The Yellow Jacket Space Program (YJSP) is a student run club at Georgia Tech with three simple goals: to promote university level space research, prepare students for the space industry and advance the frontiers of launch vehicle development. That, and YJSP want to be the first university team to send a rocket past the Karman line into space. YJSP has been working and growing as an organization since early 2015 and although a long and arduous design process lies ahead, major progress has been and continues to be made. The team has designed and tested homemade pyrotechnic separation hardware, subscale propellant tanks, and a student designed and built filament winder. Now, our propulsion team is working towards the new and ambitious goal of hot-fire testing of our YJ-1 LOX/Kerosene liquid bi-propellant rocket engine. Along with this, our avionics team is preparing for the flight of a 3-DOF controlled high-power launch vehicle to test avionics and control algorithms under realistic flight conditions. All testing and development is geared towards realizing our long term goal of a student built and run space program with our K-1 launch vehicle, which the program hopes to launch by 2020. The vehicle will carry a 10 kg student scientific payload on a suborbital trajectory to an altitude of 120km where microgravity and exo-atmospheric research can be performed. When flown, K-1 will redefine academic access to space at the university level.