Student Financial Aid in Kentucky. Affordability Policy Group Council on Postsecondary Education January 14, 2004. Dr. Joe L. McCormick Executive Director. Student Financial Aid in Kentucky. State Student Aid Program Activity Questions from November meeting Policy Considerations.
Affordability Policy Group
Council on Postsecondary Education
January 14, 2004
Dr. Joe L. McCormick
Loans: 58% Other Student Aid: 42% Average Indebtedness for Kentucky graduates: $13,500
Variable rates are in effect July 1-June 30:
Source: Kentucky Higher Education Assistance Authority.
1CAP and KTG are “need-based” student aid programs.
2004 Legislative Session & Beyond
KEES Funding: ReportLottery AllocationsBy statute, all Net Lottery Proceeds (excluding $3 million for literacy efforts) will go toward need-based and merit-based student financial aid as of FY2006
*Does not include credit card debt or alternative, private loans.
**Source: Department of Education
In the last decade, the amount of federal student loans has more than doubled—both nationally and in Kentucky.
Source: U.S. Department of Education and Kentucky Higher Education Assistance Authority
Rates are based on the percentage of borrowers who enter repayment in a certain fiscal year and default before the end of the next fiscal year. The 2001 rate is the most current available.