How can I become financially responsible?

Welcome to the financial side of college life: where you need to make informed decisions on best ways to handle your money. For some of us, we will be scouring the campus and city to find the best deals for food on a given night. For others, you will need to make decisions on what “big-ticket” items you can pay for now while in school. Regardless of your situation, however, you will need to introduce yourself to the basics of financial literacy and its role in your college experience. With beginning knowledge, and a little bit of strategic planning, you will be able to understand your financial situation while anticipating future plans and setting goals for the semesters beyond this.

Financial Aid

Outside of personal and family contributions, financial aid is another way students can help pay for college. It includes federal financial aid, state and regional scholarships and grants, and private funding.

Federal Financial Aid

Federal financial aid consists of grants, loans, and student employment, also known as “federal work-study.” The amount and types of aid you are offered are based on you and your family’s financial need. Federal aid requires an application called the Free Application for Federal Student Aid, or FAFSA. A new application is required for each year you’re in college. The FAFSA application tends to become available in early October. Complete your FAFSA by early November to receive priority aid consideration. Go to FAFSA® Application | Federal Student Aid to complete your FAFSA application. FAFSA’s website will guide you through the process of applying for aid.

Things to note:

• You must be a U.S. citizen or an Eligible Noncitizen to apply for federal financial aid. To learn more, visit https://understandingfafsa.org/undocumented-students/.
• If you are homeless or housing insecure and living without one or both parents you can apply for college money on your own as an “unaccompanied homeless youth.” To learn more, visit https://understandingfafsa.org/homeless-students/.

Federal Student Loans

Federal student loans are government-supported, low interest loans called direct loans. They have to be paid back after you graduate or leave school. The government sets an annual maximum that a student can borrow. First year students have the lowest annual maximum while seniors have the highest.

Student loans are either subsidized or unsubsidized. Subsidized loans are interest free until the loan goes into repayment. That means that while you are in school you will not have to make any payments or pay any interest. After you graduate you have six months before any payments are due. Unsubsidized loans will accrue interest from the time you take out the loan. While you do not have to make any payments on the loan or the interest while you are in school, you are being charged interest every month and it is being added to the amount you owe.

A Parent PLUS Loan may be available to dependent students who don’t have enough money to meet their cost of attendance after all of their other aid has been offered. This is a loan for the parent and the parent is responsible for paying it back. There is a credit check required in order to qualify for this loan.

Federal Grants

The U.S. Department of Education (ED) offers a variety of federal grants to students attending four-year colleges or universities, community colleges, and career schools. These grants are listed in the table below, and you can select each link for more details.

When You May Have to Repay a Grant

Here are some examples of why you might have to repay all or part of a federal grant:

• You withdrew early from the program for which the grant was given to you.
• Your enrollment status changed in a way that reduced your eligibility for your grant (for instance, if you switch from full-time enrollment to part-time, your grant amount will be reduced).
• You received outside scholarships or grants that reduced your need for federal student aid.
• You received a TEACH Grant, but you did not meet the requirements of your TEACH Grant service obligation.
• You received Federal Pell Grant funds from more than one school at a time.

Federal Scholarships

Scholarships are gifts. They don’t need to be repaid.

To start exploring federal and other scholarships, visit: Scholarship Finder | CareerOneStop. 

Federal Work Study

Student employment is a great way to earn money for personal expenses. The federal work-study program pays the student an hourly wage for working on campus. It is important to note that federal work-study money goes directly to the student and not to the amount the student owes the University for tuition and other charges. The program is designed to help students with the personal expenses component of their cost of attendance budget.

To find a federal work study job, visit EKU Careers.

Kentucky Financial Aid

Kentucky Educational Excellence Scholarships

If you are eligible for the (Kentucky Educational Excellence) KEES Scholarship award, you will be notified by the Kentucky Higher Education Assistance Authority (KHEAA). To learn more about KEES, visit KHEAA.

