Graduate Keys to Financial Aid SCHOLARSHIPS & FINANCIAL AID.
14 06-11 financial aid
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Transcript of 14 06-11 financial aid
Office of Student Financial Aid and Scholarships
See your dreams. See your future. see blue.
Student Financial Aid office
127 Funkhouser BuildingLexington, KY 40506-0054
Phone: 859-257-3172Fax: 859-257-4398
www.uky.edu/financialaid
Office Hours:Monday - Friday
8 a.m. to 4:30 p.m.
SFA Counselor Assignments859-257-3172 extension ###
ScholarshipsThere are several ways to receive scholarships at UK
Financial Aid Office• Need-based scholarships
Departmental and College-sponsored scholarships Office of Academic Scholarships• Academic-based Scholarships • Diversity Scholarships• Legacy Tuition Program
Academic ScholarshipsAll scholarship offers from the Office of Academic Scholarships have been made for the 2014-2015 academic year. • Deadline to return the acceptance form for an
Academic Scholarship or William C Parker Scholarship was May 1.
• If the award does not appear on your bill, please contact the Office of Academic Scholarships.
• Departmental/College sponsored awards and Need-based aid are in addition to academic scholarships.
Apply for Federal Aid • Obtain Federal PIN number
www.pin.ed.gov• One for Student, One for Parent (if
dependent)
• File a FAFSA www.fafsa.gov • List UK school code: 001989• Available January 1, file early!• Use estimated tax information • Must be completed each year
Following Up With The FAFSA• Update FAFSA after taxes have been
processed
• Go to www.FAFSA.gov
• Go to Make Corrections and navigate to parent and student income sections (for tax filers)
• Use IRS Data Retrieval Tool to import tax information if possible
• Sign and Re-Submit FAFSA
Selected for Verification?• If selected for verification complete
requirements at www.KHEAA.com
• Make sure the IRS Data Retrieval Tool has been used on the FAFSA for all tax filers
• If unable to use the DRT, a Tax Transcript can be requested at www.IRS.gov/Individuals/Order-a-Transcript
• or call 1-800-908-9946
Verification and Your Awards
• Aid is awarded based on initial FAFSA application
• Awards will be adjusted if necessary after Verification is completed
• Follow up at www.KHEAA.com to check the status of verification prior to the start of school
• Incomplete Verification = No Aid Disbursed
2014-15 Average Cost of Attendance
NOT ALL COSTS ARE BILLED CHARGES! STUDENT IS ONLY BILLED FOR TUITION AND ROOM & BOARD (IF
APPLICABLE).
Types of Aid • Grants: Federal and State Grants
• Do not have to be repaid • Must qualify based on financial NEED
• Loans: Federal and Private Loans • Must be repaid
• Scholarships: Academic & Need Based • Academic (based on ACT & GPA)• Need Based (based on Financial Need • determined on FAFSA)
Federal Direct Loans• Subsidized Loan:
• No interest while in school • Current interest rate is 4.66%• Interest and repayment begins 6 months
after graduation or enrolled less than half time
• Unsubsidized Loan: • Interest accumulates while in school • Current interest rate is 4.66%• Repayment begins 6 months after
graduation or • enrolled less than half time
Federal Direct Loan Requirements
• Complete Master Promissory Note and Entrance Counseling sessions
• www.studentloans.gov
• Log in using Federal PIN number
• Information sent to us electronically
Federal Perkins Loan
• Limited Funds – Awarded to student based on Financial Need and FAFSA filing date
• Does not have interest accumulating while in school
• Interest and repayment begin 9 months after graduation or less than half time enrollment
• Current interest rate is 5%
Federal Perkins Loan Requirements
• Complete Master Promissory Note and Entrance Counseling sessions
• https://borrower.ecsi.net/
• Log in using Federal PIN Number
• Information sent to us electronically
Federal Work-Study (FWS)• Limited Funds – Awarded to student
based on Financial Need and FAFSA filing date
• If awarded Pick-up Job Packet from FWS Office in AUGUST
• Follow Instructions – Search Job Openings, Apply, Interview, Complete paperwork once hired
• Return Required Packet to FWS Office before beginning work.
