Officials with the state agency overseeing state financial aid say funds ran out earlier than ever before and most Kentucky students who are eligible for the aid programs will not receive funding this year.
There was a 20 percent increase in financial aid submissions this year during the application period between January and the end of March, according to the Kentucky Higher Education Assistance Authority. But more than 80,000 students needing far more than $130 million will get nothing from the state this year.
This equates to around two-thirds of applicants.
For some, it’s because financial aid is based on a first come, first served basis. But the investment in higher education has been a dismal downward trend for years in most states.
According to a report released in March by the Center for Budget and Policy Priorities, all but two states provide significantly less funding for higher education when adjusted for inflation than they did five years ago.
Here in Kentucky, officials say the state’s two financial aid programs ran out of money in early February.
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