A panel of financial aid representatives from Kentucky provided information on the availability of scholarships, grants and other financial aid on Monday’s edition of Education Matters. Panelists were:
Will Bradley, financial aid and scholarships coordinator, Gateway Community and Technical College
Cassandra Clark, senior outreach coordinator for Northwest Kentucky, Kentucky Higher Education Assistance Authority
Bob Fultz, associate director of student financial planning, Georgetown College
Sandra J. Neel, executive director of financial aid, University of Louisville
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Here are some highlights from the question-and-answer program.
Q. What is the one key piece of advice you have for students seeking financial aid for college?
A. Don’t be afraid to ask questions, says Bradley. A good source for information is your high school guidance counselor. Fultz tells students to keep track of deadlines with a calendar. Neel advises students to apply for admission to the colleges early and fill out the FAFSA (Free Application for Federal Student Aid) as early as possible their senior year (it becomes available Jan. 1 of each year). Neel says students can use estimates or information from last year’s tax return and update information later.
Q. Will financial aid go to technical colleges as well as colleges and universities?
A. Yes. FAFSA is a universal form for higher education, including technical and community colleges. “You can list up to 10 colleges on it,” Clark said.
Q. What types of federal student loans are available?
A. There are two types of federal student loans: subsidized and unsubsidized. The subsidized loan is based on need, therefore the loan does not accrue interest while the student is at least half time at school. Unsubsidized loans do accrue interest, but students can choose to pay off the accrued interest each quarter.
Q What is the expected family contribution on FAFSA?
A. The expected family contribution is the amount families can contribute based on the income and assets of the parents. The family contribution is among the factors used in the formula set up by the U.S. Department of Education.
Q. Which factor is most important, my financial aid package or the quality of education?
A. “All the money in the world won’t make any difference if you’re not going to fit in that school,” Neel said. She encourages students to visit campuses, sit in on classes and check out activities on campus.
Q. Do 529 education savings plans affect Pell Grant eligibility?
A Because the Pell Grant is a need-based program, if you are eligible for it, you will receive it, says Clark. The 529, a way to save tax free for higher education, is the financial asset of whoever owns it. If a parent owns a 529, it is a parent’s financial asset and must be reported on the FAFSA. As such, it is considered when determining the expected family contribution, and could affect Pell Grant eligibility or the size of the Pell Grant. If a grandparent owns the 529, it would not be reported on the parent FAFSA.
Q. Must there be a separate FAFSA for each student in the household?
A. Yes. A family can use the first FAFSA filled out online to repopulate the FAFSA for another student. Clark says to make sure your Internet browser’s pop-up blocker is turned off so you can click on the link from the last page of the FAFSA to repopulate the next form.
Q. What steps can high school freshmen take to prepare for their senior year?
A. Fultz says it’s never too early to prepare, and that students and parents can make appointments to visit campuses they are interested in. Bradley encourages high school students to do volunteer work at church and in the community. “When it comes to scholarship funds, we encourage students to get involved outside the classroom, “ he said. Neel says students should look for scholarships offered by businesses, churches, civic groups, and parent employers.
Q. How do students know how much KEES (Kentucky Educational Excellence Scholarship) money they are getting?
A. KEES money is awarded to Kentucky high school students based on high school grades as well as ACT scores. Clark says students can create an account at the KHEAA website, where they can monitor the amount of money that accumulates. Once the student enrolls in college, the college will report to KHEAA and the KEES money will be sent directly to the college.
Q. Is KEES money renewable in college? What is required to keep it?
A. Students get an award amount in August before their freshman year in college. They get that amount every year for undergraduate studies for up to four years as long as they maintain at least a 2.5 GPA, Clark says.
Q. Can I use use my KEES money out of state if I am majoring in a program not offered in Kentucky?
A. Yes, the academic common market will accept KEES money if the program not offered in state.
Q. What is College Goal Kentucky?
A. College Goal Kentucky provides professional help in filling out the FAFSA at locations throughout the state through spring 2015. For locations, see the College Goal Kentucky website.
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