How One Kentucky Scholarship Program is Easing Student Loan Stress

If your student loans are still weighing on you years after graduating from college, sadly, you have plenty of company. The latest stats* show there are roughly 45 million borrowers in the U.S. who collectively owe a staggering $1.7 trillion in student loan debt. What’s more, student loan debt now ranks as the second highest consumer debt category (behind mortgage debt), beating out credit card debt and car loans. And it’s no wonder: Those borrowing between $20,000 to $40,000 can expect to be paying back those loans for an average of 20 years, reports The Department of Education.

Grappling with that kind of long-term money stress can have an impact on your well-being. However, one company is paying close attention—and helping to eliminate some of that financial burden. Thanks to the Kentucky Lottery’s dedication to education, more than 82,000 students in Kentucky have seen their tuition reduced. For every dollar spent on a lottery ticket, 23 cents goes to the Commonwealth of Kentucky to fund grants and scholarships that help reduce the tremendous weight of college debt. High school students are encouraged to keep their grades up to qualify for the Kentucky Educational Excellence Scholarship (KEES), to graduate college on more solid financial footing. 

To date, the Kentucky Lottery has raised $3.8 billion for Kentucky Students through KEES, as well as six other educational programs awarded on a need basis across the state. Nearly all the money awarded (98 percent) comes from the sale of Kentucky Lottery tickets.