Frequently Asked Questions
- How can I apply for financial aid?
- Should I apply for aid even if I probably won't qualify?
- How does withdrawing from a class affect my financial aid?
- Is there aid available for summer school?
- My parents are divorced - which parent's income do I include on the FAFSA?
- My parents are divorced - do I have to include stepparent's income on the FAFSA?
- How do I become an independent student for Federal aid purposes?
- I've been asked to submit a tax return transcript. Where do I get a copy of my tax return transcript?
- Do I have to complete the FAFSA again next year?
- What tax returns are required to complete the 2012-2013 FAFSA?
- Who do I contact about special circumstances about my financial aid?
- How will I be notified of my aid eligibility?
- How much financial aid will I receive?
- How many credit hours are required to receive aid?
- How can I apply for a Federal Student Loan? How much can I borrow?
- What is the difference between a Federal Subsidized/Unsubsidized Loan? How much can I borrow?
- What is a Federal PLUS Loan?
- What do I do if the PLUS Loan is approved?
- What can I do if the PLUS Loan is not approved?
- What is a Federal Perkins Loan?
- What is Federal Work Study?
- What should I do after I accept my FWS award?
- What is a Federal Pell Grant?
- How many credit hours must I enroll in to receive a Pell Grant?
- What is a CAP grant?
- What is the Federal Supplemental Educational Opportunity Grant (FSEOG)?
- How will I receive my KEES money?
- What is EKU's school code for the FAFSA?
- How do I contact EKU's Office of Student Financial Assistance? What are the office hours?
1. How can I apply for financial aid? (top)
Answer:
On-line application process: Go to www.pin.ed.gov where student and parent each apply for a PIN number. Then go to www.fafsa.ed.gov. Complete the FAFSA, and sign it electronically using your PIN numbers.
Paper application process: You may obtain a paper FAFSA (Free Application for Federal Student Aid) at www.federalstudentaid.ed.gov.
2. Should I apply for aid even if I probably won't qualify? (top)
Answer:
Yes. The application is free, and some sources of aid (Federal Unsubsidized loans and Parent PLUS loans) are available regardless of need.
3. How does withdrawing from a class affect my financial aid? (top)
Answer:
Withdrawing from classes at any point after the drop/add period will negatively affect a student’s completion rate or pace and future financial aid.
If you withdraw from all of your classes, you may be required to return some of your financial aid. You can find more information about how funds are returned at http://finaid.eku.edu/return-title-iv-funds.
4. Is there aid available for summer school? (top)
Answer:
The availability of summer aid is dependent upon how much aid a student used during the school year and the student's grade level. Contact the Office of Student Financial Assistance to find out if you have summer aid eligibility. Students must enroll for at least 6 credit hours to be considered half-time and loan eligible.
5. My parents are divorced - which parent's income do I include on the FAFSA? (top)
Answer:
If your natural parents are separated or divorced, use the natural parent with whom you lived the most in the past 12 months. If you lived with neither parent, or lived with each parent an equal number of days, use the parent who provided the most financial support to you over the past 12 months.
6. My parents are divorced, and the parent I am living with has remarried. Does my stepparent have to report his or her income and assets on the FAFSA? (top)
Answer:
If the parent you are reporting on the FAFSA has remarried, you must also include the step parent's financial information on the application. Parent and stepparent should report themselves as married on the FAFSA.
7. How do I become an Independent Student for Federal Aid purposes? (top)
Answer:
You may be considered independent if you meet at least one of the following requirements:
- are, or will be, 24 years old by December 31st of the current award year,
- are a veteran of the US Armed Forces or currently serving on active duty,
- are married,
- are in foster care, an orphan, or a ward of the court, or were in foster care or a ward of the court at any time since age 13
- are, or were, an emancipated minor as determined by a court in your state of legal residence
- are, or were, in legal guardianship as determined by a court in your state of legal residence
- were determined to be an unaccompanied youth at risk of homelessness or who was declared homeless by your school district homeless liaison or the director of an emergency shelter or transitional housing program
- have a child or legal dependent for whom you provide more than half of their support, or
- are enrolled in a graduate or professional program.
8. I've been asked to submit a tax return transcript. Where do I get a copy of my tax return transcript? (top)
Answer:
A student or parent can request a tax return transcript at www.irs.gov or by calling 1-800-908-9946. You should request the "IRS tax return transcript", NOT the "IRS tax account transcript".
9. Do I have to complete the FAFSA again next year? (top)
Answer:
Yes, you must complete a FAFSA each academic year. You should apply as soon as possible after January 1st every year. Renewal of your financial aid package also depends on you making satisfactory academic progress toward a degree, such as earning a minimum number of credit hours and achieving a minimum GPA. For additional information see: Satisfactory Academic Progress.
10. What tax returns are required to complete the 2012-13 FAFSA? (top)
Answer:
You will need to provide 2011 FEDERAL - not state - tax information on the 2012-13 FAFSA.
11. Who do I need to contact if I have special circumstances or questions about my financial aid? (top)
Answer:
Contact the Office of Student Financial Assistance and ask to speak with a counselor to discuss any circumstances that you feel may affect your financial aid eligibility. For additional information see: Professional Judgment Policy.
12. How will I be notified of my aid eligibility? (top)
Answer:
Once EKU receives your FAFSA results and you have been admitted to EKU, the Office of Student Financial Assistance will send you an award notice. For currently enrolled EKU students, award notices will be sent to the EKU email address at the end of the spring term after academic progress is checked. New freshmen and transfer students will be sent award notices via the US postal service once their aid process is completed.
Please Note: If there is conflicting information reported on your FAFSA, our office may have to ask for additional information, and if you are selected for verification, you will be required to submit your and your parents' federal tax return transcripts. You will also have to complete a verification worksheet. Financial aid awards are sent to students only after their aid process and verification has been fully completed.
