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Paying for Higher Education
Part II: Series on Higher Education
What Is Available to You?
Scholarships
Grants
State Programs
Other Options
Scholarships
Scholarships
Several types of scholarships are available.
Scholarships can be found through your high school, your state and through government Web sites.
Examples:– Kentucky Educational Excellence Scholarship (KEES)
Awarded by the Kentucky Higher Education Assistance Authority (KHEAA)
KEES Scholarships
KEES is: Available to eligible Kentuckians.
Funded through the Kentucky Lottery.
An opportunity for Kentuckians to further their education upon completion of high school.
KEES Scholarships, cont.
In order to qualify for KEES, the student must:
Have a minimum GPA of 2.5. Score a minimum of 15 on ACT or 710 on SAT. Be a Kentucky resident and a United States citizen. Attend an eligible technical school or college. Have received a GED or diploma within the past 5
years. Have never been charged with a felony.
KEES Scholarships, cont.
You earn funding for EACH year of college.– Scholarship continues if you maintain a 2.5 GPA
The amount ranges from $125 to $500 per year.– Maximum award of $2000 per year of college
Bonuses are available.– Bonus amount varies based on ACT, SAT, AP
exam, and/or IB exam scores.– Bonuses add to award for each year of college.
Scholarships
Kentucky Higher Education Assistance Authority (KHEAA)
For more information on KEES, visithttp://www.kheaa.com/website/kheaa/kees?main=1
Grants and Other Funding Options
Grants
Do not cost the student anything.
Are available through federal student aid and other sources (high schools).
Each grant has different requirements.– You should never accept money without knowing and
understanding the terms of the agreement.
Examples of grants available:– Federal Pell Grant (for low-income students)– TEACH Grant
Grants, cont.
Federal Pell Grant– Provides funding to students who have not
earned a bachelors or professional degree.– Is available to low-income students.– Grants up to $5,550.
TEACH Grant– Is offered for students enrolled in teacher
certification programs.– Must be repaid if program is not completed.
Other Funding Options
Several other funding options are available: 529 Accounts Tuition Waiver Programs Employment Tuition Reimbursement
Other Funding Options
529 Accounts– Kentucky Education Savings Plan Trusts
Kentucky’s option for 529 accounts Four types of these accounts are available Accounts vary in each person’s contribution and plan A great way to invest for future continued education For more information, visit www.savingforcollege.com
and select Kentucky’s 529 plans.
Other Funding Options
Tuition Waiver Programs
Mandated programs under Kentucky law Known as KRS statutes Include Tuition Waivers for:
– Military families/veterans– Adopted/foster youth– Public service employees and their families– For a listing of the KRS statutes, visit
http://www.kctcs.edu/Students/Costs_and_Financial_Aid/Scholarship_Opportunities/KRS_State-Mandated_Scholarships_and_Waivers.aspx.
Other Funding Options
Employment
– Having any type of job (part-time, full-time, as needed) is helpful.
– Even saving as little as $500 can increase your odds of succeeding in higher education.**
– Savings reduce the need to borrow.
**Source: O’Shaugnessy, L. (2013, July, 19). Save $500 and go to college. Moneywatch. Retrieved from http://www.cbsnews.com/8301-500395_162-57594266/save-$500-and-go-to-college/
Other Funding Options
Employment
Tuition Reimbursement programs– Tuition Reimbursement programs offer to pay a
portion of your education.– Example: Hospitals
If you are interested in nursing, this might be a good option.
Most programs offer to reimburse you for tuition, but also require you to work there for a certain amount of time.
Money Savvy
Be sure you read the conditions and requirements for any source of funding you accept.
Don’t accept more aid than you need, as it could cost you in the long run.
Again, it is never too late to begin saving.
References
Kentucky Community and Technical College System. (n.d.). KCTCS Scholarships for Kentucky residents. Retrieved August 06, 2011, from http://www.kctcs.edu/en/Students/Costs_and_Financial_Aid/Scholarship_Opportunities/KRS_State-Mandated_Scholarships_and_Waivers.aspx.
Kentucky Higher Education Assistance Authority. (1997-2011). Scholarship programs for Kentucky residents. Retrieved September 01, 2011, from http://www.kheaa.com/website/kheaa/kees?main=1.
O’Shaugnessy, L. (2013, July, 19). Save $500 and go to college. Moneywatch. Retrieved from http://www.cbsnews.com/8301-500395_162-57594266/save-$500-and-go-to-college/.
Otis A. Singletary Scholarship. (2011). Retrieved August 02, 2011, from http://www.scholarships4school.com/scholarships/otis-a-singletary-scholarship.html.
Savingforcollege.com. (2011). 529 Plans: Kentucky education savings plan trust. Retrieved August 02, 2011, from http://www.savingforcollege.com/529_plan_details/index.php?page=plan_details&plan_id=20.
U.S. Department of Education. (2011, August 17). Grants. Retrieved September 01, 2011, from http://studentaid.ed.gov/PORTALSWebApp/students/english/grants.jsp.
Graphics: Microsoft 2014
Robert H. Flashman, Ph.D. Extension Specialist for Family Resource Management
Megan Hempfling, B.S. Family Sciences Student R. Renee Setari, B.A.Graduate Assistant, Family Sciences
March 2014
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