1. education
2. graduate school
3. college

THE
COLLEGE CIRCUIT
AN Owner’s Manual to Higher Education and financial Aid
Got a favorite class?
Turn it into a career!
pg. 6
HOW TO REV
UP YOUR REVENUE!
pg. 28
Check
out your
KEES award
and more at
KHEAA.com
pg. 40
PLUS...
10
tips for
getting
college aid
pg. 26
Navigation System
cars come with manuals.
why not your future?
Your car is kind of like your future. If you don’t handle it right, you’ll get left behind and end up
wasting money. Of course, with a car you can always get a new one. Not so your future.
That’s why this Owner’s Manual was put together by the Kentucky Higher Education Assistance
Authority (KHEAA), an agency that makes college more accessible to Kentuckians like you.
It will help you figure out:
• Your options for going to college
• The rules of the road for getting in
• How to maneuver your future and steer your finances in the right direction
So take the time to read through this Owner’s Manual before setting off. You’ll get where you
want to go. And you just might save some money.
Remember, always wear your seat belt. And enjoy the ride.
Morty Says...
Meet Morty the Mortarboard! He’ll be popping
up throughout the book with helpful hints.
2
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Navigation System
Standard features
and capabilities
4. . . . . . . . . . . . . . . . . . . . . .What’s your destination?
5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Why college?
6. . . . . . . . . . . . . . . . . . . . . . . . . . . .Classes to careers
7. . . . . . . . . . . . . . . . . . .The road to college checklist
10. . . . . . . . . . . . . . . 10 things you should think about
11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Moving forward
12. . . . . . . . . . . . . . . . Technical data — your glossary
16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . The search is on
17. . . . . . . . . . . . . . . . . . . . . . . . Postsecondary puzzler
❶
All current models come pre-installed
with the following parts. Care and
maintenance are required to
guarantee performance
through four years of
college.
❶
rain: Useful
B
for getting into
college and
finding a way
to pay for it
Student Aid Toolbox
➋
ooks:
B
Frequent use
of these can
make earning
scholarships
easier
➌
eet: Prevent overuse
F
with smart planning and
online research
➍
➋
18. . . . . . . . . . . . . . . . . . . . . . . . . . . Federal aid options
19. . . . . . . . . . . . . . . . . . . . . Federal aid program chart
20. . . . . . . . . . . . . . . . . . . . . . . . . .Loaded with options
22. . . . . . . . . . . . . . . . . . . . . Anybody seen my KEES?
24 . . . . . . . . . . . . . . Financial aid application process
25. . . . . . . . . . . . . . . .The nuts and bolts of borrowing
26. . . . . . . . . . . The top 10 tips for getting college aid
27. . . . . . . . . . . . . . . . . . . . . . . . Financial aid mistakes
Financial Tune-Up
Bag: Holds textbooks,
➍
college aid guides and
the phone number,
e-mail and IM addresses
of the cute girl you met
while scouting out
colleges
➌
➌
28. . . . . . . . . . . . . . . . . . . . . . . . . . Rev up your revenue
31. . . . . . . . . . . . . . . . . . . . . . . .Put the brakes on debt
33. . . . . . . . . . . . . . . . . . . . . . . Predatory lending traps
34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .College money
36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . You’re the driver
37. . . . . . . . . . . . . . . . . Add up your monthly expenses
38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Watch it!
39. . . . . . . . . . . . . . . . . . . . . . . . . . . . Social Networking
Online Garage
40. . . . . . . . . . . . . Get in the fast lane with kheaa.com
42. . . . . .Where to find more financial aid information
The contents of this book were developed under a grant from the U.S. Department of Education. However, those contents do not
necessarily represent the policy of the Department of Education, and you should not assume endorsement by the federal government.
3
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what’s your destination?
Your career has a lot to do with how much money you’ll make.
Money isn’t everything. You should do what you love. But you need money to pay the bills. Here’s how much money
certain careers pay on average in Kentucky.
If you want one of these jobs, you definitely need specialized training, a college degree, or maybe even an
advanced degree. (Don’t expect to make this much right out of college… you need experience, too.)
Occupations by Salary in Kentucky
Pediatricians
$194,806
Orthodontists
$191,738
Pharmacists
$106,727
Veterinarians
$95,869
Lawyers
$98,501
Computer and Information Systems Managers
$95,380
Financial Managers
$82,807
Mining and Geological Engineers
$74,431
Registered Nurses
$58,630
Teachers
$44,680
Electrical and Electronics Installers and Repairers
$43,898
Camera Operators: Television, Video and Motion Pictures $43,368
Forensic Science Technicians
$42,168
Farm, Ranch and Other Agricultural Managers $40,704
Producers and Directors: Stage, Television, Radio,
Video or Motion Pictures Productions
$39,729
Graphic Designer/Video Game Designer
$36,310
Bus and Truck Mechanics, Diesel Engine Specialists
$37,174
Welders, Cutters, Solderers and Brazers $32,455
Hairdressers, Hairstylists and Cosmetologists $21,914
Source: Commonwealth of Kentucky Cabinet for Workforce Development, Office of
Employment and Training, http://www.workforcekentucky.ky.gov, 2010.
Dreaming of becoming
a star athlete?
With the right amount of talent, effort
and luck, you just might make it. The
odds are long though — only one in
every 5,000 high school athletes become
a pro in a major sport.* So a back-up plan
is a good idea. There are many sportsrelated careers to choose from, including
coaches, scouts, umpires, referees and
other sports officials; sports writers, journalists,
announcers and broadcasters; physical therapists
and sports medicine specialists; and more.
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kheaa.com
Is minimum wage enough for you?
At $7.50 an hour, you can expect to earn
about $16,800 a year IF you have a full-time
job. Many minimum wage jobs are only part
time. Here are some examples of minimum
wage jobs.
•
•
•
•
•
•
Food Service Worker
Retail Cashier
Housekeeper/Janitor
Child Care Worker
Farm Worker
Baggage Porter/Bellhop
*Source: Bureau of Labor Statistics, Occupational Outlook Handbook, 2010-11 Edition
In Kentucky, someone with a bachelor’s degree will make an average of $16,810 more each year than someone with
$100,000
just
a high school diploma. Over a 40-year
working lifetime, that’s an extra $672,400!
April 2009
Unemployment rate
$80,000
16.2%
How a college degree
can stack up in cash
Median Earnings and Unemployment Rate
by Educational Level in Kentucky
$60,000
Source: 2009 American Community Survey,
U.S Census Bureau
10.5%
8.2%
$40,000
5.9%
$20,000
3.8%
2.7%
1.7%
1.9%
High School, High School Some Associate’s Bachelor's Master's Doctoral Professional
No Diploma Graduate College Degree
Degree Degree Degree
Degree
$16,127
$24,002 $27,759 $29,649 $40,812 $51,546 $71,782 $89,301
This graph gives
the 2009 median
earnings of people
in Kentucky
over
age
Median
Kentucky
earnings
by25,
educational
level
for
both sexes, who
workers 25 or older
worked full-time;
year-round at
employed
unemployment
forbased
workers
a full-time job,
25on
or their
older.level
Source:
of 2009
American Community
education,
compared
Survey,
U.S. Census
Bureau.
to the unemployment
rate for each level of
eduction. A median
is a middle value, so
the number of people
earning less than
the median is equal
to the number of
people earning more
than the median.
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why college?Kentucky
The Fast Track
Wondering what jobs will be most abundant in the future? The U.S. Bureau of Labor Statistics says these are the
fastest growing 25 occupations in the U.S. To learn about other careers, visit workforcekentucky.ky.gov.
Job Title*
Annual
Salary**
1
Biomedical engineers
$84,780
2
Network systems and data
communications analysts
$72,200
3
Home health aides
4
5
Job Title*
Annual
Salary**
15
Computer software engineers,
applications
$90,410
16
Medical assistants
$29,760
$21,760
17
Physical therapist assistants
$49,810
Personal and home care aides
$20,420
18
Veterinarians
$92,570
Financial examiners
$82,320
19
Self-enrichment education teachers
$41,210
6
Medical scientists, except epidemiologists $86,710
20
Physician assistants
$87,140
8
Skin care specialists
$32,030
Compliance officers, except agriculture,
construction, health and safety, and
transportation
$62,140
7
9
Biochemists and biophysicists
$86,580
21
Occupational therapist aides
$31,090
10
Athletic trainers
$44,030
22
Environmental engineers
$83,160
11
Physical therapist aides
$25,000
23
Pharmacy technicians
$29,330
12
Dental hygienists
$68,680
24
$97,960
13
Veterinary technologists & technicians
$31,030
Computer software engineers, systems
software
14
Dental assistants
$34,140
25
Survey researchers
$43,450
*Source: Employment Projections Program, U.S. Department of Labor, U.S. Bureau of Labor Statistics
kheaa.com
**Average national annual salary in 2010. Source: Occupational Employment and Wages, May 2010, U.S. Department of Labor, U.S. Bureau of Labor Statistics
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classes to careers
With so many choices, deciding on a career can seem
daunting. Start with thinking about your talents and
interests. Talk with people whose careers or jobs interest
you. Ask your parents, school counselor or librarian
for help in your career quest, and check out tools for
exploring careers in the Planning for College section of
kheaa.com.
You could turn your favorite classes into a career!
Precollege Curriculum Checklist
Source: Kentucky Department of Education
You need to take these classes if you plan to
attend a four-year Kentucky public university.
Subject
Credits Required
Language Arts
4 credits: English I, II, III, IV or AP
English
Mathematics*
3 credits: Algebra I, Algebra II,
geometry
Science
3 credits: to include life science,
physical science, and earth/space
science (at least one lab course)
Social Studies
3 credits: U.S. history, economics,
government, world geography,
and world civilization
English/language arts
Teaching, writing, law, journalism or public relations.
Mathematics
Accounting, statistics, financial planning, computers,
aeronautics, teaching or insurance.
Science and health
Medicine, pharmacology, veterinary science,
meteorology, occupational therapy, environmental
science, chemistry, medical research or forensic science.
