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!
Contains information on Free Application for Student Aid
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.