13. How much financial aid will I receive? (top)
Answer:
The amount of aid you are eligible to receive is determined by the information reported by your family on the FAFSA. The US Department of Education uses a formula to determine each student's EFC (estimated family contribution). The EFC is the amount of money the government has determined that a family can contribute to the student's educational costs. The EFC determines grant and loan eligibility. To qualify for a PELL or CAP grant a student must have an EFC of 4995 or below.
14. How many credit hours are required to receive aid? (top)
Answer:
Generally, students must be enrolled at least half time (6 credit hours for undergraduate and 4.5 for graduate students) in required coursework to receive most types of aid, including Federal Subsidized, Unsubsidized and PLUS Loans. However, a student may receive a Pell Grant for less than half-time enrollment.
15. How can I apply for a Federal Direct Loan? How much can I borrow? (top)
Answer:
You must first fill out the FAFSA. The amount of loan that you can borrow depends on your classification (freshman, sophomore, etc). Freshmen can borrow up to $5,500.00, sophomores can borrow up to $6,500, and juniors/seniors can borrow up to $7,500 for the academic year. All students must complete entrance loan counseling on line prior to their first loan disbursement. You must sign a Master Promissory Note (loan application) at www.studentloans.gov (using your federal PIN #) before your loan can be applied to your account. If you still need additional loans to pay for your education, an independent student may be eligible for an additional unsubsidized loan and a dependent student's parent may apply for a parent PLUS loan. First time borrowers (freshmen) cannot receive the first disbursement of their loans until 30 days after the school term begins.
16. What is the difference between a Federal Direct Subsidized Loan and a Federal Direct Unsubsidized Loan? (top)
Answer:
For the need-based Subsidized Loan, the federal government pays the interest while you are enrolled at least half time (six semester hours). However, for the non-need-based Unsubsidized Loan, interest does accrue while the student is enrolled and must be paid by the student upon graduation or ceasing enrollment of half time status. Both types of loans have an interest rate that is capped at 8.25%. Repayment begins six months after you graduate or cease to be enrolled at least half-time (six semester hours).
17. What is a Federal Direct Parent Loan (PLUS)? (top)
Answer:
The PLUS Loan allows a parent of a dependent student to borrow funds to meet the cost of attendance not met by other financial aid. The amount a parent is eligible for equals cost minus other aid. The repayment on these loans begins 60 days after the loan is disbursed. The interest rate is not to exceed 9%.
18. How does my parent apply for a PLUS loan? (top)
Answer:
Your parent must Request a Direct PLUS Loan online and sign a PLUS Master Promissory Note (MPN) at www.studentloans.gov. The parent borrower must have a federal PIN number (apply at www.pin.ed.gov) in order to apply.
19. What can I do if the PLUS loan is not approved? (top)
Answer:
The student may contact our office to request an additional Unsubsidized Loan. ($4,000 per academic year for freshmen/sophomores; $5,000 per academic year for juniors/seniors).
20. What is a Federal Perkins Loan? (top)
Answer:
A Federal Perkins Loan is a low-interest loan for exceptionally needy students (at EKU this means the EFC must be zero). Perkins Loans have an interest rate of 5%. Repayment begins nine months after you cease to be enrolled at least half time (6 credit hours). A promissory note must be completed on line with your federal PIN number at www.ecsi.net/promi7.
21. What is Federal Work Study (FWS)? (top)
Answer:
FWS offers part-time job opportunities for students both on campus and in community service projects. Students receive a paycheck every two weeks for hours worked. For more information go to jobs.eku.edu or contact the Student Employment Office at SSB 219 or at 859-622-1760.
22. What should I do after I accept my FWS award? (top)
Answer:
Look for on-campus jobs at jobs.eku.edu to find current available jobs, apply online, and then visit us at Student Employment in SSB 219.
23. What is a Federal Pell Grant? (top)
Answer:
The Pell Grant is a need-based grant ranging from $575 to $5,550 per year. The Pell Grant is available to degree seeking undergraduate students with an EFC of 4995 or less (as determined on the FAFSA).
24. How many credit hours must I enroll in order to receive a Pell Grant? (top)
Answer:
Full time enrollment (12 credit hours) is required to receive the full Pell Grant award. Students with a semester course load of 1-11 credit hours may be eligible for a prorated portion of their Pell Grant.
25. What is a CAP (College Access Program) Grant? (top)
Answer:
The CAP Grant is a need-based state grant. Students must be eligible for a Federal Pell Grant (EFC of 4995 or less), complete the FAFSA and be a Kentucky resident in order to be considered.
26. What is the Federal Supplemental Educational Opportunity Grant (FSEOG)? (top)
Answer:
The FSEOG is a need-based grant. Students must be eligible for a Federal Pell Grant (EFC of 4995 or less) and complete the FAFSA by February 1st (EKU's application priority date) in order to be considered.
27. How will I receive my KEES money? (top)
Answer:
KEES money is not received by the university until mid-September for the fall and mid-February for the spring term. EKU will submit verification of your enrollment to KHEAA after the drop/add period of the term. Once funds are received the KEES money will be applied to your account. You may check your KEES award amount at www.kheaa.com.
28. What is EKU's school code for the FAFSA? (top)
Answer:
001963
29. How do I contact EKU's Office of Student Financial Assistance? What are the office hours? (top)
Answer:
Hours of operation:
-
Monday - Thursday 8:00 am – 5:00 pm
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Friday 8:00 am – 4:30 pm
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Phone Number: 859-622-2361
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Fax Number :859-622-2019
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Website: www.finaid.eku.edu
- Email: finaid@eku.edu