Social studies
Psychology, city planning, criminal justice, anthropology,
human resources, government or social work.
Health
1/2 credit
Physical Education
1/2 credit
History and
Appreciation of
Visual and
Performing Arts
Foreign Language
Electives
1 credit: History and appreciation
of visual and performing arts
or another arts course that
incorporates such content, or
students may earn the credit for
specialization in an art form
2 credits or demonstrated
competency
7 credits (5 rigorous)**
Technical education
Construction, mechanics, manufacturing or
transportation technology.
Family and Consumer Science
Nutrition, culinary arts, interior design, fashion
merchandising, human resources, child care, event
planning and public policy.
Computer science
Astronomy, advertising, business, engineering or
software design.
Drama, music and art
Animation, theater, cinematography, interior design,
graphic arts, advertising, website design or broadcasting.
Foreign languages
Government, translating, travel agency or foreign
service.
6
* Students must take math all four years of high school. The fourth math class can be counted as an elective.
** Rigorous electives should have academic content at least as challenging as the courses required in the minimum diploma requirements. Electives should be in social studies,
science, math, language arts, arts and humanities, foreign language, and above the introductory level in agriculture, industrial technology, business, marketing, family and
consumer sciences, health sciences, and technology education and career pathways. Electives in physical education and health are limited to one-half unit each.
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the road to college checklist
Eighth Grade
o
Talk with your guidance counselor about:
• Going to college.
• Courses to start taking in the ninth grade.
• College prep, AP, IB and dual credit courses.
• Academic enrichment programs, including
summers and weekends.
o
Start planning now, and earn good grades. You’ll have
more options if you do.
o
Prepare for the EXPLORE test. The state requires all
eighth-graders in public schools to take this test.
o
Think about sports, performing arts, volunteer work or
other activities that interest you.
Individual Learning Plans (ILP)
The Individual Learning Plan (ILP) is an online tool
for students featuring:
• Career Exploration
• Education Plan Development
• Personal Goal Setting
• Résumé Creation
• Community Service, Work Experience and
Extracurricular Activity Tracking
• College Exploration
The Kentucky Department of Education (KDE)
administers an online ILP that public school
students in grades 6-12 are required to use.
KHEAA Outreach Counselors are trained and
available to help students utilize this tool. If you’re
a public school student, check with your school
counselor for more information.
The KHEAA ILP, accessible through kheaa.com,
helps private school students, home school
students and adult learners perform education and
career exploration activities to create a successful
plan for the future. Log into or create a Zip Access
account to get your KHEAA ILP started today!
Freshman
o
Take electives that involve your interests.
oSign up for honors courses. College admissions
counselors look not only at your GPA but also at the
classes you took to earn those grades.
oGo to kheaa.com and register for a free, personalized
account.
• View and verify your KEES award amounts.
• Check on the status of applications for state student
aid.
• Retrieve saved information about schools you’ve
selected.
oStart a file for report cards, lists of awards and
honors, and lists of school and community activities,
including both paid and volunteer work, and
descriptions of what you do.
Sophomore
oThink about what career you may like to have when
you get out of school. It will help when deciding on a
college if you know what majors interest you.
oExplore careers at kheaa.com.
oPrepare for the ACT PLAN test, which the state
requires sophomores in public high schools to take.
oTake the PSAT in October. It’s good practice for when
you take the PSAT as a junior.
oConsider taking AP, IB and dual credit courses.
oRegister in April for any SAT Subject Tests you want
to take in June.
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the road to college checklist
Junior
Fall Semester
oTalk with your school counselor about your options
and plans. Ask about test dates for the PSAT, ACT
and SAT. You’ll need to register up to six weeks ahead
of time.
oStart investigating sources of financial aid.
oReview and search colleges on kheaa.com. Go to
college fairs and open houses and check out schools’
websites.
o Begin planning college visits.
o Take the PSAT. You’ll get the results by Christmas.
o Consider signing up for ACT or SAT prep courses. The
state requires all juniors in public high schools to take
the ACT.
o Decide if you should take AP exams in May.
o Investigate the CLEP program.
Spring Semester
o Meet with your school counselor to set your senior
schedule.
o Ask about AP, IB and dual credit courses.
o Think about lining up a summer job, internship or coop.
o
Get ready for and take AP exams.
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kheaa.com
What could keep you off
the road...
Hey! No pass, no drive!
In Kentucky, you can’t get your learner’s
permit or driver’s license if you don’t pass four
courses each semester, if you have more than 9
unexcused absences, or if you drop out.
If you already have your permit or license and
you can’t meet the above rules, the Kentucky
Transportation Cabinet will take your permit or
license away.
Spring Semester
Fall Semester
o
Fill out the Free
Application
for Federal
Student Aid
(FAFSA) at
fafsa.gov.
oNarrow your list of schools; request catalogues and
admissions information.
o
Find out upcoming test dates for the SAT and/or ACT
and register in advance if you need to retake the test.
Higher scores can mean more cash for college!
o
Review admissions applications; begin writing essays.
o
Ask about dual credit classes in the spring.
o
Meet with admissions representatives or schedule
visits to schools that interest you.
o
Attend college fairs and financial aid nights.
o
Request recommendations from teachers, employers
and counselors.
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Senior
o
Review college
acceptances and compare
financial aid offers.
o
Decide about a school and
send in the deposit. Many
schools have a May 1 deadline.
o
Request course descriptions and schedules.
o
Begin preparing college applications.
o
Review the Student Aid Report for accuracy based on
your FAFSA.
o
Watch scholarship deadlines.
o
Research AP or CLEP exams.
o
Finish admissions essays and complete the
admissions process for your top choices.
o
Complete AP exams.
o
Make sure you’ve returned all financial aid award
notices and acceptance forms.
o
Consider finding a summer job.
o
Sign up for early registration/orientation.
SAMPLE COLLEGE COURSE SCHEDULE
Each class usually has
a section number.
You’ll probably need the
course number when
registering for classes.
The catalog number represents
the course level/difficulty. The
higher the number, the more
advanced the class is.
These are the days the class
meets each week. Many
schools use “R” for Thursday.
These are the number of
credits you’ll receive for
completing the class. They’re
also referred to as “hours.”
Use a campus map to locate the buildings
where your classes will meet. It will have
a guide to building abbreviations. The
numbers here tell you the room number.
kheaa.com
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10
things you should
think about when
choosing a college
Beware
of sticker
shock!
Don’t be scared
away by the cost
of a school.
Financial aid may
offset the difference
between schools.
Some students grow up knowing where they want to go to college, which is great. But if
you’re undecided, these are the things you may want to look at before choosing a school.
1. Career goals: If you know what you want to
major in, that helps narrow the search. Make sure
you pick a school that has a good reputation.
2. School size: You can choose from small colleges
to huge universities. Which you choose depends on
what’s important to you.
3. Where the school is: You have lots of choices.
Do you want a school in a large city with lots to do,
or do you prefer a small-town or even rural setting?
7. Extracurricular activities: Do you want to
play sports, be in the band or do some acting?
Some schools may provide more chances than
others. Some may even offer you a scholarship to
participate.
8. Special programs: Maybe you’d like to study
abroad for a year or work on an archaeology
dig. Which schools offer those opportunities may
influence your decision.
9. Who else goes there: Not all schools have the
4. How far from home: You might want to go far
away from home, live at home to save money, or
choose somewhere in between.
5. How much it costs: Colleges don’t all cost
the same. Community colleges aren’t expensive,
but selective private colleges and many for-profit
colleges can be.
6. Financial aid: How
much financial aid you
get can influence whether
you choose an expensive
or inexpensive college. It
can also influence whether
you stay in Kentucky or go
out of state, because your
KEES awards can’t be
used everywhere outside
Kentucky.
10
kheaa.com
same kind of student body. Some are more diverse
in terms of race and national origin. Some are
affiliated with a certain religious denomination.
10.Where you feel right: Pay attention to your
gut reaction. You need to go where you feel
comfortable.
So you know you want to go to college. You just haven’t figured out how you’re going to pay for it.
The good news is you (and your parents) don’t have to go it alone. Kentucky has many financial aid programs to offer.
Some are based on need, while others are based on how well you do in high school. We’ll explain them in the pages
ahead.
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moving forward
Get as many of these options as you’re qualified for. Start with the “free money” you don’t have to pay back, like
scholarships, grants and work-study. Soon, you’ll be fully equipped for a smooth ride.
Get in gear now
Getting ready for college means more than learning about financial aid. Make the most of school right now.
1. Develop good study habits — Participate in class,
ask questions, listen closely, take notes, find a good
place to study at home and complete all assignments
on time.
4. Get involved — Take part in after-school activities.
Extracurricular activities may give you an edge in the
admissions process and help you qualify for some
scholarships.
2. Make good grades — Keeping your grades up
increases your chances of earning scholarships and
of succeeding once you get to college.
5. Take a personal inventory — Decide what you like
to do and what you’re good at (preferably something
somebody will pay you to do). Talk with your parents
about your goals. Not your idea of fun? Relax. They
may be impressed.
3. Push your limits — Sign up for challenging classes
in middle school and high school. Show up every day.
Study hard. (Trust us, people care about this stuff.)
Drivers’ Ed (sort of)
Consider different colleges or vocational
and trade schools. Find out their admission
requirements.
6. Explore your options — Figure out what kind of
education you need to get the kind of job you want.
You can get details by researching careers in the
Planning for College section of kheaa.com.
7. Open a savings account — Stash your spare
change there for college. It all adds up.
Where to go:
Public universities: Offer programs leading to
bachelor’s and master’s degrees. Some offer doctoral
and professional degrees.
Private schools: Similar to public universities but
usually smaller.
Community and technical colleges: Have two-year
associate’s degrees you can use on the job or transfer
to a four-year degree program.
Career and technical schools: Offer specialized
training in careers. May offer associate’s degrees or
programs leading directly to jobs.
kheaa.com
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technical data — your glossary
Note: Terms defined elsewhere in this glossary are in italics.
