Financial Aid

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Did you know some financial aid is “free” money and some you have to pay back? Did you know that everyone attending college is eligible for some type of financial aid? Did you know financial aid comes from the federal government, the state government, and even private and public sources (scholarships)? Below are financial aid programs and a little bit about each one.

 

FEDERAL STUDENT AID 

Program Name	Type of Aid	Program Details	Annual Limits
Federal Pell Grant	Grant: Does not have to be repaid	Grant: Does not have to be repaid	Up to $6,095 per year
Federal Supplemental Educational Opportunity Grant (FSEOG)	Grant: Does not have to be repaid	For undergraduates with exceptional need; priority given to Pell Grant recipients; must apply early to receive; funds depend on availability at school	Up to $4,000 per year (awards are typically much lower)
Federal Work-Study	Money is earned while attending school; does not have to be repaid	Jobs can be on or off campus; paid at least minimum wage	No annual minimum or maximum award
Federal Perkins Loan	Loan: Must be repaid	Interest charged is 5%; payment is owed to school that made the loan	Up to $5,500 per year
Subsidized Direct or FFEL Stafford Loan	Loan: Must be repaid	U.S. Department of Education pays interest while borrower is in school and during grace and deferment periods	$3,500 to $5,500 for undergraduates depending on grade level
Unsubsidized Direct or FFEL Stafford Loan	Loan: Must be repaid	Borrower is responsible for interest during life of the loan; financial need is not a requirement	$5,500 to $12,500 depending on grade level
Direct or FFEL PLUS Loan	Loan: Must be repaid	Available to parents of dependent undergraduate students	Maximum amount is cost of attendance minus any other financial aid the student receives

 

KENTUCKY STUDENT AID

Program Name	Program Details	Award Amounts
Kentucky Educational Excellence Scholarship (KEES)	Acquire money through grades and ACT score in high school; the higher the grade/ACT, the higher the scholarship amount; funds sent automatically to college you are attending; must achieve a 2.5 gpa in freshmen year and 3.0 gpa or better thereafter	Based on four years of high school grades and ACT score; award reduced 50% if college GPA falls between 2.5 and 3.0 after first year; lose award if GPA falls below 2.5
Kentucky Tuition Grant (KTG)	Awarded to students attending private Kentucky colleges	Up to $3,000 per year
College Access Program (CAP)	Awarded to students’ whose expected family contribution (EFC) is 3,850 or less (determined by the FAFSA)	Maximum award is $1,900

 

Click on the links below for more information!

http://www.fafsa.ed.gov

Contains information on Free Application for Student Aid

http://www.kheaa.com

The Kentucky Higher Education Assistance Authority  administers KEES, KTG, and CAP grants. KHEAA also conducts financial aid verification for several Kentucky colleges and universities, including WKU.