One by one, five Kentucky women received their tiara and sash on Monday during a ceremony in the Dillard's at Mall St. Matthews. They were introduced as the 2023 Kentucky Derby Festival Princesses.The five are Hayley Benson, of Louisville, Lauren Carter, of Lexington, Mallory Hudson, of Bowling Green, Mahshad Taheri, of Louisville, and Valerie Tran, of Louisville.They were chosen out of an applicant pool of nearly 100 women throughout the state. "I've been wanting to be a Kentucky Derby Princess since about the age of 17," said Benson.Now, nearly five years later, Benson finally gets her chance. She gets to serve her term alongside Hudson, who's been dreaming about this moment for as long as she can remember. "I remember riding little stick derby horses around in my backyard growing up," said Hudson. "I remember looking forward to the princess announcement each year, so to be standing here today is just such an honor and something I am so proud of."KDF leaders said each one of these women worked hard to get this opportunity. Each has maintained a minimum of a 3.0 GPA while attending their respective colleges. They've also been leaders in their respective communities by creating nonprofits and organizations geared at helping those in need.After initially filling out the application in the fall of 2022, the five went through a series of interviews to get to this point. In the end, they weren't just rewarded with the title of princess, they were also each receiving about $3,000 in scholarship money.However, their work has only just begun. They'll have to attend more than 70 derby-related events from now until Derby Day."Thunder over Louisville," said Hudson. "That's the big event I'm looking forward to this year.""The Great Bed Races," said Benson. "That's my favorite festival event, and definitely the Fillies Ball."While they know it will be hard work, each one of them is excited about their favorite derby festival events. The Derby Festival royal court started in 1957, and this group is happy to be a part of that history."I would say to any little girl in the commonwealth, you too can be here," said Hudson. "Just work hard and keep going for it."Of the five princesses chosen, one will be selected as the queen.We'll find out who gets that title at the annual Fillies Ball in April.