Ky Lottery passes $2 billion mark for scholarships - WDRB 41 Louisville News

Ky Lottery passes $2 billion mark for scholarships

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LOUISVILLE, Ky. (AP) -- Kentucky Lottery officials say the organization has surpassed the $2 billion mark in scholarships and grants handed out over the last 14 years.

Lottery spokesman Chip Polston says $2.05 billion has gone to fund need-based and merit-based grants and scholarships between 1999 and 2013.

By law, 55 percent of lottery revenue is used to fund the need-based College Access Program and Kentucky Tuition Grants, while the remaining 45 percent goes to the Kentucky Educational Excellence Scholarship program.

Unclaimed prize money goes into the KEES Reserve Fund to help maintain the program's financial stability.

The first $3 million in Kentucky Lottery proceeds each year go to the University of Kentucky's "Read To Achieve" program and the Collaborative Center for Literacy Development, with a total of $42 million going to these programs since 2000.

Copyright 2013 The Associated Press. All rights reserved.

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