{' '} {' '}
Limited time offer
SAVE % on your upgrade.

Page 1

2018-2019 FINANCIAL AID AND SCHOLARSHIPS FOR KENTUCKY STUDENTS

EASTERN KENTUCKY UNIVERSITY


your time

IS NOW

WELCOME TO EKU. Your college education is one of the best long-term investments you will make. It will pay off in both personal growth and earning potential. For most students, that requires financing. That can be challenging, but keep in mind: • EKU

bachelor’s degree holders’ average salaries grow 25 percent in four years.

• EKU

degrees strike the best balance between affordability and prestige in Kentucky, and Eastern ranks among the best-

value universities in the nation. • Nearly • EKU’s

80 percent of EKU students rely on some type of financial aid.

trained financial aid counselors will help you create the best financial aid package for you and your family.

This brochure gives you an overview of the many sources of financial aid available at EKU, along with valuable advice on getting and keeping financial aid and managing your overall financial health while you’re a student.

PREFER DIGITAL? View this piece online at look.eku.edu/finaid.


FINANCIAL AID 101 Financial aid helps fund your education by supplementing contributions from you and your family. Aid is awarded in three basic forms: • grants • loans, •

and scholarships, which do not have to be repaid

which must be repaid

work study

Most students have a combination of these, known as the financial aid package. You are eligible for financial aid at EKU if you: • are

admitted to the University as a degree-seeking student

• complete

the Free Application for Federal Student Aid (FAFSA)

each year • are

enrolled at least half-time

(6 semester hours for undergraduate students) • are

a U.S.citizen or eligible non-citizen

• meet

Federal Satisfactory Academic Progress standards

HOW MUCH WILL I PAY? EKU’s online Net Price Calculator will help you estimate your costs as a first-time freshman. Find it at go.eku.edu/NetPrice. Financial Aid Starts with the FAFSA All federal and state grants, loan programs and work study begin with the FAFSA. EKU will use the information provided on the FAFSA to determine what types of aid you can get. You must complete a new FAFSA each year you plan to seek financial aid. If you need help completing the FAFSA, contact EKU’s Financial Aid office. Complete the FAFSA as early as possible. Some grant funds, as well as Federal Work-Study, are limited and can only be awarded until the available funding is depleted. Finish the FAFSA before November 1 to be considered for maximum aid. Instructions and worksheets: fafsa.gov FAFSA walkthrough video: go.eku.edu/fasfasimplify EKU’s FAFSA school code: 001963

VERIFICATION The U.S. Department of Education selects a percentage of applicants for verification each year. Selection is random and does not indicate there is a problem with your FAFSA information, but you will need to submit additional documentation to receive financial aid. EKU partners with Kentucky Higher Education Assistance Authority (KHEAA) for verification. KHEAA will contact you with details if you are selected.


get specific

TIME TO

Your top choices for financial aid are grants/ scholarships because they do not have to be repaid. You have many options in these categories.

GRANTS Grants are awarded based mostly on financial need and generally do not require repayment. As a qualifying EKU undergraduate student, your grant options include the following: Pell Grants are part of a federal entitlement program for students enrolled in eligible programs of study at EKU. The grants are need-based and require the FAFSA. ed.gov/programs/fpg Federal Supplemental Educational Opportunity Grants target students with exceptional financial need as determined by the FAFSA. go.eku.edu/supplemental The College Access Program (CAP) provides funds to qualified Kentucky residents who are eligible for Pell Grants. go.eku.edu/capgrant Teacher Education Assistance for College and Higher Education (TEACH) helps future teachers who agree to certain teaching obligations after graduation. go.eku.edu/teachgrant


LOANS

Non-Federal Alternative Loans

The loan portion of your financial aid package must be repaid.

Many private lenders offer alternative loans to supplement

While there are many private loan sources, federal sources

federal programs. Visit go.eku.edu/nfal for a list of potential

generally offer you the best terms. All federal student loans require a FAFSA application.

