FINANCIAL AID INFORMATION
Employer Contribution
The student should contact his/her company's personnel office to inquire about this source of tuition assistance. If the company will participate, the student should:
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Provide the following to the ACHIEVE Office:
A copy of the employer's Tuition Reimbursement Plan/Policy.
A letter from the employer stating when and how the tuition reimbursement payments will be made. -
Contact the Financial Aid Office to process the paperwork for a loan to cover the costs until the payment is received. The college will have the student sign a promissory note for a college loan. The loan will begin to accrue interest upon separation from the College. Payments are deferred for six months. All payments from the employer will be applied to the loan until the loan is paid in full. If the employer does not fulfill their commitment to pay, the student will be responsible for paying the loan. The loan will carry an annual percentage rate of 6% and payments will be due quarterly.
If the tuition reimbursement plan covers less than 100% of the tuition, the student will be responsible to pay the remaining balance according to the payment plans listed above.
Federal Pell Grant
The Pell Grant is gift aid from the Federal Government for highest need students. It does not need to be repaid. The maximum award for the Pell Grant in 2005-2006 is $4050.00 per academic year. The student must apply for this grant each year by completing the Free Application for Federal Student Aid (FAFSA). The FAFSA is available in the ACHIEVE Program Office.
Federal Stafford Loan
The Stafford Student Loan program includes Subidized loans (need-based) and Non-subsidized loans (not need-based). A completed FAFSA is required for all Stafford Loans. A Srafford Student Loan is processed through the Financial Aid Office, though the student borrows direectly from a bank, credit union, savings and loan association of other participating lender willing to make the loan. The interest rate on these loans is a variable rate adjusted annuallly but capped at 8.25 percent.
Kentucky Tuition Grant (KTG)
The Kentucky Tuition Grant is available to Kentucky residents who demonstrate need upon filing the FAFSA and who enroll full time at an eligible private Kentucky college.
College Access Program (CAP) Grant
The College Access Program Grant is available to Kentucky residents enrolled at least half-time at a Kentucky college. This grant is available to students whose expected family contribution is $3850 or less based on filing the FAFSA.
Kentucky Educational Excellence Scholarship (KEES)
Students attending certified Kentucky high schools can earn scholarships based on their grade point average (GPA) for each year of high school and bonus awards based on their highest ACT score achieved before graduating from high school. Students must have an annual 2.5 or higher high school GPA for the base amount of the scholarship and a 15 or above ACT or equivalent SAT score for the bonus award. The scholarship is renewable for each year of college. Students who do not meet the minimum GPA requirement at the end of an academic year will forfeit the scholarship for the next year. Students may regain eligibility by reestablishing the minimum GPA.
Veteran's Benefit
The veteran's benefit is awarded to eligible veterans. A DD-214 and VA Application for Educational Benefits must be submitted to the Financial Aid Office. This application can be obtained in the ACHIEVE Program Office.
Alternative Loans
Alternative loans are available for students to reduce any balance between the cost of education and financial aid. These loans are received through a bank and there are several types available. Financial Aid Office personnel will work with a student to determine the best type of loan and provide an application form. Alternative loans will be counted as pending aid against the student account for a period not to exceed 60 days after the loan has been certified. After that time such loans will automatically be removed from the student's pending aid. The alternative loan, however, may still be processed and applied to the student account.
Questions regarding financial aid issue should be directed to Leslie Kurtz at 859-858-3511 ext. 2264.