Without a vision, you won’t know if you’re headed in the direction you want to go in.

Succeeding in college is rather like succeeding in life. It’s really much more about you than it is about college. So the most important place to start is to consider why you’re here, what matters to you, and what you expect to get out of it. Even if you have already thought about these questions, it’s good to reaffirm your commitment to your plan as we begin to consider what’s really involved in being a college student.

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 https://studentaid.gov/h/apply-for-aid/fafsa 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. If you have questions, here is a resource to explore: 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.” Here is one resource to explore other questions around homelessness and college: 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.

Here’s a link to find some federal and other scholarships: https://www.careeronestop.org/Toolkit/Training/find-scholarships.aspx

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 use this link: 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). Find more information about KEES here; https://www.kheaa.com/web/home.faces?main=1

• 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) to 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 and you’ll learn which scholarships you may be eligible for. Foundation Scholarships link: Apply for Foundations Scholarships Here!

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 that they will pay it back on your behalf. There are less 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

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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 have to 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 you 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 controlling your personal finances.

Managing a budget involves three steps:

1. Listing all your sources of income on a monthly basis.
2. Calculating all your expenditures 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

Resources, Licenses, and Attributions:

A Guide for Successful Students 2nd ed. Copyright © 2023 by Irene Stewart, Aaron Maisonville, and Nicolai Zriachev, St. Clair College is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.

Liberated Learners Copyright © 2022 by Terry Greene et al. is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License, except where otherwise noted.