Federal Direct Loans If you are enrolled at least half-time, Federal Direct Loans allow you to borrow directly from the U.S. Department of Education. Significant benefits to you and your family include: • Guaranteed

funding source

lenders selected for their customer service and borrower benefits. However, you may also choose lenders who are not on this list. EKU does not benefit from your choice of lender.

Loan Disbursements Generally, your loan will be processed for a full academic year. The University will make at least two disbursements to your student account, typically at the beginning of each semester.

• Lower

interest rate on some loans

Step-by-Step Direct Lending

• Single

point of service for repayment

Complete the FAFSA.

Your Financial Aid Award notice will tell you the loan amount

• Repayment • Access

options and interest rate reductions

you are eligible to receive from the U.S. Department of

to the Public Service Loan Forgiveness Program

Education.

Federal Subsidized Direct Loans These loans are based on financial need as determined by

entrance counseling at studentloans.gov.

the FAFSA. No payments or interest are due until after you graduate, leave school or drop below half-time.

accrue upon the first disbursement. Principal repayment begins

Carefully read and then sign a promissory note at studentloans.gov, keeping a copy for your records.

Federal Direct Unsubsidized Loans These loans are not based on financial need. Interest begins to

For your first Federal Direct Loan, you must complete loan

Loan funds are sent to EKU and applied to your bill.

For more information, visit go.eku.edu/federal.

six months after graduation or when you are no longer enrolled at least half-time. For more on subsidized and unsubsidized loans, visit

WORK STUDY

go.eku.edu/loantypes.

You can work up to 20 hours per week on campus, earning

Federal Direct PLUS Loan for Parents

your field. Positions vary widely — you may work in an office, in

These loans are available to parents of dependent undergraduate students to assist in education-related expenses associated with EKU. Parents may borrow funds up to the cost of attendance minus any financial aid the student receives. The FAFSA is required, and the Department of Education will complete a credit check on parents. Loan repayment begins 60 days after second disbursement. If the PLUS loan is denied,

TIME TOmay be eligible for an additional Federal Direct the student

federal minimum wage and often gaining marketable skills in a lab, on a farm, in food service, as a residence hall assistant, as a tutor or perform community service. Your work schedule will be built around your class schedule. There are two student employment programs at EKU:

Federal Work-Study (FWS) Program This program funds part-time employment for students with financial need as determined by the FAFSA.

Unsubsidized Loan.

EKU Institutional Employment

Learn more at go.eku.edu/plus.

This program funds part-time employment for students who

Repaying a Federal Direct Loan

don’t qualify for Federal Work-Study.

If you have a Federal Direct Loan and withdraw, graduate, drop below half-time or simply do not return to school, you will receive information on Loan Exit Counseling. This online program is designed to help you manage your loans after college and is required of all Federal Direct Loan recipients.


get rewarded

TIME TO

SCHOLARSHIPS FOR KENTUCKY STUDENTS EKU’s merit awards are based on your unweighted high school grade point average (GPA) and standardized test scores. The best part? They are automatically applied — there is no separate application. Determine your eligibility using EKU’s online Scholarship Estimator at go.eku.edu/estimator. Simply input your unweighted GPA and ACT or SAT scores. In addition, many academic departments offer scholarships. Check with the department of your intended major or program to learn more about these options. Private donors, corporations and a wide range of organizations also have endowed scholarships. Discover more at go.eku.edu/scholarships.


OPPORTUNITIES FOR NEW FRESHMEN The scholarships below are available to Kentucky residents entering EKU for the first time in the fall semester. There is no separate application form or essay required. Eligible students receive a scholarship award letter which includes instructions on how to accept the scholarship online via EKU Direct. Priority is given to students admitted to EKU by February 1. After February 1, the Scholarship Office makes awards until funds are exhausted, so apply early! Students participating in Kentucky’s Early Graduation Certificate could be considered for merit scholarships.

