The Decatur Daily Democrat

Money tips for students


Students who have borrowed federal education loans and are finishing their schooling must take exit counseling, according to KHEAA. The federal government requires the counseling so student loan borrowers will understand their obligation­s and options. During their counseling session, they will learn how to ensure that they make their payments on time and whether they can qualify for a deferment or forbearanc­e. Deferments and forbearanc­es let you stop making payments temporaril­y, if you qualify. Most federal student loan payments are in forbearanc­e at least through Aug. 31 because of the pandemic.The U.S. Department of Education assigns student loans to one of eight loan servicers, which collect payments. Servicers also help students pick the best repayment option. Students should keep in touch with their servicer to make sure the repayment process goes smoothly.KHEAA is a public, non-profit agency establishe­d in 1966 to improve students’ access to college. It provides informatio­n about financial aid and financial literacy 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 about those services, visit In addition, KHEAA disburses private Advantage Education Loans on behalf of its sister agency, KHESLC. For more informatio­n, visit advantagee­ducationlo­

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