1. FINANCIALAIDfor College Students

2.  Tuition—typically more expensive at privates or out-of-state, less expensive in-state publics or at a community college (about $4000 per term at WKU this coming year.  Books—typically about $125 per class  Housing—varies by institution, on or off campus; about $2000 per semester at WKU  Meal Plan—varies by institution (about $1200 at WKU.)  Parking Pass—varies by institution, sometimes not required (about $100 a year at WKU.)

3.  Out-of-Pocket  Merit-Based Aid  Need-Based Aid

4. Save for College Kentucky Education Savings Plan Trust To learn more about KESPT or to enroll, go online at www.kysaves.com www.kysaves.com

5.  529 plans are like 401K’s, only instead of saving for retirement, you are saving for college.  They can be set up in your name, parents’ name, or grandparents’ name.  Usually show growth, but last year when the market tumbled, so did some 529’s.

6. If saving in the stock market sounds risky to you, you can also save in:  Certificates of Deposit  Regular Savings Accounts  Money Market Accounts  Mutual Funds These all have different rates of returns and different levels of risk. Check with a financial planner for more detail.

7. When the time comes to pay for college, you may want to register for a payment plan. Many colleges use these. For example, WKU works with Tuition Management Systems to set up a 5 payment plan to pay for each semester. You pay June 1, July 1, Aug 1, Sept 1, and Oct 1 for the fall semester. Some students apply for “free aid” and pay out of pocket for the remainder of the bill, rather than borrowing Student Loans.

8. “Free Money” for college is generally: o Need Based (based on your and your parents’ income & assets) or o Merit Based (based your Academic or Athletic Prowess )

9.  KEES money—Based on High School GPA and ACT scores.  Scholarships—Available from many sources, including:  The College you plan to attend apply. Due dates are EARLY, sometimes Jan. of Senior year  Third Parties—check in your community. Many banks, churches, and social organizations offer scholarships.

11. Find information on KEES online using your ZIP Account at KHEAA.com KHEAA.com

12.  The primary document to file for Need Based Aid is the FAFSA—Free Application for Federal Student Aid.  Learn more about the FAFSA at www.fafsa.ed.gov www.fafsa.ed.gov  DON’T GO to FAFSA.COM—They will charge you $80 to file!! The whole point of FAFSA is that it is FREE!!  Do FAFSA during Spring Semester, Senior year, if possible, by Feb. 15 th

13.  Federal Pell Grant  Kentucky’s CAP Grant  SEOG grant  Kentucky’s KTG Grant  TEACH “grant”  Stafford loans, Subsidized or Unsub  Parent PLUS loans

14.  Awarded by Federal government, based on household Income and Assets.  At this time, a maximum Pell Grant is $2,675 per semester.  Must complete a FAFSA and be a US Citizen or Eligible Non-Citizen (i.e. a permanent resident with a “Green Card.” Pell Grant

15.  Grant given by the state of Kentucky  Need based, or based on Household income and assets.  Currently max CAP is $950 per semester.  Must complete FAFSA by Kentucky deadline (currently Feb. 15 th ).  Must be a US Citizen or Elig. Non-Citizen and a Kentucky Resident.

16. Kentucky Tuition Grant  For private schools in Kentucky  Need based, just like CAP only for private Kentucky colleges.  Must complete FAFSA, be a US Citizen or Elig. Non-Citizen, and a resident of Kentucky.

17. Supplemental Education Opportunity Grant  Smaller grant (currently $250 per semester at WKU).  Federal money that schools decide how best to spend to serve their highest need students.  Must file FAFSA, be US Citizen or Elig. Non-Citizen.

18.  A government-backed loan students can take in their own name.  No credit check.  Can choose to defer repayment until student graduates or leaves school for longer than 6 months.  Government pays the interest to the lender while student is enrolled.  Current interest rate 5.4% for 09-10.

19.  A government-backed loan students can take in their own name.  No credit check.  Can choose to defer repayment until student graduates or leaves school for longer than 6 months.  Student is responsible for the interest that accrues while student is enrolled.  Current interest rate 6.8% for 09-10.

20.  Loan in the Parent’s name.  Credit check is performed, parent may be denied.  Current interest rate is 8.5%  Repayment begins 60 days after the loan is taken out.  Loan from US Dept. of Education

21. USE Federal Aid FIRST  Require a co-signer.  In student’s or parent’s name.  Interest rate generally higher than government loan.  Terms generally less favorable.  Interest accrues while student in school & repayment to begin after school.  Kentucky Advantage Education Loan Kentucky Advantage Education Loan

22.  Make good grades.  If you take a part-time or summer job, save some of your earnings.  Check into savings products.  Participate in activities that look good on scholarship applications.  Clubs, contests, HS Portfolio, community service, organizations, etc.

23.  Comparison shop.  Apply for scholarships.  Complete FAFSA early.  Talk with your guidance counselor, college counselor and your college’s financial aid department.