Students should take care when signing contracts

First Posted: 10:44 am - August 21st, 2015

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Staff Report

NEWBERRY COUNTY — At some point, students will have to sign a contract. When they do, they should keep in mind these tips from Kentucky Higher Education Assistance Authority (KHEAA).

A contract is a written legal document between two or more parties in which an offer is made and accepted. Contracts would include an apartment lease, an insurance policy or a cell phone plan. Read all contracts thoroughly and ask questions before you sign. Complete everything and keep a copy for yourself.

Consumer protection laws let you change your mind and cancel some contracts within three days of signing. Before you sign any contract, find out if you have that option. If you don’t but later find it’s necessary to cancel the contract, you may have to pay a big penalty or continue to pay what the contract calls for.

Never sign a contract unless you read and understand the terms of the agreement. If you feel pressured, walk away.

KHEAA is a public, non-profit agency established in 1966 to improve students’ access to college. It provides information about financial aid and financial literacy at no cost to students and parents. KHEAA provides the ThinkAhead Net Price Calculator to universities and colleges.

The calculator, available on a school’s website, lets students and parents determine their out-of-pocket costs for attending that school. KHEAA also helps colleges manage their student loan default rates and verify information submitted on the Free Application for Federal Student Aid (FAFSA).

In addition, KHEAA disburses private Advantage Education Loans on behalf of its sister agency, KHESLC. For more information about Advantage Education Loans, visit www.kheslc.com.

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