Kentucky Higher Education Assistance Authority
November Money Tip for Students

If you have decided to go to college, or if you are already in college, you have made a good financial choice. Kentuckians with bachelor’s degrees typically earn $16,000 more annually than people with high school diplomas.

But you need to find the best way to pay for that college education, preferably with money you do not have to pay back. These tips from the Kentucky Higher Education Assistance Authority (KHEAA) may help.

Your best source of financial aid information will be the financial aid office at your college. A typical financial aid package includes grants, scholarships and student loans. You may also be able to work part-time. Check with the financial aid office to see if you qualify for the work-study program. You can also look for a job off campus.

The amount of state and federal financial aid you receive is determined by a formula set by Congress. To determine how much you qualify for, you and your parents should submit the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. If you are applying for a term that starts after July 1, you cannot file before January 1 of that year.

If you are already in college, file a FAFSA to reapply for financial aid each year. Check with the financial aid office to find out if your school requires an additional application for its grants and scholarships.

If you have to borrow money to help pay for college, remember that you are borrowing against your future earnings. Before taking on a lot of student loan debt, you should research the salaries earned by entry-level workers in your intended occupation.

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.

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