TOP SCHOLAR

CHAIRMAN AWARD

Four-year award up to $64,000. Scholarship of $8,000 per

Four-year award up to $32,000. Scholarship of $4,000 per

semester ($16,000 annually) for up to eight semesters.

semester ($8,000 annually) for up to eight semesters. (Award

(Award adjusted to $6,000 per semester for students residing

adjusted to $3,000 per semester for students residing

off campus.) To retain the scholarship, the student must

off campus.) To retain the scholarship, the student must

maintain a 3.0 EKU cumulative grade point average and be

maintain a 3.0 EKU cumulative grade point average and be

enrolled full time.

enrolled full time.

BOONE SCHOLAR

PRESIDENT AWARD

Four-year award up to $56,000. Scholarship of $7,000 per

Four-year award up to $24,000. Scholarship of $3,000 per

semester ($14,000 annually) for up to eight semesters.

semester ($6,000 annually) for up to eight semesters. (Award

(Award adjusted to $5,250 per semester for students residing

adjusted to $2,250 per semester for students residing

off campus.) To retain the scholarship, the student must

off campus.) To retain the scholarship, the student must

maintain a 3.0 EKU cumulative grade point average and be

maintain a 3.0 EKU cumulative grade point average and be

enrolled full time.

enrolled full time.

PIONEER AWARD

PROVOST AWARD**

Four-year award up to $48,000. Scholarship of $6,000 per

Four-year award up to $16,000. Scholarship of $2,000 per

semester ($12,000 annually) for up to eight semesters.

semester ($4,000 annually) for up to eight semesters. (Award

(Award adjusted to $4,500 per semester for students residing

adjusted to $1,500 per semester for students residing

off campus.) To retain the scholarship, the student must

off campus.) To retain the scholarship, the student must

maintain a 3.0 EKU cumulative grade point average and be

maintain a 2.5 EKU cumulative grade point average and be

enrolled full time.

enrolled full time. Rogers Scholars with a high school grade point average of 3.5 or above and an ACT composite score of 21 or higher will qualify for the Provost Award. Students who do not qualify for a higher award will automatically receive an updated scholarship award letter after the priority February 1 deadline.

**

PREMIER AWARD

*

Four-year award up to $40,000. Scholarship of $5,000 per semester ($10,000 annually) for up to eight semesters. (Award adjusted to $3,750 per semester for students residing off campus.) To retain the scholarship, the student must

DEAN AWARD

maintain a 3.0 EKU cumulative grade point average and be

Four-year award up to $8,000. Scholarship of $1,000 per

enrolled full time.

semester ($2,000 annually) for up to eight semesters.

Students who completed the Governor’s Scholar Program with a high school grade point average of 3.75 or above and an ACT composite score from 25 to 28 will receive the Premier Award. Students who do not qualify for a higher award will automatically receive an updated scholarship award letter after the priority February 1 deadline.

(Award adjusted to $750 per semester for students residing

*

off campus.) To retain the scholarship, the student must maintain a 2.5 EKU cumulative grade point average and be enrolled full time. Note: Merit scholarships are not applicable to students in a 100% online program.


IMPORTANT DEADLINES Nov. 1: FAFSA Priority deadline Feb. 1: Scholarship priority deadline for admitted students Aug. 1: Fall admission application due Dec. 1: Spring admission application due

Apply online at go.eku.edu/apply.


MORE SCHOLARSHIP OPPORTUNITIES These scholarships require applications and may have different deadlines. See links for specifics.