A
Accreditation Approval of a school or program by an
agency that has determined that standards have been
met.
ACT The test required or accepted at all public and many
private universities in Kentucky. It has four sections —
English, math, reading and science reasoning — and an
optional writing exam. Scores are used for admissions
purposes, awarding scholarships and placing students in
special programs and honors courses.
ACT College Readiness Standards A guide that helps
teachers, counselors, parents and students understand
their progress in gaining the necessary skills in English,
mathematics, reading and science that are needed for
success beyond high school.
AP The Advanced Placement Program lets high school
students study college-level subjects for advanced
placement and/or credit upon entering college.
Associate’s degree Awarded after 15 months to two
years of study. Associate’s degrees include:
– Associate of arts (AA) or associate of science (AS),
often transferable to four-year colleges. Courses can be
applied toward a bachelor’s degree.
– Associate in applied science (AAS) in a technical area
meant to lead directly to a job. Most courses cannot be
applied toward a four-year degree.
– Associate in applied technology (AAT) in a technical
area meant to lead directly to a job. Most courses
cannot be applied toward a four-year degree.
B
Bachelor’s degree Generally awarded after four to five
years of study. The most common are bachelor of arts
(BA) and bachelor of science (BS).
Benchmarks “Must have” competencies in English
language arts and mathematics for success in college.
C
Candidates Reply Date Agreement (CRDA) Lets a
student defer an attendance decision at participating
colleges until May 1. It gives students time to get
responses from the colleges they have applied to before
deciding which one they want to attend.
Career clusters Groups of related occupations and
careers. This gives schools a guide for relating learning to
the knowledge and skills required for groups of careers.
Certificate (1) Given in a nondegree program, usually in
a vocational or technical area, to prepare for a specific
occupation. Certificate programs generally last 6 to 12
months. (2) Given in specialized areas to people who have
completed master’s, doctorate or professional degrees.
CLEP The College-Level Examination Program offers
subject examinations or general examinations. Some
colleges use the scores to award credit by examination to
entering freshmen.
College Cost and Planning Report (CCPR) A
college planning tool that gives students and families a
personalized breakdown of college costs and estimated
financial aid. You can access your free report by logging in
to your Zip Access account at kheaa.com.
Commuter students Students who live at home instead
of on campus.
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kheaa.com
Conversion scholarship/loan Requires recipients to
provide certain services or pay back the funds received
with interest.
Credit by examination Process in which students can
earn credit for college-level knowledge by passing a test.
The CLEP and the AP Program allow students to earn
college credit this way.
Credit hour or clock hour Unit of measurement for an
educational program. While most community colleges and
four-year colleges and universities use credit hours, many
proprietary schools use clock hours.
D
Diploma Given in a nondegree program, usually a
vocational or technical field, to prepare for a job. Diploma
programs are generally nine to 18 months long. This
diploma is not the same as the diploma you receive when
you graduate from high school.
Doctorate A degree that usually takes three or more
years after a bachelor’s to complete.
Dual credit program Program in which courses satisfy
high school graduation requirements and earn college
credit hours.
E
Expected family contribution (EFC) Amount the student
and family are expected to pay toward yearly college
costs. The amount is derived from need analysis of the
family’s income and assets.
Admissions Counselor: A college or university employee
who advises students during the admissions process.
School Counselor: Works in elementary, middle and high
schools to provide academic, career, college access and
personal/social support to K-12 students.
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Who’s Who?
Financial Aid Counselor: A college or university
employee who is involved in the administration of financial
aid.
KHEAA Outreach Counselor: KHEAA staff who help
students and families plan and prepare for education after
high school. KHEAA services are free.
Financial aid Money from state and federal
governments, colleges, private organizations,
associations and companies to help pay the costs of a
college education or technical training.
Financial aid package Total financial aid a college
awards a student. It may consist of several types of
aid, including grants, scholarships, loans, work-study
programs and others. Financial need, availability of
funds, institutional aid policies and the number of
students who need financial assistance all influence a
student’s financial aid package.
Financial need The amount of higher education
expenses that a student’s expected family contribution
(EFC) falls short of paying. Financial need equals the
cost of education minus the EFC.
EXPLORE A test taken in the eighth grade that covers
English, math, reading and science. It is the first step
in preparing for the ACT taken in high school. It helps
students see academic strengths and weaknesses and
also provides some career exploration information.
F
FAFSA The Free Application for Federal Student Aid is
the need analysis form all students must complete when
applying for federal and state student aid. Some colleges
use the FAFSA to award scholarships. The best way to
file is online at fafsa.gov, although a limited number of
the paper version may be available.
kheaa.com
13
Navigation System
technical data (continued)
G
K
GPA A grade point average is the sum of the graded
points earned (A=4, B=3, C=2, D=1, F=0) divided by the
numbers of hours attempted for courses taken during a
semester.
Kentucky Educational Excellence Scholarship
(KEES) A scholarship students can earn for good
grades and ACT score. No application required.
General Educational Development (GED) Classes
that can lead to a high school equivalency diploma for
adults who did not earn one. Recipients must pass five
tests that assess their knowledge of language arts/
writing, language arts/reading, social studies, science
and math to earn the diploma.
Graduate student Student who has earned a bachelor’s
degree and is working toward a master’s, doctorate or
professional degree.
Grant Financial aid award, generally based on financial
need, to help pay the cost of higher education. A grant
generally does not have to be repaid.
I
IB The International Baccalaureate Program lets
students earn college credit while in high school. Some
schools require students to participate for two years,
others allow them to take classes only one year.
Individual Learning Plan (ILP) An online system
to help high school students plan their courses and
activities as they prepare for higher education and
career.
Institutional aid Student financial aid administered by
the college or proprietary trade school.
Interest A charge for a loan, usually a percentage of the
amount borrowed.
WARNING!
Never pay anyone for
financial aid information.
The information is FREE from
your school counselor, library,
online at kheaa.com or at
the financial aid office of the
college you plan to attend.
14
kheaa.com
Kentucky Higher Education Assistance Authority
(KHEAA) State agency that helps students plan and pay
for college by providing financial aid programs and free
materials and information.
L
Loan Money borrowed to help pay higher education
costs. Loans must be repaid with interest.
M
Major Primary academic field of study in college.
Master’s degree A degree that takes at least a year
after the bachelor’s to complete.
Merit-based Financial aid based on academic, athletic
or some other type of achievement.
Minor Secondary academic field of study in college.
N
Need analysis Used to determine how much students
and their families can reasonably be expected to pay
toward college expenses. Updated each year by the
federal government and other organizations to reflect
changes in the economy.
Need-based Financial aid based on the government’s
need analysis formula.
P
PLAN A test taken by sophomores that covers English,
math, reading and science. It is the second step in
preparing for the ACT.
PLUS Loan A loan provided to parents or stepparents
of eligible dependent undergraduate students or to
graduate/professional students who need additional
financial aid to pay college expenses.
Postsecondary “After high school.” Postsecondary
education can be received at a college, university,
community and technical college, proprietary school or
off campus.
Private student loan An education loan from a lender
other than the U.S. Department of Education. It can be
from a public agency, bank, credit union or other lender.
Professional degree A degree in such fields as
dentistry, law and medicine. These usually take at least
six years to complete.
Proprietary schools Privately owned schools that
provide a wide range of courses of study, such as
cosmetology, business and broadcasting. Programs
range from two to 24 months and lead to certificates,
diplomas or degrees in a variety of subjects.
R
Résumé A document outlining your educational and
work background, as well as special skill sets and
training, often used to get a job.
S
SAT I A college entrance exam with multiple-choice
questions in math and verbal sections and an essay.
Scores are used for admissions purposes and in
awarding scholarships.
T
Transcript Cumulative academic record that lists
courses taken, grades received and credits or credit
hours received.
Navigation System
Pre-college curriculum Specific credits high school
students are required to complete for admission into
Kentucky’s public universities.
Tuition The amount schools charge for instruction and
for the use of certain school facilities, such as libraries.
U
Undergraduate College student who has not yet earned
a degree.
Unsubsidized Federal Stafford Loan On an
unsubsidized student loan, you have to pay the loan
interest monthly or quarterly. The interest can also be
capitalized quarterly, semiannually, annually or one time
just before you enter repayment.
W
Waiver Arrangement under which a school does
not charge specific costs if a student meets certain
qualifications.
Work-study Employment that lets students earn money
to help pay the cost of higher education.
SAT II One-hour tests in specific subjects such as
mathematics, science, English or foreign languages.
More selective schools require two or three for freshman
placement.
Scholarship A financial aid award to help pay for
higher education. Scholarships generally do not have
to be repaid and are normally based on ability, talent or
achievement.
Student Aid Report (SAR) Document produced from
information provided on the FAFSA and sent to the
student. The SAR reports the student’s eligibility for aid
and expected family contribution (EFC).
Subsidized Federal Stafford Loan On a subsidized
loan, the federal government pays the interest while
you’re in school and during a six-month grace period.
This means you have more money to spend on your
education. To qualify, you have to apply for financial aid,
show financial need and receive a loan.
kheaa.com
15
Navigation System
the search is on
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Y
You just learned a lot of new words, and there are more to come. Now it’s time to put your
knowledge to the test. See how many of these college-planning terms you can find in the puzzle.
