KHEAA Offers Money Advice For Students | Neighbors
First-time federal student loan borrowers should follow admissions advice
According to the Kentucky Higher Education Assistance Authority, Kentuckians who will borrow federal student loans for college should follow admissions advice if they are borrowing for the first time.
The United States Department of Education requires borrowers to follow the advice before students receive loan funds. The board will teach users how to borrow responsibly so that they don’t take more loans than they need.
The department offers online advice to Studentaid.gov. under the Full Help Process tab. The counseling should last between 20 and 30 minutes. Borrowers should check with their college if the federal counseling session is accepted, as some schools have other counseling program requirements.
KHEAA is the agency that administers the state’s grant and scholarship programs, including the Kentucky Excellence in Education Scholarship. The agency also offers financial literacy videos on itsmoney.kheaa.com and free copies of “It’s Money, Baby,” a guide to financial literacy, for schools and residents of Kentucky on request at [email protected].
Many KHEAA student aid programs are funded by Kentucky Lottery receipts.
For more information on Kentucky Scholarships and Grants, visit khea.com; write to KHEAA, PO Box 798, Frankfort, KY 40602; or dial 800-928-8926, ext. 6-7214.