EKU Foundation Scholarships Program-specific awards for high-achieving students, students with financial need or specific demographics. go.eku.edu/foundation

Trailblazer Scholarship An award for students who are the first in their family to pursue a degree. go.eku.edu/trailblazer

Dr. Rodney Gross Scholarship A diversity scholarship for high-achieving students. go.eku.edu/diversity

Honors Program Scholarships Scholarships and special book awards for honors students. go.eku.edu/bookloan

Department and Office Scholarships Discipline-specific scholarships awarded based on a range of criteria. go.eku.edu/departmental

Scholarships for Students with Disabilities Includes the Agee Memorial Dyslexia Scholarship and the James Larmour Scholarship for Students with Learning Disabilities. go.eku.edu/access

FINANCIAL AID TIMELINE Please keep the following timeframes in mind so you don’t miss the opportunity to be a Colonel! September: Apply for new Federal Student Aid ID October/November: Complete the FAFSA at fsaid.ed.gov

SEARCH FOR SCHOLARSHIPS ONLINE go.eku.edu/onlineresources


— COMMON TERMS AND DEFINITIONS ­— During the financial aid process, you will encounter a lot of terminology, some of which might be unfamiliar to you. Keep this convenient glossary on hand. Accrue: To accumulate. Interest on some loans begins to accrue when you receive the loan. Adjusted Gross Income: All taxable income minus deductions. Aggregate Loan Limits: Maximum amount you may borrow from the Federal Direct Loan Program while in college. Assets: Savings and checking accounts, business value, stocks, bonds, real estate, trust funds. Cars are not considered assets, nor are retirement accounts or personal possessions such as clothing, stamp collections or musical instruments. Benefits: Funds students are entitled to receive under special conditions. Co-signer: A credit-worthy individual, usually a parent or spouse, who agrees to share responsibility for repayment of a student loan. Cost of Attendance (COA): An estimate of costs to attend Eastern Kentucky University for an academic year. COA includes direct costs included in your bill — like tuition, mandatory fees, room and board — and indirect costs like books, travel, laundry, entertainment and miscellaneous expenses. Default: Being late (delinquent) in repaying a student loan more than a predetermined number of days or failure to comply with any of the other terms of the promissory note. Defaulting on a loan can have serious financial and/or legal consequences. Deferment: An approved postponement of loan repayment for a specified period.

Disbursement: Funds sent (usually electronically) to your school where they will be credited to your school or personal account. Disclosure Statement: A statement mailed directly to the borrower from the lender once the loan has been made. Your disclosure statement should include the loan amount, annual percentage rate, finance charges, and payment total including interest paid, prepayment terms, late charges and other consequences of delinquency. Read it carefully! Expected Family Contribution (EFC): The amount your family can be expected to contribute to your cost of attendance (COA). Financial Aid: All available financial resources to help pay for educational expenses, coming from the university, federal government and/or state government, scholarships, grants, private resources, loans and work study. Financial Aid Award Notice: Sent by the EKU Office of Student Financial Assistance, this notice gives a semester-by-semester list of all aid awarded to a student for an academic year. Financial Aid Package: Assembled by the EKU Office of Student Financial Assistance, the financial aid package contains an estimate of the total amount of financial aid a student will receive. It may include grants or scholarships, work study, and loan funds from a variety of sources. This estimate is calculated using a mathematical formula set by federal law. Financial Need: The difference between the cost of attending EKU and your family’s Expected Family Contribution (EFC).


Free Application for Federal Student Aid (FAFSA): Form that must be completed by all students and parents who apply for federal student aid. It is the primary form to apply for federal and state financial aid, which includes grants, loans and work study. Full-Time Status: Undergraduate students at EKU enrolled in at least 12 credit hours. Grant: An outright award to the student, usually based on financial need. Students do not typically have to repay this money. Gift aid: Funds awarded to a student to pay for college costs with no obligation for repayment. An example would be gift aid from private donors through the Scholarship Office. Guarantee Fee: A fee that is deducted from the proceeds of the Parent PLUS Loan and forwarded by the lender to a guarantor in return for covering the loan against default. Half-Time Status: Undergraduate students at EKU enrolled in 6 to 11 credit hours per semester. This is the minimum number of credits in which a student can be enrolled to qualify for financial assistance. The only exception is the Pell Grant Program, for which a student enrolled half-time or less may receive a prorated grant. Interest: The fee charged to borrow money. Interest charges are in addition to the principal of the loan. Less Than Half-Time Status: Undergraduate students at EKU who are enrolled in one to five credit hours per semester. A student carrying less than half-time status is not eligible for aid with the exception of Pell Grant Program funds for undergraduates. Loans: Borrowed money that must be repaid. Merit-based Aid: Financial assistance based on performance criteria, such as academic credentials, special talents or accomplishments. The FAFSA may be required to be considered for some scholarship awards. Need-based Aid: Financial assistance typically based on financial need (i.e. grants and loans). To be considered for need-based aid, you must complete the FAFSA. Origination Fee: A fee deducted from the amount of a Parent PLUS Loan. Principal: Amount borrowed before interest is charged. Priority Date: EKU’s Priority Date for Federal Student Aid is November 1. Submitting a financial aid application before this date increases your chances of receiving grants which do not need to be repaid.

