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If you're worried about paying for college, don't give up. You may qualify for financial help based on academics, athletics or some other talent, but it might just be as simple as financial need. Contact the financial aid office at the school you want to attend to find out what's available.
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). Check with the school to see if it requires another application for school-based scholarships.
And check with the school to find out the latest costs and what kind of financial aid package it's offering you. You might find out that it won't cost you any more to go to a high-cost school than a lower-cost school.
Even though college can be expensive, it's more affordable than you think, especially in Kentucky. We have a reputation for providing an excellent college education at a lower cost than most states.
Financial aid comes in many kinds. You'll probably qualify for more than one type. Here are some FAQs about financial aid.
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How is financial aid awarded?
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It's awarded by financial need (need-based aid) or on academics, athletics or other talents (merit-based aid). Most financial aid is need-based but is often awarded in combination with merit-based awards.
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Who gives financial aid?
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Schools, state and federal governments, and private businesses and organizations provide financial aid. But you and your family must pay as much as you can towards your school expenses.
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Who develops the financial aid package?
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Generally, your school's financial aid office develops your financial aid package for you. The package typically includes grants, scholarships, work-study and loans.
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Where can I get financial aid information?
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Free financial aid information can come from your guidance counselor, college financial aid officers and this website.
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How do I apply?
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You must file the FAFSA to be considered for federal student aid programs and for most Kentucky aid programs. Some colleges will require a separate application for school-based programs (called institutional aid). Read the instructions on all forms carefully and follow them to the letter.
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When do I apply?
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If you're filing for the fall, you can't submit the FAFSA until after January 1. Check with the financial aid offices of the schools you're interested in to find out their deadlines.
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What is need analysis?
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Need analysis subtracts your expected family contribution (EFC) from the school's cost of attendance to determine how much financial aid you need.
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What's the EFC?
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The EFC is figured from the information on the FAFSA using a formula set by Congress. The result is what you and your family are expected to pay toward college. If you're an independent student, the EFC is figured on your own financial resources (and those of your spouse, if you're married). You can use the free PAIS/EFC Calculator on GoHigher Kentucky to estimate your EFC.
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What if I don't qualify for financial aid this year?
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Reapply next year. Your family's financial situation and the criteria for eligibility usually change each year. Just because you didn't qualify this year doesn't mean you won't next year.
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What is "satisfactory academic progress" mentioned in the criteria for some financial aid programs?
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It means you have to be making progress toward earning your degree, according to your school's policy. Otherwise, you don't qualify. Check with the schools you're interested in to find out what their requirements are.
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Who coordinates the financial aid process?
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This is almost always done by financial aid offices. Check with them to see what you qualify for and what kind of financial aid package they can offer you.
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What does financial aid cover?
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Financial aid must be used to pay for your education: tuition, fees, housing, food, books, supplies, transportation and personal costs.
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How much can I get?
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Your need-based financial aid can't exceed the school's cost of education minus your EFC.
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When will I know how much I will get?
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If you file the FAFSA between January and April, you should find out in late spring or early summer.
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Is there anything I can do to find more financial aid?
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There certainly are, such as these:
- Check your high school or public library for books about sources of student aid.
- Make good grades in high school. By doing so, you can earn money for college through the KEES program. Students who make at least a 2.5 GPA can earn scholarships for college. Doing well will also help you qualify for other scholarships and grants.
- Talk with financial aid officers at the schools you're interested in attending. They can tell you school-based aid programs.
- Search for free information about scholarships and other student aid sources.
- Check with community organizations and civic groups such as the American Legion, YMCA, 4-H Club, Kiwanis, Jaycees, Chamber of Commerce, and Girl or Boy Scouts. Many such organizations sponsor scholarships.
- Check with professional organizations organizations to see if they have financial aid available. Use the Web or an association directory to get addresses to write for more information.
- Watch newspapers for information about local scholarships.
- Learn about student loans. You should first try for aid that you don't have to repay. But if you're going to need student loans, you need to make sure you get the least expensive ones you can. That means you need to learn some terms and then make comparisons.
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What about refunds?
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Every school that awards federal student aid must have a written refund policy and give you a copy of that policy if you request it. You should find out before you apply for admission if you can get a refund if you leave school before you graduate.
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Are scholarships taxable ?
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Like a lot of things about taxes, it depends. For a scholarship to be tax free, known as a "qualified" scholarship, you have to be a candidate for a degree.
A qualified scholarship is any amount used for tuition and required fees, books, supplies, and equipment. Any amount received for incidental expenses is not a tax-free, qualified scholarship. Incidental expenses include expenses for room and board, travel, research and clerical help.
For more information, call the Internal Revenue Service (IRS) at (800) 829-1040 or visit  www.irs.gov/pub/irs-pdf/p970.pdf* to download Publication 970, Tax Benefits for Education. This publication also has information about tax credits and deductions you and your family may be able to take.
This and other free publications are also available by calling (800) 829-3676 or by visiting www.irs.gov/formspubs/lists/0,,id=97819,00.html*.
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*Some forms linked off of this page are in Adobe Portable Document Format (PDF). You need the free Adobe Acrobat Reader to view/print these forms. If you have problems with Acrobat Reader, contact Acrobat Reader customer support.
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