College Savings Account/Match FAQs
You must fill out the Free Online 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. For assistance in completing the FAFSA4caster, KC Scholars has created the following guide: FAFSA4caster
A 529 college savings plan is an investment account that is used for savings for college. KC Scholars works with the Missouri MOST and Kansas Learning Quest programs.
You may ask if $50 in a college savings account matters. Yes, it does!
KC Scholars decided to seed accounts for many students across the broad region. 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 500 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 Scholar, you and your designated account owner will receive information about and be required to attend a mandatory orientation session scheduled in June 2018. You will open your 529 college savings 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 2018 and the student and the account owner must attend an Orientation in June 2018.
Match and incentive funds will be paid directly to your college or university.
1. If the awardee is enrolled at a 4-year institution, the combined total of the match and incentive will be paid to the institution at which the awardee is enrolled:
a. Over the first semester if $3,999 or less was earned
b. Over two semesters, in equally distributed payments, if $4,000 or more was earned
2. If the awardee is enrolled at a 2-year institution, the combined total of the match and incentive will be paid to the institution at which the awardee is enrolled, in equally distributed payments, over four semesters (two semesters each academic year of the first and second years of college) and in equal sums over the four terms/semesters.
College Savings Accounts are seeded with $50 and those selected to participate in the match and incentives program can earn up to $7,000 in match and incentives.
Yes. In order to receive the match and incentive paid by KC Scholars, you must plan to attend one of the 17 KC Scholars Postsecondary Network institutions. To see the full list of partner institutions click here.
No, KC Scholars will not pay for dual credit or any other classes taken while still in high school.
You must graduate from a public, charter, or private high school or a home-school in the 6-county service area to receive the KC Scholars match and incentive.
Please review the Program Guidelines carefully for any additional questions.