Office of Student Financial Assistance and Scholarships. Fall 2016 Orientation
Office of Student Financial Assistance and Scholarships Fall 2016 Orientation
What is Financial Aid? • Any money source, in addition to a student’s ...
Office of Student Financial Assistance and Scholarships Fall 2016 Orientation
What is Financial Aid? • Any money source, in addition to a student’s family, that helps a student pay for his/her education • Sources may include: Scholarships –Grants –Student Loans –Student Employment • EKU AWARD LETTERS will inform students of the exact amounts and categories of aid they will receive.
What are the Types of Scholarships? • EKU SCHOLARSHIPS • Scholarships will be applied to the student’s account at the beginning of each semester • Can be renewable based on requirements of each individual scholarship • Check with your academic department for potential scholarships • For more scholarships opportunities please visit EKU’s scholarship website: www.scholarships.eku.edu
• OUTSIDE SOURCE SCHOLARSHIPS • Scholarship checks should be sent to Student Accounting Services • Please report your scholarship
What is the KEES Scholarship? (Kentucky Educational Excellence) • Award amounts depend on students’ high school GPA’s and ACT scores. • KEES is a renewable scholarship with restrictions: • Freshmen who maintain a 2.5 GPA will receive full amount for sophomore year. • Sophomores and Juniors who maintain a 2.5-3.0 GPA and are “on track” to graduate will receive full amount of the KEES award the following school year. • Students must earn 48 credit hours by the end of their sophomore year to be “on track” to graduate.
KEES Scholarship (continued) • Check your KEES scholarship for the correct student Social Security number and award amounts at:
www.kheaa.com • KEES money is typically applied to student accounts 30 days AFTER each term begins. (Keep this in mind when making arrangements to pay your bill)
What are grants? • Grants are monetary gifts from the state and federal government (usually payback is not required).
• Eligibility is determined by the: Free Application for Federal Student Aid (FAFSA). • Federal Pell Grant: awards from $583 up to $5,815 depending on a student’s eligibility and enrollment status • Federal Supplemental Education Opportunity Grant (SEOG) awards up to $550. • CAP Grant: awards up to $1,900
What are Student Loans? • They do not require a credit check, co-signer or collateral. • The loan principle does not go into repayment until 6 months after the student has dropped below half time status (6 semester hours). • Students borrow loan funds directly from the U.S. Department of Treasury rather than a bank or other financial institution.
What are the Types of Direct Loans? Direct Subsidized • Interest does not accrue while enrolled at least half-time (6 hours). • Students begin to pay interest 6 months after graduation or are no longer enrolled at least half-time. • Interest rate is 3.76% until June 30, 2017 Direct Unsubsidized • Interest does not accrue while enrolled in school. • Loans go into repayment 6 months after graduation or student is no longer enrolled at least half-time. • Interest rate is 3.76% until June 30, 2016.
Special Note: Freshman first-time loan borrowers must be in attendance for 30 days before their loans will be applied to their bills.
Where Can I Find More Loan Information?
Students interested in applying for a loan are required to complete the FAFSA form each year at www.fafsa.ed.gov along with entrance counseling and signing a master promissory note (MPN) Go to finaid.eku.edu/loans to learn more
What are Annual Direct Loan Limits for Dependent Students? Freshman ----------------- $5,500
Sophomore --------------- $6,500
Junior ---------------------- $7,500
Senior ----------------------- $7,500
What is a Direct Parent PLUS Loan? • A loan taken out by parent(s) to be used for a student’s education • Credit based, must be approved • Interest rate is 6.31% until June 30, 2017 • Loan repayment typically begins 60 days after student has received 2nd disbursement of loan • The PLUS loan borrower may request a deferment from the Direct Loan Servicing Center.
Is Student Employment Available? • Students have the opportunity to work at part-time jobs on campus. Jobs are available on a competitive basis. • Minimum wage for students working on campus is $7.25/hour. • Jobs are typically between 10-20 hours per week. • Students are paid every two weeks. • Wages earned are paid directly to the students and are not applied to the student’s outstanding bill. • Access job information at jobs.eku.edu
What Types of Jobs Are Available? • • • • • • • •
Residence Halls Library Food Service Offices Computer Labs Academic Departments Building Theatre Sets Greenhouse
Click on “New Student Financial Aid Checklist”
Follow these 4 steps
Follow these 4 steps
Withdrawing from Courses • Be very careful when withdrawing from courses. • Financial aid is disbursed prior to completion of required courses. • If you drop or withdraw from any courses your financial aid may be adjusted. • Withdrawing completely from a semester may result in a large balance due to the University.
Submit Your Final High School Transcript • Please submit your final high school transcript to the EKU Admissions Office as soon as possible • Financial aid cannot disburse until we have final high school transcript • Transcript must show graduation date • For transfer students – All official transcripts of previous college work must be submitted prior to disbursement of financial aid.
How Do I Find Out More About Financial Aid & Scholarships
Visit with our professional staff in the Whitlock Building.
