But as they enter a new and exciting phase of life, paying for college shouldn't be the reason why. Of course not worrying has been made all the more difficult recently by rapid increases in state tuition at our universities. While that is a real problem and must be addressed, there are many people already working hard to make college affordable today for everyone in Kentucky.
The great people at your local high school, college financial aid offices, and the Kentucky Higher Education Assistance Authority (KHEAA), to name a few, all work hard every day to make students and families aware of the resources that currently exist to help students manage paying for college.
For parents thinking ahead, or for those ambitious overachievers who are always on top of things, Kentucky has a college savings program. The Kentucky Education Savings Plan Trust offers plans to help pay for college through savings and investments with payments as low as $15 to $25. The savings the plan generates can be used toward fees, books, supplies and other incidentals to reduce the burden of out-of-pocket expenses not normally covered by scholarships and grants.
Aside from college savings plans, there are many great resources online. A good place to start is www.KHEAA.com, which offers useful explanations of financial aid basics and explains the process of applying for federal student aid. Another great resource is www.GoHigherKY.org, a site that offers a complete guide to attending college in Kentucky. You can find everything from tips to help choosing a college, simple explanations of how to apply, and suggestions on how to finance your education. Another great Website is www.FinAid.org, a free site that helps search for available scholarships.
As you might suspect, student loans and scholarships are big business, with millions of dollars involved each year. There are many legitimate companies and organizations which offer help, but there are also scams out there which are trying to take advantage of you. Simply being alert to that fact and having some good common sense will help you identify many of these rip-offs.
As a general rule you should be wary of anyone offering “insider” information for a price, and be especially careful if they ask for any financial or personal information up front. Remember you can't judge a company by its Website. In the virtual world these sites can open and close right after they've taken your money. While the scams and con artists are out there, there are many free ways to get the same information; and the sites listed above are some great examples.
For those of us with a little less technical savvy, or who simply want to talk to a professional in person a great way to start is at the local high school counselor's office or at the financial aid office of the college you plan to attend.
KHEAA also puts out a number of publications including “Getting In” and “Affording Higher Education” that list scholarships and offer great advice to help maneuver the world of college finance.
There is sometimes a toxic misperception that college is only for students with the best grades and the most money. Yet nothing could be further from the truth. There are many need-based grants (money awards that you don't pay back); student loans which offer low interest rates, don't have to be repaid until after you graduate, and actually, if paid on time, improve your credit rating; work study programs; military benefits for those in the service and their dependents; national service awards for community service; and even waivers for qualifying students that may completely cover the cost of education.
In our changing and increasingly complex world, a college education is the key to early success in any field from business, to healthcare, civil service, and education. There are many great programs out there to help make going to college a reality if you have the desire. Just remember, it's your money and your future, and both would be a terrible thing to waste.
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