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Student Financial Aid in Kentucky

Student Financial Aid in Kentucky. Budget Review Subcommittee on Postsecondary Education October 1, 2019. The Big Three. College Access Program (CAP) Helps Kentucky’s financially neediest students attend in-state colleges and universities Pell eligible = CAP eligible

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Student Financial Aid in Kentucky

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  1. Student Financial Aid in Kentucky Budget Review Subcommittee on Postsecondary Education October 1, 2019

  2. The Big Three • College Access Program (CAP) • Helps Kentucky’s financially neediest students attend in-state colleges and universities • Pell eligible = CAP eligible • 2019-2020 maximum award is $2,000 Kentucky Tuition Grant (KTG) • Provides tuition equalization for students attending Kentucky’s independent colleges • 2019-2020 maximum award is $3,000 • Kentucky Educational Excellence Scholarship (KEES) • Provides incentive-based awards to Kentucky high school students attending Kentucky colleges and universities • GPA award for each year of high school • ACT bonus • Supplemental AP/IB/CAI awards for low-income students

  3. Recent State Initiatives Work Ready KY Scholarship Provides aid for postsecondary students seeking an industry-recognized certificate, diploma, or Associate of Applied Science degree in a high-demand workforce sector Advanced Manufacturing Business and Information Technology Construction Healthcare Transportation and Logistics Award is equal to tuition and fees minus federal and state aid, not to exceed the in-state KCTCS hourly tuition rate

  4. Recent State Initiatives Dual Credit Scholarship Provides two free dual credit courses to Kentucky high school students in grades 11 or 12 Applies to General Education and Career/Tech Education dual credit coursework Participating institutions offer discounted rates on all dual credit coursework Max is $58 per credit hour for 2019-2020 year Work Ready Dual CreditScholarship Provides two free dual credit courses per year to Kentucky high school students in grades 9-12 Applies to dual credit coursework that is part of a KDE-approved Career and Technical Education pathway

  5. Program Expenditures

  6. Other KHEAA Student Aid programs • KY National Guard Tuition Award • Early Graduation Scholarship Certificate • Early Childhood Development Scholarship* • KY Coal County College Completion Scholarship* • Teacher Scholarship* • Osteopathic Medicine Scholarship* • Coal County Scholarship for Pharmacy Students* • KY Affordable Prepaid Tuition (KAPT) • KY Education Savings Plan Trust (KESPT) *$0 funded & subject to termination

  7. How Financial Aid Is Awarded $ 37,892 $ 20,717 $ 14,353

  8. How Financial Aid Is Awarded $ 37,892 $ 20,717 $ 14,353

  9. How Financial Aid Is Awarded $ 37,892 $ 20,717 $ 14,353

  10. How Financial Aid Is Awarded $ 37,892 $ 20,717 $ 14,353

  11. How Financial Aid Is Awarded $ 37,892 $ 20,717 $ 14,353

  12. 2005-2006 Tuition & Fees vs. Aidby Sector

  13. 2018-2019 Tuition & Fees vs. Aidby Sector

  14. Baccalaureate Class of 2010Average Federal Student Loan Debt and National Rank by Debt Average $ 27,713 7th $ 23,885 20th $ 27,001 8th $ 23,678 22nd $ 23,327 24th $ 22,601 28th $ 19,375 43rd $ 20,188 42nd Source: Project on Student Loan Debt, http://projectonstudentdebt.org/.

  15. Baccalaureate Class of 2017Average Federal Student Loan Debt and National Rank by Debt Average $ 30,629 17th $ 29,214 24th $ 29,561 22nd $ 27,505 30th $ 29,887 19th $ 27,108 32nd $ 28,447 27th $ 25,252 41st Source: Project on Student Loan Debt, http://projectonstudentdebt.org/.

  16. Student Loan Monthly Payments Baccalaureate Class of 2017 Proportion of Graduates w/ Debt Source: Project on Student Loan Debt, http://projectonstudentdebt.org/. Accessed 07FEB2019; and KHEAA

  17. Low, FIXED rates • NO FEES • Funded and serviced locally • Advantage Loan vs. Federal PLUS Loan Savings of $5,903 * AEL calculations include ACH interest rate deduction of 0.25%

  18. Benefits and Features • Fixed interest rates starting at 3.49%* APR • NO FEES • Flexible terms of 10, 15 or 20 years • Cosigner release available after 36 months of consecutive on-time regularly scheduled payments • Death and disability benefit • Refinance Loan • Eligible loans for refinancing • Private education loans • Parent/Grad PLUS loans • Federal loans • Perkins loans * Includes ACH interest rate deduction of 0.25%

  19. KHEAA Outreach Comprehensive statewide outreach program 13 field staff College Info Road Show(mobile outreach vehicle) Publications Comprehensive college planning website

  20. Kentucky College Coaches KHEAA places AmeriCorps members as full-time College Coaches in disadvantaged high schools across the state • Partnership with Kentucky Campus Compact and AmeriCorps • Coaches serving 32 high schools for the 2019-2020 year • Service term is August 1st through May 31st Coaches work with students on a variety of college access activities • Career exploration • Test preparation • College research • Admission applications • Scholarship search and application • FAFSA completion

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