16
Advanced Placement
EXPLORE
KHEAA
Technical College
ACT
FAFSA
Need Analysis
Transcript
Associate’s Degree
Financial Need
PLAN
Tuition
Certificate
Grant
PLUS Loan
University
Community College
ILP
Postsecondary
Waiver
Conversion Loan
Interest
SAT
Work Study
Diploma
Institutional Aid
Scholarship
EFC
KEES
Stafford Loan
kheaa.com
Navigation System
postsecondary puzzler
1
2
3
4
5
6
7
9
8
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
ACROSS
23. ___-credit course
10. Money to help pay for college
1. Aid award based on talent or
grades
25. Public two-year school
11. College entrance exam
4. Money charged on a loan
29. Agency that helps you plan for
college
12. Advanced ___
7. Two-year degree
30. Any education after high school
9. Federal financial aid form
31. See 24 Down
13. Type of aid that waives some
costs
17. Cost of education minus 16
Across
DOWN
19. Shows your grades credits, etc.
14. Aid award based on need
1. Type of federal loan
21. ___ and board
16. What your family is expected to
pay
2. Section on 11 Down
24. With 31 Across, way to earn
money at college
19. Charge for instruction
3. Federal loan for parents
5. Determines how much financial
aid you need
20. ___-based aid
6. School for training in specific
fields
22. With “studies,” possible 26
Down
8. Kentucky Educational
Excellence Scholarship
26. Primary academic field of study
in college
27. You need at least a 2.5 one of
these to earn an 8 Down award
28. College Board entrance exam
(Answers on page 29)
18. A school that offers advanced
degrees
15. Earned in nondegree program
or in high school
kheaa.com
17
Student Aid Toolbox
federal aid options
See the light! Here’s
important information.
Eligibility for federal student aid programs is determined
from the information you provide on the Free Application
for Federal Student Aid (FAFSA). How much aid you
receive is based on several factors, including financial
need.
To be eligible to receive federal student aid you must:
• Demonstrate financial need (except for
Unsubsidized Stafford and PLUS Loans)
• Demonstrate you are qualified to enroll in a
postsecondary school by:
— Receiving a high school diploma or GED
— Passing an approved ability-to-benefit test
— Completing a high school education in a stateapproved home school setting
— Meeting other standards approved by your state
• Be working toward a degree or certificate in an
eligible program
• Be a U.S. citizen or eligible noncitizen
• Maintain satisfactory academic progress once in
school
If you’ve been convicted of selling or possessing
illegal drugs, you might not be able to receive federal
student aid. Call the Federal Student Aid Center
at 800.4FEDAID if you have a conviction for these
offenses.
Even if you aren’t eligible for federal aid, you should still
complete the FAFSA. KHEAA and many colleges use
the information from the FAFSA to determine eligibility
for their financial aid programs.
Your financial need is calculated from the information
you provide on your FAFSA. This information is used to
calculate your expected family contribution (EFC), which
is how much your family is expected to pay toward your
college costs. Your EFC will appear on the Student Aid
Report (SAR) you receive.
18
kheaa.com
Top 5 reasons for
filing the FAFSA
1. Most schools require it!
2. You might get a grant or scholarship.
3. You might get work-study.
4. You might need a student loan.
5. You might be surprised at the help
you get!
To be eligible to
Cost of Attendance
receive a Federal
–EFC
=Financial Need
Pell Grant, your EFC
must be below a
certain number. To determine your financial need for
other federal aid programs, your school will subtract the
following from your cost of attendance: the EFC, any Pell
Grant amount you’re eligible for, and other financial aid
you’ll receive. If anything is left over, you’re considered
to have financial need for additional student aid.
The only way to find out how much federal student aid
you are eligible for is to apply. You can apply online at
fafsa.gov.
To apply for any of the federal student aid programs, you must complete the FAFSA.
For priority consideration, file the FAFSA as soon as possible after January 1.
Programs
General Eligibility
Annual Award Amounts
Student Aid Toolbox
federal aid program chart
Grants
Federal Pell Grant
Undergraduate student with financial need.
The maximum Pell Grant for the
2011-2012 award year is $5,550.
Federal Supplemental
Educational Opportunity Grant
Undergraduate student with exceptional financial need.
Federal Pell Grant recipients receive priority.
Up to $4,000 per year.
TEACH Grant
Undergraduate, post-baccalaureate, or graduate student
enrolled in coursework necessary to begin a career in
teaching. Must agree to serve as a full-time teacher in
a high-need field in a public or private elementary or
secondary school that serves low-income students.
Up to $4,000. If you do not teach as
required, the grant becomes a loan
and must be repaid.
Work-Study
Federal Work-Study
Full-time or part-time undergraduate or graduate student. At least minimum wage.
Loans
Federal Perkins Loan
Undergraduate or graduate student enrolled at least halftime. Federal Pell Grant recipients receive priority.
Federal Stafford Loan
Undergraduate, graduate or professional student enrolled Depends on grade level and
at least half-time.
dependency status. Maximum for
undergraduate: $5,500–$12,500;
graduate or professional student:
$8,500–$20,500.
Federal PLUS Loan
Graduate student or parent of dependent undergraduate
student enrolled at least half-time.
Stafford Loan Limits
Grade Level
Dependent
Status
Independent
Status
Undergraduate: Up to $5,500 per
year. Graduate: Up to $8,000 per
year. Based on financial need.
Cost of attendance less the amount
of other aid received.
In addition to the general eligibility requirements
mentioned in the chart above, there are other factors
First Year
$5,500
$9,500
that impact eligibility for federal and state financial aid
Second Year
$6,500
$10,500
programs. A student must be a U.S. citizen or eligible
non-citizen with a valid Social Security number. Male
Each Remaining Year of
Undergraduate Study
$7,500
$12,500
Professional Study
students must also be registered with Selective
Service. If you have questions about your eligibility for
Each Year of Graduate/
$20,500
financial aid, contact KHEAA or speak with a financial
aid administrator at the school you plan to attend.
Federal financial aid eligibility requirements and
award amounts are subject to change. For the most
up-to-date information, visit studentaid.ed.gov.
kheaa.com
19
Student Aid Toolbox
loaded with options —
state financial aid
KHEAA administers the following programs to enhance
higher education opportunities for Kentucky students.
Since its creation, the agency has helped hundreds of
thousands of students pay for their higher education.
Type of Aid
Eligibility
Affording Higher Education
lists more than 5,000
financial aid programs
available to Kentucky
students at Kentucky
colleges and universities.
You can find a copy at your
school or public library, or
online at kheaa.com.
Award Amount
Application
Deadline
Grants—financial aid awards generally based on financial need. A grant usually doesn’t have to be repaid.
College Access
Program (CAP)
Grant
Undergraduate attending a Kentucky college or
trade school at least half-time.
Up to $1,900
FAFSA
File as soon as
possible after
January 1*
Kentucky Tuition
Grant (KTG)
Full-time undergraduate at a private Kentucky
college.
Up to $2,964
FAFSA
File as soon as
possible after
January 1*
Go Higher
Grant
Kentucky resident age 24 or older who has
financial need and is enrolled at a participating
college less than half-time.
Up to $1,000
FAFSA and
application at
kheaa.com
Scholarships—financial aid awards that don’t have to be repaid. They are awarded based on a particular
skill, ability, talent or achievement demonstrated by the recipient.
Mary Jo Young
Scholarship
Low-income Kentucky high school student
enrolled in Advanced Placement (AP) or dual
credit courses. AP classes must be taken
through the Kentucky Virtual High School. Dual
credit students must be enrolled in a Kentucky
college or university.
$780 for two courses.
$390 for one course.
$125 book allowance
per course.
FAFSA and
application at
kheaa.com
May 1
Kentucky
Educational
Excellence
Scholarship
(KEES)
High school students earn base awards with
good GPAs and bonus awards based on
ACT/SAT scores. Students eligible for free or
reduced-price lunches can earn bonus awards
based on AP or IB exam scores. GED and
homeschool graduates can earn an award
for their ACT/SAT score. Must meet GPA
requirements in college.
Base awards from
$125 to $500 each
year of high school,
ACT bonus award
from $36 to $500. AP/
IB bonus awards from
$200 to $300.
None. KHEAA None
will send your
KEES award
to the college
where you’re
enrolled.
Early Childhood
Development
Scholarship
Kentucky students pursuing an approved
certificate, credential or degree in childhood
development or education who is enrolled in
no more than 9 credit hours and is employed
at least 20 hours weekly in a participating early
childhood facility; provides training in early
childhood development at least 12 times per
year for an approved program; or is employed
as a preschool associate teacher in a statefunded preschool program.
Up to $1,800
FAFSA and
application at
kheaa.com
Work-Study—programs that offer jobs that let students earn money to help pay for their education.
KHEAA
Work-Study
Kentucky resident attending a participating
school.
At least the federal
minimum wage.
FAFSA
* Awards are made based on availability of funds. Receipt of application does not guarantee an award.
20
kheaa.com
Contact your
college’s WorkStudy Program
Coordinator
Type of Aid
Eligibility
Award Amount
Application
Student Aid Toolbox
First, get all the “free”
money you can for
school. That means
grants, scholarships
and work-study. Then
you can get a student
loan to cover the rest.
Deadline
Conversion Scholarships/Loans—scholarships that require you to provide certain services, like working in
a specific field for a specified number of years. If those services aren’t provided, the scholarship converts
to a loan that must be repaid.
Osteopathic
Medicine
Scholarship
Kentucky resident accepted into the University
of Pikeville’s School of Osteopathic Medicine.
Recipients who do not fulfill requirements must
repay the scholarship plus 6 percent interest.
The difference between
the average in-state
tuition charged at state
medical schools and
that charged at the
University of Pikeville
School of Osteopathic
Medicine.
Available
through the
University
of Pikeville
School of
Osteopathic
Medicine.
July 1
Coal County
Scholarship
Kentucky residents who plan to pursue careers
as pharmacists in coal-producing counties in
the state. Scholarships are awarded to students
who enroll at an accredited school of pharmacy
in Kentucky. Recipients who do not fulfill
requirements must repay the scholarship plus 6
percent interest.
Up to the difference
charged for in-state
tuition at the University
of Kentucky College
of Pharmacy and the
tuition charged at the
school the scholarship
recipient attends.
kheaa.com
May 1
Get a sneak peek
of your financial aid
Check out the FAFSA4caster at fafsa4caster.ed.gov to
get a jump start on the financial aid process. You and your
parents can get an early estimation of financial aid by
using this tool. When you’re ready to apply for aid, you can
easily switch from FAFSA4caster to FAFSA on the Web.
Much of the information that you enter in the FAFSA4caster
will populate your FAFSA on the Web application, so
applying for federal student aid is a lot easier.