Promissory Note: The legal document signed by the borrower before receiving a student loan. Besides a promise to repay the loan, it lists the conditions of the loan and terms for repayment. This is a binding legal document. Return of Title IV Funds: A federal formula which determines how much money must be returned by students who withdraw from classes during a semester in which they received federal aid. Revisions: The Financial Aid Award Notice can be revised at any time during an academic year based on changes in need analysis (upon verification), enrollment status, residency status, or outside scholarships or grants reported during the academic year and not reflected in the financial aid package. Satisfactory Academic Progress (SAP): To continue receiving financial aid, students must make satisfactory academic progress toward a degree. Scholarship: Gift aid awarded to a student based on superior academic performance, special talents or accomplishments. The student does not have to repay this money. Student Aid Report (SAR): Shows the information reported on your FAFSA as well as the Expected Family Contribution. The SAR alerts you to any corrections that need to be made. Subsidized Loan: Interest-free until the student leaves school. Interest is paid by the U.S. Department of Education for student borrowers while in school on at least a half-time basis. Tuition Waiver: An exemption due to a specific condition. For example, the dependent of a disabled veteran may have a tuition waiver. Verification: A student can be selected for verification by the U.S. Department of Education or the school. EKU is mandated under both federal and state regulations to verify certain information reported on the FAFSA by reviewing tax return transcripts and other documentation requested and comparing them to information supplied on the application for accuracy. Aid will not be credited until this process has been completed. Work Study: A student employment program that gives students the opportunity to work part-time on campus for federal minimum wage. Work schedules are built around the student’s class schedule.


Office of Student Financial Assistance and Scholarships Whitlock CPO 59 Eastern Kentucky University 521 Lancaster Ave. Richmond, KY 40475-3102 eku.edu 1-800-465-9191

FOLLOW EKU ADMISSIONS! @EKUAdmissions

EK.you

EKUStories

PREFER DIGITAL? Visit look.eku.edu/finaid to download a digital version of this brochure and for easy access to web resources. Eastern Kentucky University is an Equal Opportunity/Affirmative Action employer and educational institution and does not discriminate on the basis of age (40 and over), race, color, religion, sex, sexual orientation, gender identity, gender expression, pregnancy, ethnicity, disability, national origin, veteran status, or genetic information in the admission to, or participation in, any educational program or activity (e.g., athletics, academics and housing) which it conducts, or in any employment policy or practice. Any complaint arising by reason of alleged discrimination should be directed to the Office of Equity and Inclusion, Eastern Kentucky University, Jones Building 416, Richmond, Kentucky 40475, (859) 622-8020, or the U.S. Department of Education, Office for Civil Rights, 400 Maryland Avenue, SW, Washington, DC. 20202, 1-800-421-3481 (V), 1-800-877-8339 (TTY). 2018_AMS_Financial_Aid_KY_Brochure_MT12

Profile for Eastern Kentucky University

Eastern Kentucky University: 2018 Financial Aid and Scholarships for Kentucky Students  

Eastern Kentucky University: 2018 Financial Aid and Scholarships for Kentucky Students