Paying for College
Sometimes scholarships, grants and family resources aren't enough to pay for college. Two ways parents can help their children are through a college savings account and parent loans.
Saving for College
One of the best ways to deal with the cost of college is to start saving when your child is young. It works especially well if you can save a certain amount on a regular basis, such as through payroll deduction. But it’s not too late to start saving, even if your child is already in high school. You may not be able to save as much, but every dollar you do save is a dollar that you or your student won’t have to borrow to pay for college.
You need to be realistic about how much you can save. You also need to pick the saving option that will work best for you. The two major types are called Coverdell accounts and 529 plans.
The Kentucky Education Savings Plan Trust (KESPT) is the state's official 529 plan.
Private Education Loans
KHEAA and its sister agency, KHESLC, offer Advantage Education Loans for parents who want to help their children with the cost of a higher education. The interest rates are lower than the rates the federal government charges on Federal PLUS Loans. Unlike PLUS Loans, Advantage Education Loans are available to help students attending college less than half time and students attending graduate and professional schools.