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What Is Financial Aid?

Financial aid is assistance to help finance your college education. This assistance is awarded to allow you to attend the school of your choice and to make it possible for you to complete your program of study. Money may be awarded in the form of grants, loans, employment, entitlements or scholarships. Financial aid is intended to supplement, not replace, financial contributions from you and your parents.

Financial Aid Programs Are Sponsored By:

  • The federal government
  • State and local governments
  • Local businesses
  • Community organizations/civic clubs
  • The school

General Requirements to Receive Financial Aid

The federal government sets certain requirements the student must meet to receive federal funds. A student must:

  1. Be enrolled in a degree or certificate program.
  2. Have a high school diploma or its equivalent (i.e. a General Education Diploma – GED).
  3. Be a citizen, national or a permanent resident of the United States or other eligible non-citizen.
  4. Be making satisfactory progress toward a degree, certificate or other recognized educational credential.
  5. Not be in default on any Title IV loan – Federal Perkins, Federal Direct Subsidized or Unsubsidized, Federal Supplemental (SLS) or Federal PLUS.
  6. Not owe a repayment on any Title IV grants – Federal Pell, Federal SEOG or CAP.
  7. If applicable, be registered with the Selective Service (male students).
  8. Not have borrowed in excess of annual aggregate limits on Title IV loans.
  9. Meet the need requirements as defined by individual programs.
  10. Not have federal benefits suspended due to a drug offense conviction.
  11. Not have property subject to a judgment lien for a debt to the United States.
  12. Not have already earned a four year degree, to receive a grant.
  13. Not be a visiting student. Visiting students are not eligible for financial aid at EKU. The student should contact their “home” institution.
  14. Not be enrolled in only correspondence courses. These students are not eligible for financial aid.

Eligibility Is Determined By

The Free Application for Federal Student Aid (FAFSA) is a systematic method of gathering information about you and your family’s financial situation. The information is entered into a formula and analyzed according to federal guidelines. This ensures that all applicants are treated fairly and equally. Information requested includes all taxable and non-taxable income, assets, family size, marital status and number of family members in college. A married student must include his/her spouse’s income and assets. Step-parent income must be included.

The results of this need analysis indicate the difference between what can be expected from the family and the cost of education (the need). It shows the ability, not the willingness, of you and your family to pay for your education.