Kentucky Educational Excellence Scholarship (KEES)
• Maximum award for GPA - $2000• Maximum ACT (28+) bonus - $500• Renewable for 8 semesters• Estimated KEES amount noted on August
billing statement• KEES credited to student accounts after
add/drop period each semester• 2.5 cumulative GPA at end of first year
required to retain full award; 3.0 GPA after second year
• See SFA website for full details on retaining eligibility
Need More Funding? Additional Loans Are Available:
• Parent PLUS Loan: Federal loan in the parent’s name
• Student Alternative Loan: Bank loan in the student’s name with a co-signer
Parent Federal Direct PLUS Loan
• Apply at www.studentloans.gov • Based on a credit check• If approved, can borrow up to
student’s cost less other aid• Repayment may be deferred until
student graduates• Current interest rate is 7.21% • If denied, student can borrow
additional unsubsidized loan (up to $4,000 for the year)
Student Alternative Loans
• Students may borrow through a bank
• Based on credit check, requires a co-signer
• May choose any bank that offers student loans
• Comparison Chart available as a starting point at: www.uky.edu/financialaid
Click on Loans>Alternative Loans
Receiving an Outside Scholarship?
• Complete Outside Scholarship/Resource Form on our website atwww.uky.edu/financialaid
• Click on Forms and the letter O
• Attach a copy of scholarship award letter and submit to our office
Steps to Accept Aid
1. Log into MyUK: http://MyUK.uky.edu
2. Student Services>Financials>Financial Aid
3. Academic Year – Select 2014-20154. Terms and Conditions – Click I
Agree (this is not accepting the aid yet)
5. View and Accept – Fill in Buttons to Accept or Decline each item.
6. Click Submit as Indicated
Financial Aid & Scholarships
Student BillingStudent bill will only be emailed to student’s
UK email address!• Fall Bill sent August 1, Due August 22
• Spring Bill sent January 1, Due January 22
• Student can attend classes with an unpaid balance
• 1.25% late fee assessed to unpaid balance at the end of each month
• Cannot register for future semesters until balance is paid
How to Estimate Your Bill for the Semester
Tuition and Fees + Residence Hall charges (if applicable) = Total Bill for the Semester - Estimated Financial Aid = Balance Due or Amount to be
Refunded
Example of Bill (in-state)
Tuition & fees $ 5,307 + Res. Hall charges* $ 5,532 = Total Due $10,839 - Estimated Aid $ 2,721 = Balance Due $ 8,118
*If living off-campus, only tuition and fees are charged.
Example of Bill (out-of-state)
Tuition & fees $11,442 + Res. Hall charges* $ 5,532 = Total Due $16,974 - Estimated Aid $ 2,721 = Balance Due $14,253
*If living off-campus, only tuition and fees are charged
When Someone Else is Paying – Activate “Guest View”
• Guest can view student account information
• Guest can make payments myUKmyInfoGuest access
• Enter guest email and set access level
• Expiration date on guest view
When Is Aid Released?If enrolled full-time and without any
financial aid holds:• About 10 days prior to classes beginning: Direct Loans, Perkins Loans, Parent Plus Loans, Alternative Loans
• About 10 days into the semester (after last
day to add): PELL Grant, CAP Grant, KEES
• If enrolled part time: all aid will post after the last day to add
How do I get remaining Financial Aid back?
SIGN UP FOR DIRECT DEPOSIT
• http://MyUK.uky.edu
• Student Services>myInfo>Direct Deposit
• Refund will be sent after bill has been paid in full each semester.
• Email notification when money has been sent to your bank account.
Can my aid help pay for books?• Available if aid is more
than enough to cover bill
• Eligible students receive an email 1-2 weeks prior to the start of school
• Complete steps from email for funds to be available on Wildcard Student ID to use at the participating locations
To Remain Eligible for Federal/State Financial Aid
• Complete the 2015-16 FAFSA• March 15 priority date for
upperclassmen
• Maintain Satisfactory Academic Progress (SAP) Requirements
http://www.uky.edu/FinancialAid/rap.htm
Satisfactory Academic Progress
Requirements for Federal/State Need-Based
Aid:• Successful completion of two-thirds
(67%) of all courses attempted
• Earn at least a 2.0 cumulative GPA at the end of the spring 2015 semester
• Receipt of need-based aid capped at 150% of the credit hours required for your degree
Reminders• Reapply for financial aid each year. File
FAFSA early as possible January 1st or after
• Respond ASAP to requests for additional information or clarification.
• Keep a record of all applications; make notes of contacts.
• Contact us when questions/concerns arise or when major changes occur.
Financial Aid Literacy• The Access Ready system is designed to
help you plan for how to pay for college. • LEARN more about financial aid,
including student loan options, and other money skills.
• PLAN for how to pay for your education on a year-to-year basis.
• MANAGE STUDENT LOAN DEBT using a tool called the “Debt-O-Meter”. Project debt – as well as track actual debt
• The URL you can use to link to Access Ready is as follows: ukwildcats.accessready.net
Questions?
Thank You!
See your dreams. See your future.
see blue.