The primary source of financial aid available to undergraduate students enrolled with EKU Online is a federal direct student loan.

A federal direct student loan may be subsidized or unsubsidized. A subsidized loan means that the federal government pays the interest while you are in school, during periods of payment deferment, and during the grace period. An unsubsidized loan means that you must either pay the interest quarterly, even while you are in school, or capitalize the interest. The interest on federal direct loans is variable with an 8.25% cap.

As an undergraduate student earning your first bachelor’s degree, you may also be eligible for a Federal Pell Grant. The amount of your Pell Grant is determined by your calculated EFC (see section on Calculating Your Financial Aid Award). Any grant assistance you receive is considered “gift assistance” and does not have to be paid back.

EKU Online graduate students may be eligible for federal direct unsubsidized loans and graduate PLUS loans.

An unsubsidized loan is a non-need based federal loan. The school determines the amount you can borrow based on your cost of attendance and other financial aid/assistance that you receive. Students are responsible for paying the interest on a direct unsubsidized loan during all periods. If you choose not to pay the interest while you are in school, during grace periods, or during deferment or forbearance periods, your interest will accumulate and be capitalized (that is, your interest will be added to the principal amount of your loan).

A graduate direct PLUS loan is a non-need based federal loan for students with good credit history. Approved applicants may borrow up to the annual “cost of attendance” less other financial aid/assistance received.