Step 8: Future Cost and Loan Repayment
The Kentucky Higher Education Assistance Authority (KHEAA) has launched a financial literacy website. The first video is available and concerns cash basics. Additional videos will be released periodically this fall.
College costs typically increase each year. To learn more about Kentucky's tuition policy for public colleges and universities, visitKentucky's Council on Postsecondary Education.
The State of KY designates funds to public colleges and universities around the state. This funding, in part, helps to subsidize some of the costs for the residents of KY who attend U of L. Review the Governor's Executive Budget Recommendation for the 2012 - 2014 Biennial Budget for U of L 2013 (adobe pdf) on the Office of State Budget Director's website.
Increases in tuition are recommend by the University President to the Board of Trustees after consultation with members of the University community and KY's Council on Postsecondary Education. You can view tuition trends at U of L online.
Students can have a significant impact on tuition and fee decisions and other budget decisions by working through your student government, state legislators, congressional representatives in the House and Senate, and your student representative on KY's Council on Postsecondary Education.
The U.S. Department of Education requires all students to complete an exit interview upon graduating or otherwise leaving school. We will send notification to complete this interview. It is an online session that will provide you with details on loan repayment options and other information.
If you borrowed a Federal Stafford Loan, then you will have a Master Promissory Note (MPN) listing repayment information and your responsibilities as a student loan borrower.
Use the Federal Stafford Loan Repayment Calculator to view information on repayment including your likely monthly payment, repayment term, and repayment schedule based on the amount of your Stafford Loan.
- Remember to only borrow what you need. A student who borrows student loans is relying on future income from their education. Use the University Career Development Center resources or consult the U.S. Department of Labor's Occupational Outlook Handbook for income information by career. You can also view career income information for Kentucky online at Workforce Kentucky.
- Many students benefit by consolidating their student loans during their grace period prior to repayment. Review our loan consolidation webpage for more information.
- If you have a younger relative and want to learn how to save money for their college education, review take a look at KY Go Higher, KY Education Savings Plan Trust, and KY's Affordable Prepaid Tuition.