payments, you might get sued over it.

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