FINANCIAL AIDfor

College Students

How Much Does College Cost? 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.)

Out-of-Pocket Merit-Based Aid Need-Based Aid

How to Pay :

Out-of-PocketSave for College

Kentucky Education Savings Plan Trust

To learn more about KESPT or to enroll, go online at

www.kysaves.com

KESPT is a state 529 plan 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.

Save for CollegeIf saving in the stock market sounds risky to you,

you can also save in: Certificates of Deposit Regular Savings Accounts Money Market Accounts Mutual FundsThese all have different rates of returns and

different levels of risk. Check with a financial planner for more detail.

Pay Out of Pocket 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.

Free Money—Need or Merit

“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 )

Types of Merit Based 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.

KEES Scholarship

Info On KEESFind information on KEES online using your ZIP Account at KHEAA.com

Apply for Need Based Aid 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

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. 15th

Types of Need Based Aid Federal Pell Grant Kentucky’s CAP Grant SEOG grant Kentucky’s KTG Grant TEACH “grant” Stafford loans, Subsidized or Unsub Parent PLUS loans

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

CAP Grant 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. 15th). Must be a US Citizen or Elig. Non-Citizen

and a Kentucky Resident.

KTG GrantKentucky 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.

SEOG GrantSupplemental 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.

Subsidized Stafford Loan 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.

Unsubsidized Stafford Loan 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.

Parent Plus Loan 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

Private LoansUSE 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

To-Do Now 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.

To-Do Senior Year Comparison shop. Apply for scholarships. Complete FAFSA early. Talk with your guidance

counselor, college counselor and your college’s financial aid department.