College Savings Match FAQs
You must fill out the Free Application for Federal Student Aid forecaster: FAFSA4caster. You will need information regarding your family’s income and assets to complete the forecaster. If your Estimated Family Contribution (EFC) on the forecaster is $12,000 or less, you are eligible to apply for KC Scholars.
You must live in the 6-county service area and graduate from a public, charter, or private high school or a home-school in the 6-county service area to receive the KC Scholars scholarship.
A 529 college savings plan is an investment account that is used for savings for college.
You may ask if $50 matters. Yes, it does!
KC Scholars decided to seed accounts for many students across the broad region rather than to set up fewer accounts with a greater value in each. The program seeks to create a regional movement around the importance of savings for college, especially starting the first year of high school. KC Scholars will also provide these 1,000 students and their families with college planning advisement and financial literacy education throughout the high school years.
We know the $50 does matter! Research demonstrates that having a college savings account produces positive results no matter what the value of the initial contribution to the account. It is not the dollar value that produces the positive impact but rather the fact of having a college savings account. These positive results include: 1) creating a college-intending mindset in both the student and the parent(s), an assurance that college is indeed possible and results in greater preparation to go to and succeed in college; 2) parents of children with a college savings account acts in ways that support the child planning for and going to college; and 3) students with college savings accounts are 3X more likely to go to college and 4x more likely to complete college. Further, knowledge learned about savings and financial literacy are transferrable to all areas of life, even beyond attending and completing college.
Once selected as a KC Scholars, you and your designated account owner will receive information about and be required to attend a mandatory orientation session scheduled in June 2017. You will open your 529 college savings match account at the orientation.
Every 529 college savings account must have a designated account owner that is 18 years or older and a U.S Citizen or resident alien with a valid Social Security number or other taxpayer identification number. The account owner can be a parent, grandparent, other relative, or friend. If awarded, the recipient must have identified an account holder before June 2017 and the student and the account owner must attend an Orientation in June 2017.
Match and incentive funds will be paid directly to your college or university. If you have earned $4,000 or more, it will be divided in half and paid over your first semesters of college. If you have earned $3,999 or less, the full earned amount will be paid your first semester of college.
Each scholarship component has a different value: Traditional scholarship is up to $10,000 a year for up to 5 years; adult scholarship is up to $5,000 a year for up to 5 years, and college savings match is seeding of an account for $50 or up to $7,000 in match and incentives.
No, KC Scholars will not pay for dual credit or any other classes taken while still in high school.
Please review the Program Guidelines carefully for any additional questions.