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HSFPP Weekly Update # 82—How Anyone Can Pay for College

Message from Flashman: This week’s update is the result of a question from a teacher in Morgan County who wanted to know some good sources of financial aid information. One of the best sources of information for those who plan to continue their education beyond high school comes from the Kentucky Higher Education Assistance Authority (KHEAA). They provide copies of their publications to high school students, who receive those appropriate to their grade level each year. I’d like to call special attention to one of these publications, Affording Higher Education: Financial Aid Programs for Kentucky Students, which should be helpful to teenagers seeking information on scholarships available in Kentucky and on where to get student loans.

As an example, if you borrow money from Best Smart Stafford and you’re a Kentucky high-school graduate and plan to work in Kentucky after receiving a post-secondary degree, the major you choose matters; if you choose a degree in nursing or certain areas of education, you can finish college with little or no debt. The one stipulation is that you must work in the state of Kentucky one year for each year of school that is funded by these scholarships.

KHEAA participated in our latest in-service training program in December, and they are expected to provide someone again this summer as guest speaker for FAM 759 – Special Advanced Topics in Family Studies: Financial Education for Teachers. (More details about this class will follow in later updates.)

As I mentioned above, this update came about because one of you asked for information that I consider relevant for the High School Financial Planning Program. The Kentucky HSFPP has won several awards in the last year, mainly as a result of your feedback. However, we have received little feedback lately. I value your questions, comments, and suggestions, as these are necessary for the continued quality and growth of the program.

Although I watch the news closely for stories of interest to you as you work with Kentucky’s teenagers, I don’t see everything. You will, of course, see stories that I haven’t heard about. You might know of a need that I haven’t considered. You might have a bright idea that will enable our program to take a major step forward. But we can’t give you what you want and need unless you ask. As the saying goes, two heads are better than one; and with all our heads put together, we can only improve!

Website Pick of the Week:

A new lending source from KHEAA provides reduction in the amount of interest owed, or interest and debt, for certain majors. From their home page, click on what’s new for more information:

http://www.kheaa.com/Whatsnew.html

Suggested Activity for Teachers:

From the following page,

http://www.kheaa.com/pub_affording.html

students can research scholarships at colleges in Kentucky that interest them, as well as scholarships available in the state of Kentucky. Have students research two scholarships, grants, etc., from a specific college that interests them, and two from another source such as an organization in your county. Not all scholarships are listed in KHEAA’s book, but this is a good place to start. Also, not all scholarships require students to have a high GPA. The Lexington Herald-Leader Scholarships are a good example of both of these situations. Information on their scholarships can be found at

http://www.kentucky.com/mld/kentucky/living/education/7550183.htm

In the New$... Post-Secondary Education Can Be Affordable to Everyone

“Kentucky is home to a wide variety of post secondary education opportunities. Unfortunately, post secondary education is not a goal pursued by many Kentuckians ... Perhaps college is not for everyone but some sort of post secondary education is.

“In Kentucky, the Higher Education Assistance Authority is a quasi-government agency charged with the responsibility of getting the word out about post secondary education. They publish and distribute wonderful booklets for every high school freshman, sophomore, junior and senior in the state. The booklets outline the process one goes through to enter post secondary education. The publications are free and are distributed through school. The contents of most of the KHEAA publications can be viewed on the web at http://www.kheaa.com.

“… Getting into post secondary education doesn’t have to be a mystery. KHEAA even has one publication that lists all of the institutions offering post secondary education. If you need such a list, they are your best source. It is also on the website.

“The lottery funds for education? KHEAA distributes those funds through the KEES program. Every high school student has the chance to earn dollars toward post secondary education. (To check out how much you have earned go to the following site http://www.kheaa.com/keeshome.html)”

“A significant number of people do not seek post secondary education because they assume they cannot afford it. That is simply not true for a resourceful person. The KEES funds, loans, grants, etc. are viable options for those without cash.”

Also, because of a statewide shortage of well-trained personnel in certain fields such as nursing, state government has set aside funds for Kentucky residents for that purpose, as part of Best in Care. Although it is not necessary to go to college in Kentucky, graduates must work in Kentucky for the allotted time.

Another targeted field is education; the KHEAA Teacher Scholarship Program provides as much as $12,500 to undergraduates and $7,500 to graduate students. As with the nursing scholarships, certain conditions apply.

Information about both of these programs can be found at the Kentucky Higher Education Assistance Authority websites including:

http://www.kheaa.com/pub_affording.html
www.kheaa.com/prog_tchschl.html
http://kbn.ky.gov/index-old.htm

“…KHEAA also has a mobile unit that travels throughout the state… Post secondary education really can be available to all; however, some may have to work harder at making that a reality and [may] require more coaching than others.”

For more information on the Kentucky Higher Education Assistance Authority, visit their website: http://www.kheaa.com or http://www.studentloanpeople.com.

Source: Revised and edited from University of Kentucky Cooperative Extension Service 4-H Newsletter, January 2004, Post-Secondary Education Resource by Martha J. Welch; and Robert H. Flashman, Extension Professor, University of Kentucky.

Student Activity:

Please use the following website to answer these questions:

http://www.kheaa.com/pub_affording.html

1. Study the section entitled, "Tips for Finding and Applying for Student Aid." What type of financial aid should you pursue first?

2. What types of loans are recommended in this section?

3. In which profession can you have your loans and interest forgiven? What is the program called?

4. Name two companies in Kentucky that offer scholarships.

5. Name two scholarships from the Federal Government that you could apply for.

6. Name at least one scholarship for the educational institution that you plan to attend.

Kentucky High School Financial Planning Program

http://www.ca.uky.edu/fcs/hsfp

The purpose of this Web site is to assist county extension agents, credit union educators, and high school teachers in improving the economic well-being of our constituency, beginning with today’s students; and also, to assist teachers in Kentucky in meeting KERA’s goal that all students become technologically literate. Weekly Updates are provided by the University of Kentucky Cooperative Extension Service, and are free to all educators.