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.