Office of Student Financial Assistance and Scholarships. Fall 2016 Orientation

Transcription

1 Office of Student Financial Assistance and Scholarships Fall 2016 Orientation

2 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.

3 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: OUTSIDE SOURCE SCHOLARSHIPS Scholarship checks should be sent to Student Accounting Services Please report your scholarship

4 (Kentucky Educational Excellence) What is the KEES Scholarship? 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 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.

5 KEES Scholarship (continued) Check your KEES scholarship for the correct student Social Security number and award amounts at: 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)

6 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

7 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.

8 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, Special Note: Freshman first-time loan borrowers must be in attendance for 30 days before their loans will be applied to their bills.

9 Where Can I Find More Loan Information? Students interested in applying for a loan are required to complete the FAFSA form each year at along with entrance counseling and signing a master promissory note (MPN) Go to finaid.eku.edu/loans to learn more

10 What are Annual Direct Loan Limits for Dependent Students? Freshman $5,500 Sophomore $6,500 Junior $7,500 Senior $7,500

11 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 2 nd disbursement of loan The PLUS loan borrower may request a deferment from the Direct Loan Servicing Center.

12 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 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

13 Residence Halls Library Food Service Offices Computer Labs Academic Departments Building Theatre Sets Greenhouse What Types of Jobs Are Available?

14 Click on New Student Financial Aid Checklist

15 Follow these 4 steps

16 Follow these 4 steps

17 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.

18 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.

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21 How Do I Find Out More About Financial Aid & Scholarships Visit with our professional staff in the Whitlock Building. Financial Aid Whitlock 251 Scholarships Whitlock 129 Summer Office Hours 8:00am 4:30pm