Ask your parents
if they have
taken advantage
of qualified
state tuition
programs. The
Kentucky Education Savings
Plan Trust lets parents save over
several years for tuition and other
education-related expenses. Also,
with KESPT’s Futuretrust program,
account owners can earn money by
shopping with Futuretrust partners.
For more information, go to
kysaves.com or call 877-598-7878.
State eligibility requirements and
award amounts are subject to change.
For the most up-to-date information,
log on to kheaa.com.
kheaa.com
21
Student Aid Toolbox
anybody seen my kees?
The Kentucky Educational Excellence Scholarship
(KEES) is your key to free money for college.
KEES provides Kentucky high school students with
money for tuition and education-related expenses. Just
earn a 2.5 GPA or better in each year of high school
to get it. The better you do in high school, the more
you’ll earn. You don’t even have to apply for the award;
KHEAA and your school handle it all.
You can also get a bonus award based on the highest
ACT composite score you make on any tests you take
before you graduate, as long as it’s 15 or above (or the
equivalent SAT). You must qualify for at least one base
(GPA) award to receive the bonus.
How much can you earn?
Use this chart
to find the base
amount of your
Bonus
ACT
Award
scholarship
Amount
Score
Amount
GPA
based on
$36
15
$125
2.50
your GPA. For
$71
16
$150
2.60
instance, a
$107
17
$175
2.70
high school
$143
18
$187
2.75
freshman with a
$179
19
$200
2.80
$214
20
$225
2.90
3.5 GPA would
21
$250
$250
3.00
get a $375
22
$286
$275
3.10
scholarship. If
23
$321
$300
3.20
that student
24
$357
$312
3.25
25
$393
3.30
$325
earns a 3.6 GPA
$350
26
$428
3.40
his sophomore
$464
$375
27
3.50
year, he’ll add
$500
$400
28
3.60
another $400
$425
or above
3.70
$437
3.75
to his award. If
Amounts may change
$450
3.80
he earns a 21
based on funding.
$475
3.90
on the ACT, he
$500
4.00
will add another
$250 to his award. Amounts are subject to change based
on available funding.
KEES Award Amounts
22
kheaa.com
AP or IB courses
Advanced Placement (AP) and International
Baccalaureate (IB) courses are weighted on a fivepoint scale for KEES purposes, meaning an ‘A’ in those
courses is worth more than other courses.
In addition, students who are eligible for free or reducedprice lunches during any year of high school can earn
additional
Advanced
International
Placement
Baccalaureate
KEES bonus
Exam
Bonus
Exam
Bonus
money by
Score
Amount
Score
Amount
making
3
$200
5
$200
qualifying
4
$250
6
$250
scores on AP
5
$300
7
$300
or IB exams.
This chart shows the amounts that will be awarded for
each score. There is no limit to the number of bonus
awards a student can receive.
Keeping KEES in your pocket
Keep your college GPA high to continue receiving KEES.
You must have a cumulative GPA of at least 2.5 at the
end of your first year to retain your KEES award for the
next year. Otherwise, your award will be lost for the next
year.
At the end of your second year and beyond, you must
either 1) achieve a cumulative GPA of at least 3.0
OR 2) complete enough hours to meet your college’s
requirements for being on track to graduate AND achieve
a cumulative GPA of at least 2.5 to retain your full
award for the next year. If you don’t meet your college’s
“on track” requirements, but you maintained full-time
enrollment during the year and achieved a cumulative
GPA between 2.5 and 3.0, your award will be reduced by
50%. If your cumulative GPA falls below 3.0 and you do
not meet your college’s “on track” requirements and you
were enrolled less than full-time, your award will be lost
for the next year.
If you receive reductions, or lose eligibility for KEES, you
may regain your award if you achieve the cumulative
GPA and enrollment criteria listed above at the end of
the next academic year.
Fill in your GPA and your base and
bonus awards. Add them up to
determine your annual KEES award.
GPA
Amount
Freshman
Sophomore
Junior
Senior
Add these to your ACT Score Award
+
=
Academic Common Market
KEES awards can be used at any participating accredited public or
private school in Kentucky, including community colleges. If your program
of study is not available at a public school in Kentucky, you may be able
to use KEES at an out-of-state public school if the state participates
in the Academic Common Market (ACM). The ACM allows Kentucky
residents to pay in-state tuition and fees if your program isn’t available
in Kentucky. Learn more at cpe.ky.gov.
You may be able to use your KEES
West
Virginia
Maryland
money at schools in the pink states.
Delaware
Virginia
Tennessee
Oklahoma
Arkansas
Alabama Georgia
South
Carolina
pi
Mississip
Add that total to your AP/IB bonus
award(s) for your final award.
+
=
The
Student Aid Toolbox
My KEES Goal
Louisiana
What you need to know
• Enroll in the fall or spring term at a
participating college to receive your
KEES award. The college will report your
enrollment status to KHEAA after classes
begin. KHEAA will disburse your KEES
award — half each term — to the college.
The college will credit your account, or may
send you a check if you are paid in full.
• To get the full amount, you must be a fulltime student. If you’re enrolled at least
half-time, you’ll receive a proportionate
amount. Each academic term for which a
scholarship is received will count as a full
academic term, even if the award amount is
reduced.
Kentucky Educational Excellence
Scholarship (KEES) awards
are funded by
Kentucky
Lottery
revenue.
Frequently asked questions
How long do I have to use my KEES award?
You can generally receive the scholarship for up to eight academic
terms in an undergraduate degree program. For most degree
programs, the scholarship must be used within five years of high
school graduation.
Do I have to apply for the scholarship?
No, there is no application to fill out. All you have to do is study hard
and make good grades! Your high school will send your yearly GPA
to KHEAA at the end of the school year. KHEAA will notify you each
year about your KEES award.
What should I do if
my award information
is incorrect? See your high school
counselor. The
counselor will submit the
corrected information to
the KEES coordinator in
your school district, who
will make the necessary
changes.
To check your KEES
account, go to
kheaa.com
and select
“Register Now.”
Once you have answered a few
simple questions, you’ll have created
your personalized Zip Access
account and will be able to access
all of your KEES awards information.
kheaa.com
23
Student Aid Toolbox
financial aid application process
Speed up the
process–go to
pin.ed.gov to
get a PIN number.
With a PIN you
can apply and sign
your FAFSA online.
Complete other
applications for
private, state or
school financial aid
programs. Watch
for deadlines!
Review your
Student Aid Report
(SAR) to find out
your family’s EFC.
Make corrections
and resubmit, if
necessary.
Complete the
FAFSA and return
as soon as possible
after January 1.
Apply online at
fafsa.gov.
Turn in any other
documentation
your school
needs to verify
your application
information to the
financial aid office.
Gather your
income tax returns,
W-2 forms and
other documents
needed to show
your income when
you apply.
Ask your
school counselor
about financial
aid nights.
Double-check that
the financial aid
office at each school
you are applying
to has all of the
information needed
to determine your
eligibility.
Review your award
letter from each
school and compare
the amount and
types of aid that you
will receive if you
attend.
You should apply as soon as possible. However, applying
early does not guarantee you’ll receive an award. For
more information about federal government financial aid
programs, visit ed.gov or call 800.4FEDAID.
24
kheaa.com
Fafsa.gov
How to apply for a student loan
Don’t borrow more than you need to
Federal Stafford Loan
1 Fill out the FAFSA at fafsa.gov.
2 Check the financial aid award letter from
your college to see if you’re eligible for a
student loan.
3 Sign a Master Promissory Note (MPN). You
can get a paper MPN or do it online at
https://studentloans.gov/. The MPN is not
an application but a legal, binding contract
that you will repay the loan.
4 Complete a student loan entrance
interview. You have to do this before the
funds can be sent to the school.
1 Make sure the dependent
undergraduate student (or graduate
student) fills out the FAFSA.
2 The parent (or graduate student) fills
out the PLUS Loan application from the
school’s financial aid office or online at
https://studentloans.gov/.
3 A credit check will be performed at no
charge.
4 The funds are disbursed directly to the
school.
Dependent
Status
Independent
Status
First Year
$5,500
$9,500
Second Year
$6,500
$10,500
$7,500
$12,500
Each Remaining Year of
Each Year of Graduate/
Professional Study
The KHEAA Student Loan Marketplace is an online resource that
lets you and your family learn about and compare upfront and
accurate private loan terms from several lenders. With just one visit
to the website you can:
• Complete and submit a simple personal information form.
• Invite a cosigner to apply with you.
• View personalized loan products based on your financial
information, not “as low as” advertisements.
• Receive accurate and detailed information from multiple lenders
for which you are prequalified with only one credit check.
• Sort and compare side-by-side up to three loan products at a
time based on the terms that are most important to you.
• E-mail your loan choices to your cosigner or trusted adult for
review.
Stafford Loan Limits
Undergraduate Study
Private student loans
When your grants, scholarships and federal loans don’t cover all
your college expenses, you may need a private student loan.
Federal PLUS Loan
Grade Level
Student loans must be repaid, so borrow only what you
need to meet your educational expenses. Keep in mind
that you’re borrowing against your future salary, and you
should borrow reasonably in relation to what you expect to
earn after graduation. It is recommended that you limit your
borrowing so that your monthly payment is no more that
10% of your monthly gross salary. Check with the career
services or placement office at your school to get an idea
of what your expected salary may be based on your major
or program of study and the year you’ll graduate.
Student Aid Toolbox
the nuts and bolts of borrowing
$20,500
• Make your selection through the Marketplace.
• Communicate directly with the selected lender.
• Keep your information private because only the lender you
select sees your application.
KHEAA partners with Overture Technologies to provide
kheaamarketplace.com. For more information on private loans or
how to apply, call 888.678.4625.
kheaa.com
25
Student Aid Toolbox
10
the
top
tips for getting college aid
10. Have your parents complete their tax
forms early. Yours, too, if you file income taxes. You
don’t have to send it in right away, but you need the
information to file the FAFSA, the form used to apply for
financial aid from most major programs.
