February 5, 2023



You should know these money aid terms

You should know these money aid terms

As large faculty seniors and their mom and dad commence the college monetary help process, they may find themselves confronted with unfamiliar conditions. This limited glossary from the Kentucky Increased Education Assistance Authority (KHEAA) could aid.

“Understanding the language of university student aid aids guarantee that college students and parents can just take advantage of all the funding opportunities that are out there for specialized and college or university schooling,” Gov. Andy Beshear claimed. “Any Kentucky spouse and children with issues about admissions and financial support should make contact with KHEAA — the personnel there are keen to aid you.”

Terms mom and dad and pupils ought to know involve:

  • Conversion scholarship/bank loan. This sort of scholarship calls for college students to deliver selected products and services. If they never give the company, the scholarship results in being a mortgage.
  • Expense of attendance. The complete expense of a single 12 months of school: tuition, expenses, room, foods, supplies, transportation and own things.
  • Anticipated relatives contribution (EFC). This is the sum the student and loved ones are expected to fork out for the student’s schooling. It is based mostly on a formulation established by Congress.
  • FAFSA. The Cost-free Application for Federal Pupil Assist ought to be submitted by college students making use of for federal and point out support. The ideal way to do so is at fafsa.gov.
  • Fiscal require. The big difference involving the cost of attendance and the EFC.
  • Institutional assist. The scholarships, grants and other economical assist systems presented by the faculty.
  • Verification. The method of producing positive the information submitted on the FAFSA is suitable. The federal authorities requires schools to have sure students’ FAFSA information and facts verified.

KHEAA is the condition company that administers Kentucky’s student money help programs, including the Kentucky Instructional Excellence Scholarship (KEES). Its sister company, the Kentucky Greater Education Student Mortgage Company (KHESLC), provides low-price tag Benefit Loans to enable pupils and mothers and fathers fork out for faculty or refinance college student financial loans. For a lot more facts about Benefit Financial loans, pay a visit to AdvantageEducationLoan.com.

Quite a few of KHEAA’s pupil help plans are funded by Kentucky Lottery revenue.

For extra data about Kentucky scholarships and grants, stop by kheaa.com write to KHEAA, P.O. Box 798, Frankfort, KY 40602 or simply call 800-928-8926, ext. 6-7214.