State and Student Support
In FY08, UK’s state appropriations were originally budgeted to exceed $316 million. With $258 million expected for FY19, state appropriations will have been reduced by more than $58 million in ten years.
From FY 2008-09 to FY 2018-19, institutionally funded student financial aid will have increased more than 160 percent to $132 million. This strategic investment has helped the institution to recruit highly sought after students, achieve enrollment targets, and shape incoming classes with regard to residency mix, diversity, and socio-economic backgrounds. In 2017, UK launched a LEADS initiative (Leveraging Economic Affordability for Developing Success), awarding more of its institutional aid based on financial need. For FY 2018-19, the centrally funded student financial aid budget will increase $6.1 million, or 4.9 percent.
Student access and affordability is a cornerstone of the University’s budget development principles. In recent years, UK identified that one of the greatest impediments to student success and graduation has been financial need. With as little as $5,000 in unmet financial need, the numbers of students who move forward in their academic careers drop several percentage points.
In-state students coming to the University from families with a median income of less than $20,000 annually have seen their net out-of-pocket costs for tuition and mandatory fees decrease over the last two years – from an average of $465 per semester to $204 per semester.