9. Speaking of the FAFSA, submit it ASAP
after January 1. Complete and return the FAFSA
early to have the best chance of getting the aid you
qualify for. File online at fafsa.gov.
8. Make good grades. Earn a 2.5 or higher GPA
in high school and you can earn KEES awards from
KHEAA. (See pages 16, 18 and 19 for more about
KEES.)
7. Retake your ACT/entrance exams to
improve your score. You could increase your cash
for college.
6. Talk with a college financial aid
administrator. He or she can tell you about any aid
the school is handing out.
5. Find free information about financial aid.
Where? Library books, KHEAA publications, your college
financial aid office, kheaa.com and other websites or
local community organizations like the YMCA and the
Chamber of Commerce. Also, check out the College Info
Road Show mobile interactive classroom when it visits
your high school.
4. Learn about loans. After you get all the financial
aid that doesn’t have to be repaid (like scholarships and
grants), you’ll probably still need a student loan. If you
need a private loan, compare the benefits. Lower fees
can save you a lot of money when it’s time to repay.
26
kheaa.com
3. Apply yourself. Apply for EVERY type of aid you
think you might be eligible for. Maybe you speak Klingon,
ride a skateboard, want to become a wedding planner or
made your prom dress out of duct tape. There may be a
scholarship out there to match your talents.
2. Talk with your school counselor. He or she
will have the financial tips that you need
to help you afford college.
1. Be scam-proof. Nothing’s
free in life, except financial aid
information. You can get all
the information without paying
a fee. If you think you’re
being scammed,
call the Attorney
General’s office at
888.432.9257 or
visit ag.ky.gov.
Student Aid Toolbox
financial aid mistakes
1. Spending money up front. All the financial aid information you
need is out there free of charge. Beware of scams if a payment is
required.
2. Not applying for scholarships. Money that you don’t
have to repay is the best type of financial aid. Apply for as many
scholarships as you can.
3. Not filling out the FAFSA. The FAFSA is the most important
tool in receiving financial aid. Most people qualify for some kind of aid,
and you don’t have to accept any of the money you are offered. But you
should complete the FAFSA so you can get money if you need it.
4. Waiting until the last minute to turn in applications. Many grant programs only have a
certain amount of money to give to students. If you wait too late, the money will be gone.
5. Accepting the wrong financial aid package. Not all financial aid is the same. Review what
each school is giving you to make sure you know your obligations.
6. Skipping negotiations. If you don’t feel your family’s financial need was represented accurately,
explain any special circumstances.
7. Being a bad consumer. Not all private lenders offer the same rates and benefits. Be sure to shop
around for a lender to make sure you’re getting the lowest possible rates and the best repayment benefits. It
will save you a lot of money.
8. Spending the wrong money. Taking money out of a retirement account or paying for higher
education with a credit card can put you in to financial trouble. Federal aid programs offer better interest
rates and better repayment options than credit cards.
9. Forgetting to include other expenses. Tuition isn’t the only thing you’ll be paying for when you
go to college. You’ll also need money for membership dues, food away from the dining hall, a computer and
transportation. In some cases you can use your leftover award money to pay for living expenses.
kheaa.com
27
Financial Tune-Up
rev up your revenue
Everyone should know how to manage money and make it grow. Attending college or trade school
can boost your lifetime earnings with higher salaries. But even if you don’t go to college, knowing what to do with your money will mean you can manage your income and expenses
throughout your life.
Budgeting
A budget helps you track the money you make and spend. It’s a great
way to avoid running out of money when you need it most. Best of all, a
budget will show you how long it will take to save for a big-ticket item
you really want.
•
Create a budget by estimating how much money you’ll make and
spend each month.
•
Write down what you spend your money on in an average
month: food, gas, rent, entertainment, etc.
•
Review your spending habits. Do you really need everything
you’re spending money on?
•
Save as much money as you can. Deposit some of your pay in a
you get a paycheck.
savings
account
eachontime
NOTE: Each year’s
taxes must
be changed
file.
For ‘09, the minimum wage went up to $7.25
SS taxes are 6.2%,
Medicare is 1.45%
Whatever your salary is, you’ll have to allow for deductions, such as taxes and
sample pay stub below shows you where your hard-earned
dollars go.
Ky. withholding table
Social Security. The
at http://revenue.ky.gov/
Fed. income tax varies, calculator at: http://www.irs.gov/
This number estimated based on typical teen, no dependents, no withholding at calculator
Based on
32 weeks part-time
SAMPLE
STUBemployment, math for following chart based on 30th week of employment for YTD figures.
Rainbow
Glacier
Ice Cream
EMPLOYEE
SSN
PAY PERIOD
PAY DATE
CHECK NO.
NET PAY
EARNINGS
OTHER DEDUCTIONS
Hrs.
Amount
REGULAR
33.0
239.25
FED INCOME TAX
32.06
961.88
401(K)
29.50
OVERTIME
5.75
62.53
SOCIAL SEC
18.71
445.01
HEALTH
14.75
301.78
MEDICARE
4.38
83.80
6.67
200.01
YTD
8377.50 STATE INCOME TAX
1
kheaa.com
2
3
Current
2. What is your take-home pay?
PAYROLL
Description
CURRENT
28
TAXES WITHHELD
Tax
1. What pay period does this check cover?
SCOTT JOHNSON
999-99-9999
10/1/10 TO 10/15/10
10/19/10
3456
$195.71
YTD Description
Amount
3. H
ow much federal income tax has been
deducted this year?
4. H
ow much did you put away in a
retirement plan?
5. H
ow much did you pay for health
insurance?
4
5
Write down what you spend all your money
on in an average month, from food, gas or
rent to entertainment. Check over your list.
Is what you’ve written down something you
must have, like food, shelter, transportation
and clothes? Or is it something that
will make your life more enjoyable, like
roadtripping with your friends or eating out?
Basically, is it a need or a want?
Check over your outflow records to see
where you spend most of your money.
Income
Budget
Actual
Difference
Job #1
$
$
$
Job #2
$
$
$
Allowance
$
$
$
Other income
$
$
$
Total monthly income
$
$
$
Car payment
$
$
$
Car insurance
$
$
$
Credit card
$
$
$
Savings
$
$
$
Food
$
$
$
Other
$
$
$
Bus fare
$
$
$
Gas and oil
$
$
$
Parking
$
$
$
Car repairs
$
$
$
Clothing
$
$
$
Entertainment
$
$
$
Personal items
$
$
$
School expenses
$
$
$
Total monthly expenses $
$
$
Financial Tune-Up
Monthly Outflow
Fixed Expenses
Variable Expenses
Crossword puzzle answers
29
kheaa.com
29
Financial Tune-Up
rev up your revenue (continued)
Compounding Interest
The money you invest earns interest. Compound interest is when your money
(called capital) AND your interest earn money over the next year. In the third
year, you earn money based on your capital plus your first two years’ interest.
If you start investing when you’re young, you have years to take advantage of
what has been called “the most powerful force in the universe.”
It doesn’t take much cash to invest to make big bucks.
If you save $100 a month for 40 years and earn a 10% return (stock markets
average 10%, usually), you’ll wind up with $641,128!
So, save away and let your money work for you for a change
Investor A
30
Investor B
Age
Deposit
End of Year
Accumulation
22
$2,000
$2,220
23
$2,000
24
Deposit
End of Year
Accumulation
22
0
0
$4,684
23
0
0
$2,000
$7,419
24
0
0
25
$2,000
$10,456
25
0
0
26
$2,000
$13,826
26
0
0
27
$2,000
$17,567
27
0
0
28
$2,000
$21,719
28
$2,000
$2,220
29
0
$24,108
29
$2,000
$4,684
30
0
$26,760
30
$2,000
$7,419
31
0
$29,703
31
$2,000
$10,456
32
0
$32,971
32
$2,000
$13,826
33
0
$36,598
33
$2,000
$17,567
34
0
$40,623
34
$2,000
$21,719
35
0
$45,092
35
$2,000
$26,328
36
0
$50,052
36
$2,000
$31,444
37
0
$55,558
37
$2,000
$37,123
38
0
$61,669
38
$2,000
$43,426
39
0
$68,453
39
$2,000
$50,423
40
0
$75,982
40
$2,000
$58,190
Total
Contributions
$14,000
$26,000
Total Value
$75,982
$58,190
kheaa.com
Age
Investor A: Opens an IRA at
11%, deposits $2,000 each
year for seven years, then
makes last deposit at age 28.
Investor B: During the first
six years, spends money, then
makes first deposit into an
IRA at age 28 and continues
to deposit $2,000 each year
(for 13 years!) until age 40.
Results: Investor A has much
more money than Investor B
even though Investor A saved
only $14,000 compared to
Investor B’s $26,000!
Financial Tune-Up
put the brakes on debt
Paying off debt
So how do a textbook and a couple of pizzas end up
costing you a small fortune? It’s because (we bet you’ve
heard this before) there’s no such thing as a free lunch
(told you).
Let’s say you charge $1,500 on a credit card.
(Remember, you’re borrowing and spending.) The
minimum payment is just $25 a month, and you haven’t
even reached your credit limit. No problem, right?
WRONG! Even if you make that payment, on time, every
month, without fail, you’ll be paying on that debt for a
long, long time.
Credit Cards
Compare credit card offers. Some charge an annual fee,
others require a deposit equal to the amount of credit you
have available — not a bad idea, since you can’t charge
over this limit. You can get in way over your head with a
credit card.
Credit cards do offer
security in emergencies
and a reduced need
to carry cash as well
as enhanced personal
responsibility. Save
your credit for budgeted
purchases and
emergencies, and try
to pay the bill off in full
every month.
Explain in writing
If you have a bill you can’t pay, contact the company
immediately to work out a payment arrangement.
Whatever you do, don’t ignore letters from people you
owe!
Explain everything in writing so you have a record of
it. Most companies will work with you if you’re upfront
about a temporary lack of cash. Ask if the creditor will
waive any penalty fees and extend your payment period
after you explain you’re having a temporary financial
setback. If you do find yourself in a bind, look at your
finances and figure out your budget before writing your
creditors.
