Kentucky Higher Education Assistance Authority
June Financial Aid Tip of the Month

Parents of college-bound students often hear sales pitches from companies that promise to help them find financial aid to pay for college. There’s no need to pay for this kind of information, according to the Kentucky Higher Education Assistance Authority (KHEAA).

Financial aid information can be obtained free by working with your school counselor, checking out sources in the library, doing free online scholarship searches or contacting the financial aid office of the college you plan to attend.

If you decide to use a company to help you find financial aid, make sure you’re dealing with a reputable one. The Federal Trade Commission cautions students to be especially skeptical about scholarship search companies and websites that make these claims.

·         “You’ve been selected by a national foundation to receive a scholarship.” Check with a guidance counselor to find out if the foundation is legitimate. Be especially wary if you’re notified that you’re a finalist in a scholarship contest you didn’t enter.

·         “We’ll do all the work.” It’s highly unlikely that the company will fill out all the applications for all the financial aid sources it sends you.

·         “I just need your credit card or bank account number to hold this scholarship.” Never give these numbers to a person or company you’re not sure about. You could find your credit card maxed out and your bank account cleaned out.

·          “You’re guaranteed to get money for college or your money back.” Read the fine print. If it sounds too good to be true, it probably is.

KHEAA is the state agency that administers Kentucky’s student aid programs, including the Kentucky Educational Excellence Scholarship (KEES).

To find links to other useful education websites, 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; or call 800-928-8926, ext. 6-7372.

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