If you're worried about paying for college, don't give up.
You may qualify for financial aid help based on your need or on academics, athletics, or some other talent.
You should:
More questions? Here are some FAQs about financial aid.
Q.
|
How is financial aid awarded?
|
A.
|
Based on financial need or on academic, athletic, or other talent.
Most financial aid is need-based.
|
|
Q.
|
Who gives financial aid?
|
A.
|
Schools, state and federal governments, and private businesses and organizations.
|
|
Q.
|
Who develops the financial aid package?
|
A.
|
The financial aid office.
The package typically includes grants, scholarships, work-study and loans.
|
|
Q.
|
Where can I get financial aid information?
|
A.
|
From your guidance counselor, college financial aid officers and this website.
|
|
Q.
|
How do I apply?
|
A.
|
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.
|
|
Q.
|
When do I apply?
|
A.
|
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.
|
|
Q.
|
What is need analysis?
|
A.
|
How your financial need is figured. The school's cost of attendance minus your expected family contribution (EFC) equals how much financial aid you need.
|
|
Q.
|
What's the EFC?
|
A.
|
What the federal government, based on the information on the FAFSA, says you and your family can pay toward college.
You can use the free PAIS/EFC Calculator on GoHigher Kentucky to estimate your EFC.
|
|
Q.
|
What if I don't qualify for financial aid this year?
|
A.
|
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.
|
|
Q.
|
What is "satisfactory academic progress" mentioned in the criteria for some financial aid programs?
|
A.
|
It means you have to be making progress toward earning your degree, according to your school's policy.
|
|
Q.
|
Who coordinates the financial aid process?
|
A.
|
The financial aid office.
|
|
Q.
|
What can financial aid be used for?
|
A.
|
Only for tuition, fees, housing, food, books, supplies, transportation and personal costs.
|
|
Q.
|
How much can I get?
|
A.
|
The most you can get in need-based aid is what you need analysis says you qualify for, but there's no telling how much you can get through scholarships based on criteria other than need. Some people get full scholarships.
|
|
Q.
|
When will I know how much I will get?
|
A.
|
If you file the FAFSA between January and April, you should find out in late spring or early summer.
|
|
Q.
|
Is there anything I can do to find more financial aid?
|
A.
|
There certainly are, such as these:
- Check your high school or public library for books about student aid.
- Make good grades in high school. By doing so, you can earn money for college through the KEES program.
- Talk with financial aid officers at the schools you're interested in attending.
- 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.
- Check with professional organizations to see if they have financial aid available.
- Watch newspapers for information about local scholarships.
|
|
Q.
|
What about refunds?
|
A.
|
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.
|
|
Q.
|
Are scholarships taxable ?
|
A.
|
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.
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 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*.
|
|
Print this page
Go to your ILP