Common money
management issues:
You might find yourself in financial
hot water sooner than you think.
Many college students have trouble
with the following situations:
84% have a credit card
71% are concerned about debt
55% left school to make money
50% expect to pay 10 years on student debt
47% have had parental bailouts
24% say they are financially savvy
Source: Financial Literacy Now: Why College Students Can’t Wait
kheaa.com
31
Financial Tune-Up
put the brakes on debt (continued)
Why Worry?
Debit vs. credit cards:
You build a credit score with the bills you pay. If you
have a history of paying your bills late, it will be
reported and will affect the interest rate you pay on
your credit card or car loan, your apartment deposit or
car insurance! Many employers also run credit checks
before hiring someone. If you have a good credit score,
bosses think you’re responsible.
What’s the difference between debit and credit
cards? Since a debit card is tied to your checking
account, it automatically takes the money from
it. There is no grace period; you spend it, it’s
gone. A credit card, however, offers you a 30-day
interest-free loan if you pay the balance each
month in full. (Which you should always do.)
A credit score is based on your payment history — a
personal finance GPA, let’s say. The higher the score,
the better your credit.
Credit scores estimate the risk a company incurs
by lending you money or providing you a service —
specifically, the likelihood that you will make payments
on time in the next two to three years.
Some people think you have to have a credit card to
build a credit score. But if you open your utility accounts
in your name instead of your parents’ and apply for and
get a store credit card (buy something and pay it off
in full), you can build a respectable credit score in six
months.
Be credit smart
Read all application materials carefully — especially the
fine print. What happens after the “teaser rate” expires?
What happens to your interest rate if you’re late with a
payment or fail to make a payment? What’s the interest
rate for a cash advance?
•
If you think you might get in over your head,
consider a secured credit card tied to a bank
account or a debit card. Money is deducted directly
from your checking account, so you can’t spend
more than you have.
•
Use credit only if you’re certain you’ll be able to
repay the debt.
•
Avoid impulse shopping on your credit card.
•
Save your credit card for a money emergency. (A
spring break vacation doesn’t count.)
•
Carry only the cards you think you’ll use. No more
than two!
•
Pay bills promptly to keep finance and other charges
to a minimum.
Check your credit
Under the Fair and Accurate Credit Transactions (FACT)
Act, you can get a free credit report once every 12
months from each of the three nationwide consumer
credit reporting companies (Equifax, Trans Union
Corporation and Experian).
You should order a free report every four months,
rotating through the three companies. You’ll have to
pay for extra reports. The Big Three credit bureaus
created AnnualCreditReport.com as a central source
to provide consumers with secure means to check their
credit. You can also call 877.322.8228.
— CollegeBoard.com
,
What s Your FICO Score?
®
500
580
Worst Interest Rates
32
kheaa.com
620
640
660
680
700
720
850
Best Interest Rates
Financial Tune-Up
predatory lending traps
Before you head to a payday loan store, know what you’re
getting yourself into. Here’s how it works: You write a check
for the amount you want to borrow, plus a fee. The company
gives you the money, minus the fee, and holds the check until
the loan is due, usually your next payday. You’re charged a
new fee every time the loan is extended or “rolled over.”
Here are some alternatives to payday loans that you might
consider:
• Consider a small loan from your credit union or a small loan
company.
• Shop for the credit offer with the lowest cost and compare APR and finance charges.
• Contact your creditors as quickly as possible if you are having trouble making your payments. Many will be willing to
work with you.
• Contact your local consumer credit counseling service for help working out a debt repayment plan.
The bottom line: If you must use a payday loan, borrow only as much as you can afford to pay back with your next
paycheck and still have enough to make it to your next payday.
Want more financial
knowledge? Check
out It’s Money, Baby
at kheaa.com. It’s
a road map to your
money! While there,
you can also watch
videos that will
teach you how to
handle your money.
kheaa.com
33
Financial Tune-Up
college money
Show Me!
If you earn a bachelor’s degree, you can typically bank
over $15,000 more a year — that’s just under half a
million bucks during a 30-year career — than someone
with only a high school diploma.
But college costs money, so find as much free
scholarship and grant aid as you can. Your best source
of information will be the college financial aid office. A typical financial aid package includes grants,
scholarships and student loans. You may want to work
part-time to reduce how much the amount of money you
have to borrow (and pay back later).
To find out what state and federal aid you qualify for, you
and your parents must fill out the Free Application for
Federal Student Aid (FAFSA) at fafsa.gov. Make sure
you go to the .gov website. There are similar-sounding
sites that will charge you a fee for something that’s free.
34
kheaa.com
Your school may require an additional application for its
grants and scholarships — check with your financial aid
office before submitting your application.
Even if you’re already in college, you’ll still have to file a
FAFSA as soon as possible after January 1 to reapply
for financial aid each year.
How Much Will I Pay?
One major financial goal should be to finish college
owing as little money as you can. A college education
increases your earning potential and opens doors of
opportunity. But when you take out a student loan,
you’re borrowing against your future earnings.
Your student loan payments will depend on the interest
rate, the amount you borrow and the payment plan you
choose. Below you will find what payments on Federal
Stafford Loans, the most common loans, will look like at
6.8% interest. Taking out a loan is a huge responsibility.
The money you borrow for school must be paid back,
and you can’t erase the debt because you didn’t
graduate, you can’t get a job in your field or you declare
bankruptcy.
Don’t take it lightly.
Your monthly payment should be no more than 10%
of your monthly gross salary. Check with the career
services or placement office at your school to get an
idea of your expected salary based on your major and
the year you’ll graduate.
Financial Tune-Up
Don’t Borrow Trouble
Estimated Payments at 6.8%
Initial Debt
at Repayment
$
5,000
Monthly
Payments
$
58
Total
Repaid
$
6,960
$ 10,000
$ 115
$ 13,800
$ 20,000
$ 230
$ 27,600
$ 25,000
$ 288
$ 34,560
$ 30,000
$ 345
$ 41,400
$ 40,000
$ 460
$ 55,200
$ 50,000
$ 575
$ 69,000
$ 75,000
$ 863
$103,560
$100,000
$1,151
$138,120
Expected
Salary
Maximum
Manageable
Manageable
Education Debt
Monthly Payment
$ 15,000
$ 125
$ 10,191
$ 20,000
$ 167
$ 13,589
$ 25,000
$ 208
$ 16,986
$ 30,000
$ 250
$ 20,383
$ 35,000
$ 292
$ 23,780
$ 40,000
$ 333
$ 27,177
$ 50,000
$ 416
$ 33,972
$100,000
$ 833
$ 67,945
kheaa.com
35
Financial Tune-Up
you’re the driver
Pretend you’re 25...
What will you drive? Want an expensive sports car? Get a job as an anesthesiologist and you can probably
afford it. Become a sales rep and we see you in a sleek sedan. The job you get and the car you drive is tied
to how much education you have. Answer the following questions to find out what kind of life is in your future.
1. Housing:
5. Phone:
7. Entertainment:
I’d like to live in (circle one)
I’d like to (circle all that apply)
a. an unfurnished one-bedroom
apartment
a. have a cell phone with a basic
package
My entertainment will be (circle
all that apply)
b. a furnished one-bedroom
apartment
b. have a cell phone with a
package that includes extra
minutes and texts
c. a rented two-bedroom house
d. a four-bedroom house that I own
2. Transportation:
I’d like to drive (circle one)
c. have a cell phone with
unlimited minutes and texts
6. Insurance:
a. compact
I plan to purchase (circle one in
each group)
b. convertible car
Car
c. full-size pick-up
a. full coverage (required if
you’re making a car payment)
d. full-size SUV
3. Food:
I’d like to (circle one)
a. buy groceries and cook all my
meals
b. eat all of my meals at fast food
restaurants
c. cook some meals and eat out
some
4. Clothing
a. thrift store
b. discount chain
c. department store
d. designer duds
kheaa.com
b. sporting events, three times a
month
c. surfing the Internet and watching
cable TV every night
d. biking, rollerblading, hiking and
other outdoor sports
e. attending a concert, once a
month
8. Educational plans: (circle
one)
a. high school dropout
b. partial coverage
b. high school graduate
Home
c. some college or associate’s
degree
a. renter’s insurance
b. homeowner’s insurance
(required if you have a mortgage)
d. bachelor’s degree
c. no rental insurance
f. doctorate
Medical
g. professional degree
a. I plan to continue my
education after high school, so
the job I hold is likely to help pay
my insurance premium.
b. I do NOT plan to continue my
education after high school, so
the job I hold is NOT likely to
provide insurance as a benefit.
c. no health insurance
36
a. a movie, four times a month
e. master’s degree
Are your expenses greater than your earnings? If so, you either need to cut back on your costs or earn more money.
How much money do you need to make to have the life you want? How much education do you need to earn that
much money?
1. Housing
$
________ a. $475 b. $600
c. $800
d. $1,000
Financial Tune-Up
add up your monthly expenses
Find the level of education you selected on question 8 on the
chart below to see your monthly bring home pay before taxes.
2. Transportation
$
________
a. Compact, $250
b. Convertible, $480
c. Full-size pick-up, $550
d. Full-size SUV, $700
3. Food
$
________ a. $250
b. $450
Monthly Median Earnings by Educational
Attainment - Kentucky
c. $300
4. Clothing
$
________ a. $25 b. $50
c. $100 d. $200
5. Phone
$
________ a. $40 b. $75
c. $120
High School High School Some Associates Bachelor's
Degree
Degree
No Diploma Graduate College
$2,000
$2,313
$2,471
$3,401
$1,344
6. Insurance
$
________
CAR
a. $100
b. $50
$
________
HOME
a. $20
b. $30
$
________
MEDICAL
a. $300 b. $160
Master's
Degree
$4,296
Doctoral Professional
Degree
Degree
$5,982
$7,442
Based on information from the U.S. Census Bureau, 2009 American Community Survey
c. $0
c. $0
7. Entertainment
$
________ a. $32 b. $100 c. $42
d. $0
e. $70
8. Education*
$
________
d. $175 - $250 f. $325 - $450
a. $0
e. $225 - $300 g. $500 - $900
b. $50
c. $100 - $150
Miscellaneous Expenses
$
________
Doctor Visits # of visits per month ____
x $20 if you have medical insurance (see #6)
x $75 if you don’t have medical insurance
Utilities (electric, water, sewer, gas)
$
________ $300
Gas
$
________ $200
Savings
$
________ It is best to save 10% of your income
Other (credit cards, etc.)