• Your high school grades and your highest ACT score determines the amount of the KEES award.
• Once you have graduated from high school, your KEES money cannot be increased.
• Eastern Kentucky University will request funds for all students who may be eligible, as determined by their high school graduation date. Make sure that you include your Social Security Number (SSN) on your EKU Admissions Application to ensure that we can request your KEES.
• EKU reports to KHEAA the hours these students are enrolled approximately two weeks after classes begin in the fall and spring semesters.
• Once KHEAA receives the above information, KHEAA notifies EKU of eligible students and the actual award amounts.
• KEES money is typically placed in your student account one month after the first day of class.
• The KEES Scholarship is awarded for the fall and spring semesters, one academic year at a time. If you ever lose your KEES money due to GPA and then regain the 2.5 overall EKU GPA, please contact the EKU Scholarship Office to see if you have regained eligibility. It is the student’s responsibility to self-disclose if the student may be eligible for funds again.

If you have questions regarding your KEES award, you can review your status on the KHEAA website or call the KHEAA office at 800-928-8926.

Eastern Kentucky University Financial Aid

Merit Scholarships

Merit scholarships make EKU even more affordable for first time students. EKU recognizes the hard work and dedication needed to achieve at a high level. Get rewarded for your high school accomplishments with merit scholarships. If you meet the following criteria, merit scholarships will automatically be applied to your account. No application needed!

Foundation Scholarships

EKU has made a difference in thousands of lives. Donors who have experienced the life-changing effect an EKU education can have, now want to make a difference in your life. Thanks to their generosity, there are hundreds of scholarships available for EKU students.

Eligibility criteria ranges from GPA to county of residence to degree program and more. Simply fill out the foundation scholarship application at Apply for Foundations Scholarships to you’ll learn which scholarships you may be eligible for.

Private Student Loans

There are a few loan companies that offer private student loans. These loans are not made through the federal government and require the borrower to apply directly through the lending institution offering the loan. Private loans can be helpful for independent students who need to fill the gap between federal aid and cost of attendance and for dependent students whose parents do not want to take out the parent loan. Private student loans are credit dependent. Students without enough credit history to qualify on their own will need a co-signer who can pass the credit check. A co-signer is someone who guarantees that if you default on the loan (i.e., fail to repay) that they will pay it back on your behalf. There are fewer protections available for borrowers via private student loan programs.

Other Financial Aid Resources

• TheDream.US: supports undocumented students achieve their college and career dreams
• Five Ways To Find College Money on TikTok | FAFSA: The How-To Guide for High School Students: guide for FAFSA and informs on TikTokers who note other scholarships
• SHC Scholarship Program: scholarship programs for housing insecure students
• HRC | Scholarship Database: database for scholarships including LGBTQIA+ students
• College Board: comprehensive, secure, broad
• Scholarship Owl: secure, trustworthy, efficient
• Fastweb: one-stop-shop, has helpful guides
• Scholarships.com: abundant options, but lots of ads
• Bold.org: informative, great idea, but caters to donors
• Cappex: gives the lay of the land, but tracks information heavily
• Going Merry: useful, but beware of tracking

Navigating Financial aid with EKU’s Big E Central

Big E Central is your primary resource for navigating financial aid, scholarships, billing, payment plans, and registration assistance.

Registration Resources

• Records & Transcripts
• Find Your Advisor
• University Catalog
• Add/Drop/Withdraw Dates
• How to Register for Courses
• Common Registration Errors
• Course Overrides
• Change Your Major
• Academic Standing

Financial Aid Resources

• How-To: Apply for Aid
• How-To: Accept Aid
• Satisfactory Academic Progress
• Guide: Federal Loans
• Guide: Private Education Loans
• Guide: KEES
• VA Benefits
• Important Deadlines

Billing Resources

• How-To: Pay My Bill
• Billing Dates
• Payment Plans
• Guide: Refunds
• 1098-T Tax Information
• Return of Title IV Funds

Your Own Financial journey

Cost of Attendance

You’ve arrived on campus, settled into your residence hall, attended Big E Welcome, and even found your way to your first class. But have you stopped to consider what it actually costs to be here?

Now that you’re enrolled, it’s important to understand where your money is going. The term cost of attendance refers to the total annual cost of being a student. It includes not just tuition and fees, but also books, housing, meals, and everyday personal expenses. Knowing this full picture can help you make smarter financial decisions throughout your college journey.

BookSmart

The EKU BookSmart program provides all degree-seeking students with all required textbooks for the semester, before classes start, for free. EKU is the only college in Kentucky to offer degree-seeking students free textbooks. Here is how to use this program:

• Register for classes
• Pick up your Big E Box filled with your required books from the EKU Bookstore or have it delivered to your doorstep at no cost to you
• Study hard, then return your books at the end of the semester using the provided pre-paid return label.

