Panther Ready
Special Senior-to-be Edition for students and parents!
Dispelling Myths
Myth 1 "I must earn a 4-year degree to be successful"
Your college-readiness benchmarks (ACT, Compass, or KYOTE scores) indicate that you are academically prepared for training - whether at a trucking school, a trade school, or a college. That's why we push you so hard to earn those benchmarks.
Myth 2 "I can't afford to go to college"
Option A: attend a two-year (or less) college then enter the work force
Option B: attend a two-year college then transfer to a four-year college for the remaining two years to earn your bachelor's degree. (Total years of college=4)
Option C: get your associate's degree at a two-year college, work for a few years, then transfer to a four-year college and earn your bachelor's. (Total years of college = 4)
Myth 3 "If I go to college, I'll spend the rest of my life paying off student loans."
In 2014, students who earned bachelor's degrees at Kentucky public and private nonprofit colleges had an average student loan debt less than $26,000. Depending on the interest rate, their monthly loan payment is around $300. That's less than 10% of the average monthly salary for a Kentuckian with a bachelor's degree!
The biggest issue with student loan debt comes from students who borrow money but don't complete their degree or students who don't pay attention to how much they're borrowing.
Finish your degree, know what you owe, and borrow responsibly.
You can do this!
You'll learn more about financial aid soon - but review these terms to learn the vocabulary.
Types of Financial Aid
Scholarships - awards based on some kind of special achievement - academic, athletic, talent, or service. These are merit-based and generally don't have to be repaid.
Micro-scholarships - awards that are earned through a combination of grades, test scores, service, and/or school involvement.
Work-study - part-time employment (on or off campus) that lets you earn money toward tuition
Student loans - money borrowed from a bank, a school, or the government. These must be repaid but usually not until you've either left school or graduated.
Conversion scholarships - scholarships that require you to provide certain services for a period of time. If you don't, you have to pay back the money with interest.
Waivers - an arrangement offered by some schools to eliminate certain costs for students who meet specific qualifications.
Military benefits - financial aid offered to individuals (or their dependents) who were, are or will be in the U.S. Armed Forces.
National service award - an award received for education expenses in return for national or community service.
The financial aid process
Example:
Total cost of attendance is $12,000 per year.
Your EFC is $7,00 per year.
The most you can get in need-based aid is $5,000 per year. That doesn't mean you will get $5000 - just that you're eligible for up to that amount.
Based on the formula above, each college determines how much financial aid they will extend to you. The colleges you've been accepted to will send a financial aid package that shows the cost of attendance and the aid the school plans to award you. The package can include grants, scholarships, work-study and loans. You have to accept or reject each type of aid the school offers you. Some schools do this online, others send you a paper that you must check, sign, and return.
Even if you don't get aid the first time you apply, you should reapply each year. Things change - program requirements, your family's financial condition - lots of things.