Kentucky Higher Education Assistance Authority
April Money Tip for Students
A must-have for your college years is a budget, which tells you how much you have to spend and what you’re going to spend it on. These tips from the Kentucky Higher Education Assistance Authority (KHEAA) may help you prepare your budget.
Some major expenses in college are easy to quantify. You know how much your tuition and fees will be, and you know how much your room and board will be if you live on campus.
Other costs aren’t as straightforward. You won’t know how much you will spend on textbooks, supplies, transportation or personal items. But you’ll have a cost of attendance estimate from your school that shows what the financial aid office thinks you’ll spend. That’s a starting point.
On the income side, you know how much financial aid you’ll receive. You should also have an idea how much your parents will be able to contribute. If you have a job, include that income.
Many schools require freshmen to have a meal plan, especially if they live on campus. Meal plans vary among colleges, but most will give you a certain number of dining hall meals per week and the option of adding flex dollars that you can use at the campus food court or other locations. Larger schools generally offer more flexibility in dining options. You should study your options carefully, because you may be able to trim some of the costs of your education by selecting the plan that is best for you.
KHEAA is the state agency that administers Kentucky’s grant and scholarship programs, including the Kentucky Educational Excellence Scholarship (KEES).
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, ext. 6-7372.