Students can earn $5,000 scholarship with financial literacy

FRANKFORT, Ky. (WTVQ)Spending a month improving their financial literacy could pay off in more ways than one for a Kentucky teenager.

Kentucky State Treasurer Allison Ball, Kentucky Saves 529 and Kentucky Higher Education Assistance Authority announced Monday the Treasurer’s Summer Challenge.

Taking place July 1-31,the Summer Challenge is a unique financial literacy educational course for students aged 13-17 years old.

One winner will be selected for a $5,000 college scholarship.

“As treasurer, I am passionate and committed to expanding financial literacy and empowering Kentuckians with the tools and resources to live financially stable and independent lives. There is no better time to stress the importance of financial literacy as so many Kentucky families face uncertainty and hardships because of the pandemic,” Ball said. “I look forward to engaging with communities, increasing financial literacy and driving impactful change with the Treasurer’s Summer Challenge. I hope our students take advantage of this fun challenge and I can’t wait to share their stories.”

Education leaders are preparing for prolonged repercussions and significant academic impacts when students return in the fall due to school closures. Mathematics is projected to be the hardest hit subject.

The Treasurer’s Challenge is designed to engage students with fun, educational content that is self-paced and easily accessible from home. Topics include spending and saving, credit and debt, employment and income, investing, and insurance.

“KHEAA/KY Saves 529 is pleased to partner with Treasurer Ball’s office on this state-wide financial literacy program,” KHEAA Executive Director Eugene P. Hutchins said. “This summer this online initiative has great promise in helping Kentucky middle and high school students become more financially savvy and involved in their financial futures.”

The one-month challenge, created by social impact education innovator EVERFI, and supported by state treasurers’ offices, features five digital lessons and a capstone essay contest in which students will share what they hope to do after high school and how the lessons learned in the Challenge will help them turn that into a reality.

One student essay will be selected as the winner of the national Treasurer’s Summer Challenge and will receive a $5,000 college scholarship.

To enroll and learn more on the Treasurer’s Summer Challenge, click here.

KY Saves 529 is the Commonwealth’s official education savings program. Administered by the Kentucky Higher Education Assistance Authority (KHEAA), KY Saves 529 offers investments options that held families meet future education costs, including K-12 tuition.

Account earnings are exempt from Kentucky taxes, and any withdrawal used for qualified education expenses are free from federal income taxes as well.

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