$
________
Total Monthly Expenses
*The amount of money you borrow for school will depend on many factors, including the number of years you
attend school, the degree you obtain, the school you attend, your financial need and other financial aid received.
kheaa.com
37
Financial Tune-Up
watch it!
Avoid identity theft
These steps will help
you protect yourself
from identity theft:
•
Protect
your PIN,
Social
Security
number,
passwords
and other personal
information. Don’t
leave them where
others can find them, and
be especially careful sharing
information online.
•
Watch out for “shoulder
surfers.” Use your free hand to
shield the keypad when using an ATM.
•
Collect mail promptly. Ask the post office to
put your mail on hold when you’re away from
home for more than a day or two.
38
•
Pay attention to your billing cycles. If bills or financial
statements are late, contact the sender.
•
Keep your receipts. Ask for carbons and incorrect
charge slips as well. Promptly compare receipts
with account statements. Watch for unauthorized
transactions.
•
Check your credit report at least once a year. Check
it more frequently if you suspect someone has
gained access to your account information.
•
Use a firewall to stop hackers from gaining remote
access to your PC or tablet. Don’t send sensitive
personal information when connected to public wifi
servers.
kheaa.com
Avoiding a HUGE
cell phone bill
Most students have a cell phone — and
sometimes a huge bill that goes with it. Compare
your plan with new ones to see if you could save
money. Find out which carrier offers the best
plan for your needs and covers the area where
you’re going to be calling or texting the most.
If you have a cell phone, use it wisely. Taxes,
activation fees, overage and roaming charges
can all add up. Get the bottom-line cost for your
first bill, plus itemized costs, in writing.
Check to see if there are charges associated
with Internet access and music downloads.
Unwary customers have been hit with monthly
bills for thousands of dollars because they
thought they could do all that for free. If you
get free access and downloads when you sign
up, double-check to see how long the free stuff
lasts. It may change at any time.
A cell phone contract is legally binding — and
the contract will favor the company’s bottom
line, not yours. Read the fine print, paying
close attention to the “Terms
and Conditions.” You can
compare the service
agreements of many
cell phone companies
online. Check them out
before signing!
Financial Tune-Up
social networking
The popularity of social networking sites has exploded.
Protect your privacy on these sites. Increasingly,
potential employers and admissions counselors
sometimes use the content on social networking
profiles sites when making selection decisions. And,
unfortunately, unscrupulous people will try to steal your
posted personal information (or hack your credit card
info if you’ve bought something online).
Here are some tips to protect yourself in the social
media age:
•
•
•
•
•
Make your contact information private. Never post
your phone number, address or e-mail address.
Scammers can easily piece together your identity
with this information.
•
Don’t list your exact date and place of birth.
That’s gold to identity thieves. Don’t answer these
questions in quizzes!
Watch out when you take quizzes, especially the
information you’re asked to give. If the quiz includes
the name of the street you were born on or a
favorite place to travel, that could give scammers a
clue to your password.
•
Limit who can search for your profile on Internet
search engines.
Manage who can view images of you — untag
photos, if necessary.
•
Don’t announce you’re going on a trip ahead of time
on social media. That’s an invitation for a burglar.
Create several “friends” lists to manage who sees
particular information about you.
•
Be careful about who can see your status updates.
And, don’t swear!
•
Don’t tell people where you are every waking
moment.
Change your password once a month.
Follow KHEAA
on Twitter and
Facebook!
Have a
smartphone?
Scan this
code with a
tag reader
and go
straight
to our
Facebook
page!
kheaa.com
39
Online Garage
get in the fast lane with kheaa.com
Kheaa.com is a valuable source for information about
college planning and student financial aid. Here are
some of the features you’ll find on the website.
Students and parents
Planning for college
Use the grade-specific planner timelines in this
section to get ready for college or technical school.
In this section, you’ll find tools to help you identify
and prepare for a career that suits your interests and
abilities. Get helpful study tips, consider the value of
becoming involved in extracurricular activities, prepare
for standardized tests and get the details on college
admissions.
Selecting a school
Kentucky has a full range of options when it comes to
schools: public universities, private schools, community
colleges and trade schools. What’s best for you depends
on your goals. This section will help you find a school
that best suits you and will show you how to get the
most of our your campus visits. Don’t forget to consider
campus life as well as academics in making your
decision.
Paying for college
Financial aid is the money you receive to cover the cost
of your education. The good news is that, regardless
of income, most people are eligible for some form of
financial aid. Search for scholarships, learn the real cost
of college and get detailed information on financial aid in
this section.
Money management
Everybody needs to know how to manage money and
learn ways to make it grow. Mastering your personal
finances now allows you to concentrate on learning and
having fun, and not having some of the most important
years in your life sidetracked by money troubles. Tips in
this section will help you become financially literate.
40
kheaa.com
Get a free
plan!
The KHEAA
College Cost
and Planning
Report is a
personalized
report for
Kentucky
students
and families,
which gives a
customized breakdown of college costs and
estimated financial aid based on the student’s
specific college choices and the family’s unique
financial circumstances. Find step-by-step
instructions on how to access this valuable
college planning tool on kheaa.com.
College publications and newsletters
KHEAA’s publications help students and parents plan
and prepare for college. Publications such as Getting
In and Affording Higher Education have been primary
sources of information for counselors, students and
parents for decades. If you want to receive an e-mail
notification when a new newsletter is posted, you can
sign up online.
Adult learners
Many adults return to school because they want to
change their lives, because an event has already
changed their lives or because they need new skills to
get the job they want. Find out what you need to know
about the advantages of returning to school, transfer
planning, distance learning, exploring careers and
paying for college here.
Online Garage
Military and veterans
This section provides information and links to some
of the many programs that are available to help our
nation’s men and women in uniform gain access to
higher education during and following their time of
service, including federal government resources and
Kentucky military education benefits.
Borrowers
Many people have to take out student loans to help
pay for college. This section provides information about
repayment options, responsibilities of repayment,
consequences of default and what you can do if you’re
having difficulty repaying your student loans. Use this
section to help educate yourself on how to manage your
repayment and maintain a clean financial record.
Financial aid providers
This section provides an overview of KHEAA’s products
and services, training opportunities and materials,
newsletters and more for school financial aid personnel.
Counselors, community partners
and college access providers
School counselors, teachers, Family Resource/Youth
Services Center personnel, administrators, GEAR UP
and TRIO professionals, adult education staff and other
college access providers can use this section to help
students navigate the college preparation, admissions
and financial aid processes. An overview of our outreach
services, contact information for regional and mobile
outreach staff, lesson plans, newsletters and more are
available here.
Be on the lookout for the College Info Road Show
KHEAA has a mobile outreach service center, the College Info Road Show, that could be coming to your
school or community. Outreach staff are on board and can help you access kheaa.com from the mobile
classroom’s laptop computers. Staff can also provide career information, identify colleges or universities
that meet educational goals, help find sources of financial aid, answer questions and much more!
kheaa.com
41
Online Garage
where to find more financial aid information
As a Kentucky student, you have a lot of
information at your fingertips to help you plan
and pay for college or technical school. Here are
some free online resources to help you on the
way to college.
collegeboard.org – The College Board
ed.gov – U.S. Department of Education
fafsa.gov – FAFSA on the Web
Check this out:
Gotocollege.ky.gov is a single gateway to connect
students to existing online planning resources and to
provide the ability to compare college costs. The website
provides helpful information ranging from high school
curriculum to guidance on how to pay for college. You’ll find
sections specific to military families, transfer students, adult
students and online course offerings. You can also access
your Individual Learning Plan (ILP) and KHEAA accounts.
kheaa.com – Career exploration, college
preparation and financial aid processes.
kysaves.com – Kentucky Education Savings
Plan Trust (KESPT)
kyvu.org – Kentucky Virtual Campus
mappingyourfuture.org – Mapping Your Future
pin.ed.gov – FAFSA Personal Identification
Number
studentaid.ed.gov – Federal student aid
programs
Military Benefits
Most branches of the military offer some type of tuition assistance that
lets active duty members take courses at civilian colleges during their
off-duty hours. In addition, military training while on active duty can
sometimes count toward college credit. After they finish active duty,
veterans can take advantage of the Montgomery GI Bill to attend
college. Local Armed Forces recruiting offices can provide detailed
information about educational opportunities through the military.
KHEAA administers the Kentucky National Guard Tuition Award for
active members of the Kentucky National Guard. You have to maintain all minimum
standards, be eligible for all positive personnel actions and have completed basic training or its
equivalent. Students can receive up to the in-state tuition at any Kentucky public university, college or trade
school. It can be used in conjunction with Montgomery GI Bill to cover remaining costs of tuition and fees.
Find out more at kentuckyguard.com.
42
kheaa.com
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kheaa.com
43
We’re here
to help!
Offices in Frankfort and Louisville
888.678.GOAL (4625)
kheaa.com
Our mission
The Kentucky Higher Education Assistance
Authority (KHEAA) is a state government
agency established by the General Assembly
to improve access to higher education.
Our mission is to provide resources to make
higher education accessible to Kentucky’s
current and future generations.
KHEAA is an Equal Opportunity Employer.
Copyright © 2011 by the Kentucky Higher Education Assistance Authority. All rights reserved. The
Kentucky Higher Education Assistance Authority does not discriminate on the basis of race, color,
national origin, sex, religion, age, sexual orientation, gender identity, veteran status or disability
in employment or services and provides, upon request, reasonable accommodations to afford
individuals with disabilities an equal opportunity to participate in all programs and activities.