Office of Student Financial Aid and Scholarships See your dreams. See your future. see blue.
Nov 21, 2014
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.