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
You may ask if $50 in a college savings account matters. Yes, it does!
Research demonstrates that having a college savings account produces positive results no matter what the value of the initial contribution to the account. Positive results include: 1) creating a college-intending mindset in the student and the parent(s) – the student builds assurance that college is possible; 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 4X more likely to go to college and 6x more likely to complete. Further, knowledge learned about savings and financial literacy are transferrable to all areas of life, even beyond attending and completing college. And, students in the KC Scholars program have a college adviser throughout high school to help them prepare for college.
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.
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 in June and will open your account at 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 orientation and the student and the account owner must attend orientation in June.
Match and incentive funds will be paid directly to your college or university (only if you are enrolled at one of the 17 campuses in the KC Scholars Postsecondary Network).
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:
Over the first semester if $3,999 or less was earned
Over two semesters, in equally distributed payments, if $4,000 or more was earned
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. You will learn more how to earn this at the June orientation.
Yes. 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.
9TH GRADERS – THIS IS YOUR OPPORTUNITY TO START SAVING FOR COLLEGE NOW
Students with 529 College Savings Accounts are 4 times more likely to complete college.
Get a head start on saving and planning for college while increasing your odds of enrolling in and completing college. And, you get to learn about investing funds as you increase your odds of college completion!
Each year, up to 500 9th graders will have a 529 college savings account seeded with $50 from KC Scholars. Of these 500 9th graders, at least 50 will be selected for the 4:1 match and incentives program and earn a one-time award of up to $7,000 toward college.
Match and incentive participants must enroll in college full-time following high school graduation and remain enrolled full-time at a KC Scholars Postsecondary Network campus while receiving KC Scholars’ funding.
WHAT COLLEGE SAVINGS ACCOUNT AND MATCH AND INCENTIVE RECIPIENTS ARE SAYING.
There are more than 1000 9th, 10th and 11th graders in the KC Scholars’ College Savings Account or Match and Incentive Program.
They are saving into their accounts at significant rates. Participants awarded in 2017 and 2018 have saved $131,752 into their accounts.
Awardees have shared that:
They are having fun learning about saving money for college
They are preparing to apply for the Traditional Scholarship when they get into 11th grade
They are already working with a college adviser and visiting college campuses as 10th and 11th graders
Some are in this program at the same time as their brothers and sisters are in the Traditional Scholarship program and their parents are back in college as KC Scholars’ Adult Learners