Student Loan Agency Running Out Of Money; Awaiting New Funds

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Posted: 6:22 AM Aug 13, 2008
Last Updated: 6:22 AM Aug 13, 2008

2 comments

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FRANKFORT, Ky. (AP) - The state agency that loans to Kentucky's
college students is running out of money while it waits for new
federal funds.

Officials say the Kentucky Higher Education Assistance Authority
will run out of money by Friday. Some state universities open for
classes on Monday.

The new money is expected to arrive on Aug. 21, The Lexington
Herald-Leader reported on its Web site.

The agency's vice president, James Ackenson, says it is also
awaiting approval of a $50 million bridge loan.

Once the bridge loan funds are spent, the agency expects to use
new federal funds to provide another $175 million this fall to
about 76,000 students.

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Posted by: A Location: L on Aug 13, 2008 at 01:12 PM
Tuition goes up 10% on average a year for the last 3 years and they didnt plan to run out of money? More proof the government would rather you focus on your 4yrold and imaginary safety than your grown kids and selves future well being.

Posted by: Munford Location: Beatyville on Aug 13, 2008 at 09:54 AM
maybe they can borrow it from the state Medicaid system since they have an endless supply of money.

Posted by: jason Location: frankfort on Aug 13, 2008 at 09:07 AM
Just another reason why our elected officials need to get their act togeather and support education or as citizens we need to dispose of them in the very next election.

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