Kentucky Higher Education Assistance Authority
January Money Tip for Students

Even students still in school should set long-term financial goals.

The biggest goal should be to save money for retirement. Recent and proposed changes to the nation’s Social Security system make this more important than ever.

An important goal for high school and college students is to graduate with as little student loan debt as possible. For high school students, this means doing the best they can in school to help them qualify for more scholarships. When applying for student loans, college students should borrow no more than what is necessary to pay college costs.

To plan for your financial future, make a list of your goals. Make reasonable estimates on how much you will set aside from each paycheck to save for those goals. You will have a better idea of how to reach your goals when you know for how long you will need to save.  That may mean cutting back on dining out or shopping or taking a part-time job, if your schedule permits.

Remember that how much you earn may affect your financial aid package. Dependent students are expected to be able to use more of their earnings to pay for college because the financial aid system assumes their parents are paying for most of the students’ day-to-day expenses.

Whatever your goal, you have a much better chance of reaching it if you have a plan in place.

To learn how to plan and prepare for higher education, go to www.gotocollege.ky.gov. For more information about Kentucky scholarships and grants, visit www.kheaa.com; write KHEAA, P.O. Box 798, Frankfort, KY 40602-0798; or call (800) 928-8926, extension 6-7372.

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