Visit the EKU BookSmart website for additional information as well as a helpful FAQ.

Tuition

Let’s break down two of the biggest costs you’ll face in college: tuition and fees.

Tuition is the price you pay for instruction—essentially, it covers the cost of learning in the classroom. Whether you’re attending lectures, labs, or online classes, tuition is what allows you to access course content and faculty expertise. For most students, it’s the largest single expense in college.

Fees, on the other hand, are additional charges that support your overall college experience. These might fund things like campus renovations, technology upgrades, student health services, or access to recreation centers. While they’re not directly tied to your classes, fees help keep the campus running and enhance student life.

Understanding these costs early on can help you better manage your budget—and get the most out of what you’re paying for.

Housing

All single, full-time, undergraduate students under the age of 21, having fewer than 60 hours, or less than four academic semesters living on campus, are required to live in university residence hall facilities. An exception is made for students residing with their parents in the parents’ primary residence within 50 miles of the Richmond campus as determined by an official state map. Full-time students must be 21 years of age, have completed 59 hours prior to the first day of class of any given semester or lived in campus housing for four academic semesters to live off-campus for that semester. Students failing to meet this requirement will be assessed the lowest-price residence hall fee and board fees where appropriate.

For students who need access to alternative housing options, such as living with parents as their principle residence, please utilize the Housing Portal found on EKU’s Housing website.

On Campus Food

As a first-year student at EKU, you’ll use a meal plan to help manage food costs while making sure you have access to healthy, convenient meals throughout the semester. EKU’s meal plans have two components, and both begin on the first day of Big E Welcome Week in the fall (or move-in weekend in the spring). You’ll access your meal plan using your Colonel Card—your student ID and key to campus services. If you haven’t already, download the phone app that can serve as your Colonel Card. Use this website to help with that process.

If you’re living in a residence hall or are an approved commuter freshman, you’re required to purchase a meal plan. The university offers several meal plan options consisting of two possible components:

• Meal swipes for all-you-care-to-eat meals at campus dining halls such as Upper Case and Stratton.
• Flex dollars, which work like a prepaid debit card at other on-campus dining locations such as Colonel Grill, Starbucks, or other spots on campus. You can find the full list here.

When choosing a meal plan, pick one that fits your lifestyle and eating habits. You don’t want to pay for more meals than you’ll actually use.

Learning to monitor your meal swipes and Flex balance is also a great introduction to budgeting. It’s an easy way to start thinking about spending habits and making smart financial choices—skills that will benefit you throughout college and beyond.

Budgeting for Financial Goals

It’s expensive to go to college. College tuition has risen for decades at virtually all schools, and very few students are fortunate enough to not be concerned with this reality. Still, there are things you can do to help control costs and manage your finances while in college. Begin by thinking about your financial goals.

Taking control of your personal finances begins with thinking about your goals and deciding what really matters to you. Here are some things to think about:

• Is it important for you to graduate from college with minimal debt?
• What are your priorities for summers and other “free time”? Working to earn money? Taking non-paying internships or volunteering to gain experience in your field? Enjoying social activities and time with friends?
• How important is it to live in a nice place, or drive a nice car, or wear nice clothes, or eat in nice restaurants? How important in comparison to your educational goals?

Budgeting involves analyzing your income and expenses so you can see where your money is going and making adjustments when needed to avoid debt. At first budgeting can seem complex or time consuming, but once you’ve gone through the basics, you’ll find it easy and a very valuable tool for optimizing your personal finances.

Managing a budget involves three steps:

1. Listing all your sources of income on a monthly basis.
2. Calculating all your expenses on a monthly basis.
3. Making adjustments in your budget (and lifestyle if needed) to ensure the money isn’t going out faster than it’s coming in.

Summary

• Budgets are key for financial planning and wellness.
• You need to fill out your Free Application for Federal Student Aid (FAFSA) every year.
• There are multiple ways to apply for and receive financial aid at federal, state, and private levels.
• Big E Central is your EKU student one-stop-shop for all things financial aid, billing, and transcripts.
• The cost of attendance isn’t just tuition but a group of items to budget and prepare for.
• We aren’t just budgeting for the “now”, but for the future as well. Learning to handle a budget while in college will transfer to future employment and life goals.

References